Apartment Look

Developer National Resources has for several years been studying different office, retail and residential schemes for an underused corporate campus designed in the 1960s for International Business Machines Corp. in East Fishkill, N.Y. But now, as National Resources moves to close on a deal to buy a 300-acre site, the Greenwich, Conn.- based developer is recognizing that housing has got to be a central component of the plan. Firm principals Lynne Ward and Joseph Cotter recognize low rents are the best way to lure millennials and others away from New York City, about a 90-minute drive away. National Resources is paying an undisclosed price for the land from California- based semiconductor company Globalfoundries , which purchased IBM’s semiconductor business in 2015 and still runs a slimmed down operation at the East Fishkill site that employs around 1,700 workers. Related Articles Over the next five years National Resources plans to introduce efficiently sized apartments cu...

The city of East Palo Alto , a wedge of modest houses and light industrial sites in the heart of Silicon Valley , has been passed by in the great tech boom . A historically black area , it has seen a big Hispanic influx in the past two decades, with more than three out of four residents now coming from one of those two groups. It is still living down its reputation, gained a quarter of a century ago, as the murder capital of the US: one out of every 571 of its residents was the victim of a homicide in a single year. Things have improved since then. But over the same period, it has become the poor neighbour to some of the world's richest companies. In one of the ultimate signs of the divide between the haves and have-nots of the western US, the municipal government of East Palo Alto didn 't own the rights to draw more from the state's water reserves, which it would need in order to grow. In June this year, it took a gift of cash, from the private foundation set up by Mar...