In our latest roundup, New York’s Prompt Payment Act comes into question, vacancy rates rise in commercial office space, the Biden administration applies project labor agreements on certain federal construction projects, and more!
Real Estate & Construction News Roundup (1/10/24) – New Type of Nuclear Reactor, Big Money Surrounding Sports Stadiums, and Positivity from Fannie Mae’s Monthly Consumer Survey
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In our latest roundup, the commercial real estate market poses a risk to financial stability, New York City moves towards net-zero building emissions, workers at several Los Angeles area hotels tentatively agree to a new contract, and more!
Rulemaking to Modernize, Expand DOI’s “Type A” Natural Resource Damage Assessment Rules Expected Fall 2023
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The U.S. Department of the Interior (DOI) anticipates proposing a new rule that would revise its “Type A” Natural Resource Damage Assessment (NRDA) regulations under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in Fall 2023. The proposed rule would modernize DOI’s rarely used simplified Type A procedures for assessing damages for natural resource injuries tailored at sites involving minor releases of hazardous substances, with a smaller scale and scope of natural resource injury occurring in either coastal and marine areas or Great Lakes environments (the “Type A Rule”). (See 88 Fed. Reg. 3373; see 43 C.F.R. Pt. 11 Subpt. D.) The Type A Rule was last updated in 1997.
Federal Regulatory Recap: A Summary of Recent Rulemaking Actions Taken or Proposed Affecting the Energy Industry
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It is clear that these have been busy months for federal environmental regulators, especially those working at EPA, the federal departments and the Council on Environmental Quality. Even the Department of Agriculture has found itself coping with greenhouse gases (GHG) issues in its administration of the laws applicable to agriculture and the national forests. The ambitious scope of the current “all of government” approach may be discerned after learning how many disparate federal agencies are employed in implementing this policy. So many actions have been proposed or completed that some state officials are experiencing “comment fatigue” because they are being overwhelmed by the scope, size, and complexity of these federal initiatives. The Environmental Protection Agency is, of course, at the forefront of these actions and activities, as described below.
Data Center Investment Opportunities
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Due to the rapidly increasing amount of data generated and consumed on the internet, an opportunity exists for commercial real estate investors, lenders, developers, green energy providers and others to develop data center facilities. Social media, streaming services, cryptocurrencies, the internet of things and other innovations have resulted in data center supply shortages. AI technologies, such as ChatGPT, require vast amounts of computing power. And, as AI demands grow, data center operators need to adapt the infrastructure to address cooling requirements in a sustainable manner.
Real Estate & Construction News Roundup (11/8/23) – New Handling of Homelessness, Decline in Investments into ESG Funds, and Shrinking of a Homebuyer’s Dollar
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Our latest roundup includes two large flood control projects in New Jersey, how residential REITs could benefit from higher interest rates, how the downfall of WeWork could cause expansive collateral damage, and more!
Corporate Transparency Act’s Impact on Real Estate: Reporting Companies, Exemptions and Beneficial Ownership Reporting (webinar)
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On October 23, 2023, colleague Andrew Weiner and Kevin Gaunt, counsel at Hunton Andrews Kurth, examined the Corporate Transparency Act (CTA), effective Jan. 1, 2024, and its impact on real estate entities and transactions, including who is considered a reporting company subject to new beneficial ownership information (BOI) reporting requirements and whether an exemption applies. The panel also discussed certain state laws that impose similar reporting requirements as the CTA and described best practices for real estate counsel to assist their clients with preparing for the CTA’s implementation and ongoing compliance.
Women’s Professional Sports Continues to Grow by Courts (and Rinks) and Bounds
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Earlier this year, we wrote about the surging popularity of women’s soccer in the United States, and how the sport’s growth promised to open exciting new investment opportunities in markets around the country. The Women’s World Cup, which took place in July and August, did indeed draw record attendance and TV viewership numbers around the world, including in the U.S., where fans tuned in to watch Team USA’s matches despite kickoff times that were often in the middle of the night for most U.S. viewers. (And also, as we hoped, the NWSL has formally announced that a new expansion team will be coming to the San Francisco Bay Area in the 2024 season.)
Real Estate & Construction News Roundup (10/18/23) – Zillow’s New Pilot Program, Production Begins at Solar Panel Plant in Georgia, and More Diversity on Contracts for Buffalo Bills Stadium
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In our latest roundup, Netflix announces plans to open brick-and-mortar locations, NYU develops a way to examine buildings using drones, robots and AI, distressed U.S. commercial real estate hits a 10-year high, and more!
Real Estate & Construction News Roundup (10/11/23) – Millennials Struggle Finding Homes, Additional CHIPS Act Funding Available, and the Supreme Court Takes up Hotel Lawsuit Case
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In our latest roundup, EV charging stations become more prevalent at commercial locations, home ownership becomes more difficult for younger Americans, Macy’s announces plans to build additional stores within strip malls, and more!