At the height of the foreclosure crisis the problems experienced by some so-called “sprawl” markets, like Phoenix and San-Bernardino-Riverside, led some observers to see the largest price declines as largely confined to outer ring suburbs. Some analysts who had long been predicting (even hoping for) the demise of the suburbs skipped right over analysis to concoct theories not supported by the data. The mythology was further enhanced by the notion – never proved – that high gas prices were forcing home buyers closer to the urban core.

Yet a summary of the trends over the past 18 months show only minor disparities between geographies within leading urban regions. Overall house prices escalated similarly in virtually all areas within the same metropolitan areas and the price drops appear to have also been similar. This is in contrast to a theory that suggests that huge price drops occurred in the outer suburbs while central city prices held up well.

Summary of 18 Month Subarea Price Declines: This is indicated by a review of 8 metropolitan areas: Los Angeles, the San Francisco Bay Area, San Diego, Sacramento, Atlanta, Chicago, Portland and Seattle (see end note), for which subarea data is readily available (see table). On average, central area median house prices (all houses, including condominiums), fell 3% in relation to the overall metropolitan area average. Inner suburban areas experienced a 3% gain relative to metropolitan area prices, while outer suburban areas changed at the metropolitan area average. In actual price reduction terms, core areas declined 28.8%, inner suburban areas declined 25.7%, and outer suburban areas declined 27.1%. The overall average metropolitan area decline was 27.2%. There was, however, considerable variation in the figures by metropolitan area (see figure below).

MEDIAN HOUSE PRICE CHANGES BY GEOGRAPHICAL SECTOR 8 Metroplitan Areas CALIFORNIA MARKETS Central Inner Suburbs Outer Suburbs Overall Los Angeles -45.3% -30.0% -41.5% -37.1% San Francisco Bay -38.0% -39.1% -38.6% -38.6% San Diego -36.5% -37.4% -37.0% -36.9% Sacramento -53.6% -36.3% -37.5% -44.0% OTHER MARKETS Atlanta -11.6% -17.0% -15.8% -15.8% Chicago -21.0% -16.3% -17.5% -17.8% Portland -10.0% -14.5% -15.7% -13.5% Seattle -14.2% -14.7% -13.2% -13.7% AVERAGE -28.8% -25.7% -27.1% -27.2% Estimated from Data Quick information California Markets: July 2008 to January 2010 Other Markets: 2008-2nd Quarter to 2009-4th Quarter

Where Central Area Losses were Greatest: Over the past 18 months, central areas posted the largest losses in three of the areas. Further, in each of these areas, the smallest price drops were experienced in the inner suburbs.

Sacramento had the steepest central area relative price decline. Central area prices declined 37% relative to inner suburban prices, where the smallest losses occurred. The central area price loss averaged 53.6%, compared to the overall metropolitan area loss of 44.0%. The inner suburbs experienced the smallest loss, at 36.3%.

Los Angeles also had a steep central area relative price decline. Central area prices declined 45.3%, compared to the overall metropolitan area loss of 37.1%. The inner suburbs experienced the smallest loss, at 30.0% while outer suburbs lost 41.5%.

Chicago’s greatest losses also occurred in the central area, but were of a much smaller magnitude. Central area prices declined 21.0%, compared to the overall metropolitan area loss of 17.8%. The inner suburbs experienced the smallest loss, at 16.3%. The outer suburbs lost 17.5%.

Where Suburban Losses were the Greatest: In two areas, the central area price losses were the least, Atlanta and Portland. Yet, the magnitude of these losses was modest. It is interesting to note that the metropolitan areas with the smallest relative losses in the central areas pursued radically different policies with respect to development. Portland’s “smart growth” policies favor central development at the expense of suburban development, while Atlanta’s more liberal policies do not attempt to steer development to the core.

Atlanta’s greatest price declines occurred in the inner suburbs, which experienced a loss of 17.0%, slightly more than that of the outer suburbs (15.8%). In comparison, the central area price drop was the least, at 11.6%, The metropolitan area loss was 15.8%.

Portland’s greatest price declines occurred in the outer suburbs which experienced a 15.7% loss, compared to the inner suburbs, at 14.5. The lowest decline was in the central area at 10.0%. The metropolitan area loss was 13.5%.

Little Difference in Some Markets: There was little difference in the price declines among geographic sectors in three of the metropolitan areas. In the San Francisco Bay area, San Diego and Seattle, the differences between central, inner suburban and outer suburban price declines were all within a 2% range.

Core Condominium Market Crisis

However, core area markets where condominiums predominate indicate substantial difficulties in some of the metropolitan areas. These markets are generally only a small part of central cities, principally around downtown areas or major centers. For example, in the Portland area, the core condominium areas ring the downtown area and include the Pearl District and the South Waterfront District. The central area, which encompasses the entire city of Portland, however, is much larger and has a much larger share of detached housing.

Demand has been so weak in the core condominium markets that substantial price reductions have occurred and a number of buildings have been forced to sell units at auction. Other buildings have given up altogether on selling and have rented condominiums. Some of the price drops, especially in Atlanta, Portland and Seattle are far greater than occurred overall in the respective metropolitan markets. The condominium implosion has not received nearly the level of attention in the national or local media that was accorded the housing bubble and collapse itself.

Portland: A local television station video indicates that Portland’s condominium market is in crisis. A report in The Oregonian indicates that the downtown area has a “glut” of condominiums and that February sales prices averaged 30% below list. A luxury new 15-story building in the Pearl District (The Wyatt) is now being leased instead. Units at The Atwater in the South Waterfront district were auctioned, with minimum bid prices more than 50% lower than list. The John Ross, also in the South Waterfront District, is Portland’s largest condominium project and will be auctioning its units. Minimum bid prices average 70% below the previous top list prices. The smallest units have a minimum bid price of $110,000. By comparison, over the past year, the median house price in the Portland metropolitan area has dropped approximately 10%.

Atlanta: Atlanta has a “vast oversupply” of condominiums. The uptown (including Atlantic Station) and Buckhead markets of Atlanta appear to be experiencing some of the worst market conditions in the nation. The prestigious Mansion on Peachtree, a combination hotel and condominium development, was unable to sell 75% of its residences and was recently sold in foreclosure at approximately $0.30 on the dollar. The winning auction bids at The Aqua condominium in Uptown averaged 50% below the last asking price. In Atlantic Station, unites at The Element were auctioned at substantial discounts. Among conventional sales, condominium price reductions of up to 40% have been reported. One building has offered discounts of $100,000 per bedroom. Some new buildings have been converted to rentals, while planned projects have been placed upon hold.

Seattle: Things are little better in Seattle. The overbuilt downtown area condominium market has experienced a median price decline of 35% over the past year. Units at The Gallery in tony Belltown were auctioned off at minimum prices 50% below the last list prices (which had already been discounted). Units at The Brix, on Capitol Hill, attracted bids at auction averaging 30% below previous list prices. Later this month, unsold units at 5th & Madison will be auctioned, at minimum prices below 50% of previous list. For comparison, median house prices in the Seattle metropolitan area declined 6% over the past year.

Chicago: The downtown area of Chicago has been among the most vibrant condominium markets for more than a decade. However, in 2009, condominium sales fell to the lowest level since 1997. At current sales rates, the downtown area has a supply of more than five years, with annual sales of less than 600 and more than 3,000 units available or under construction.

Los Angeles: Few markets have seen as many condominium buildings planned as downtown Los Angeles, and few have seen so many put on hold. A recent issue of the Los Angeles Downtown News lists approximately 50 downtown condominium projects. More than three-quarters of the projects have been scaled back, have had construction slowed or are on “hold.” The market has been so weak that a number of developers have taken losses by auctioning condominium units that they have not been able to sell conventionally.

San Diego: The downtown San Diego condominium is substantially overbuilt. Developers have leased units that were to have been sold and there is virtually no construction of new units.

Rental Conversions: Even these grim reports, however, may mask an even bigger problem. It is estimated that more than 20,000 condominiums units are completed or nearly completed, but are not listed for sale in Miami. In what is by far the nation’s strongest condominium market, Manhattan, more than 6,000 condominium units are completed or nearly completed, but not listed for sale.

In core cities, few issues have been as divisive as the conversion of rental units to condominiums. But, now the opposite is now occurring – condominiums are being converted into apartments for rent: This is trend that undermines markets in a way that cannot be measured by median prices, since it replaces generally high-paying condo owners for generally less flush renters. This puts those who bought at higher prices in these markets at a particular disadvantage.

Conclusion: Overall, contrary to the mythology developed early in the bubble, suburbs and even exurbs have generally performed about as well as closer in markets. The big imponderable will be the future of the core condominium market, which is experiencing significant financial reverses largely ignored by the national media.

Note: As used in this article, the Los Angeles metropolitan area is the Los Angeles-Riverside Combined Statistical Area, the San Francisco area is the San Francisco-San Jose Combined Statistical Area and all other metropolitan areas are the corresponding metropolitan statistical areas. http://demographia.com/db-prdistr2010.pdf>Subareas defined.

Photograph: Condominium construction, Atlanta, weekend of the Lehman Brothers collapse.

Wendell Cox is a Visiting Professor, Conservatoire National des Arts et Metiers, Paris. He was born in Los Angeles and was appointed to three terms on the Los Angeles County Transportation Commission by Mayor Tom Bradley. He is the author of "War on the Dream: How Anti-Sprawl Policy Threatens the Quality of Life.”

As the proud owner of a 2008 Toyota Avalon and as a researcher who likes to make maps of where are the communities with lots of Prius vehicles (i.e Berkeley), I have been in deep thought about the "green" competition for auto market share. The NY Times wrote a thought provoking piece on this topic.

Will Toyota Prius buyers maintain brand loyalty? Or, will safety concerns lead them to take a new look at alternative hybrids and electric vehicles? Interesting product competition issues will break out, if Prius competitors anticipate that the Prius is vulnerable then they should price aggressively to lure them away. Anticipating this, will Toyota deeply discount the price of their next Prius fleet in order to not lose market share?

There is also the issue of "objective reality". How do we rank these different vehicles to determine how green they really are? Does the truth matter? Here is the EPA's Green Vehicle guide. Do you trust them?

How does Al Gore choose what vehicle to drive? My wife and I only drive 1,000 miles a year so our logic is that it doesn't really matter what our vehicle's MPG is. The Avalon is not a Prius but for our mileage --- it is good enough for us to go to heaven.

So, given that I will be spending 10 days soon in Berkeley --- I'm thinking of doing some field research and asking the natives there whether they have soured on the Prius. If "yes", what will they substitute to? The designers for the competitor vehicles should be thinking about what designs are distinctive (not the hybrid Civic) so that Prius buyers who like "green cache" can gain the same buzz from their vehicle. There is also the issue of network externalities. If Matt Kahn motors makes a green vehicle but nobody knows this, does my mom gain any "green status" in Berkeley if she drives one of these out on the streets? If the answer is no, then the little car makers (regardless of how green their vehicles objectively are) will not gain market share at Prius' expense.

I’ve seen and heard a lot about the notion of a “city as a platform”. I haven’t seen a lot of great definitions of exactly what is meant by it though, so I thought I would explore various dimensions of the concept a bit.

Let’s take a look at the actual definition of the word platform, of which there are several:

a raised horizontal surface or stage

a document stating the aims and principles of a political party

the combination of a particular computer and a particular operating system

a military structure or vehicle bearing weapons

a section of pathway, alongside rail tracks at a train station, metro station or tram stop, at which passengers may board or alight from trains

a woman’s shoe with a very high thick sole

It is immediately obvious how we can think of some of these as applicable to cities.

The City as a Stage

In this view, the city serves as a place for personal performance. Like a speaker or actor mounting a platform in order to be heard, people come to a city to get noticed. This is simple, but powerful. Cities are where the action is. Even if you perform your work or live your life elsewhere, if you want people to know about it, you generally have to come to the city or somehow get someone in the city to pay attention.

The bigger and more prominent the city, the bigger the stage. This creates a positive reinforcement cycle.

The City as a Manifesto

The political platform version wasn’t something that originally came to my mind when thinking of this, but it too has applicability. What is your city all “about”? What does it stand for? What is its ambition? I’m reminded again of Paul Graham’s piece “Cities and Ambition“:

Great cities attract ambitious people. You can sense it when you walk around one. In a hundred subtle ways, the city sends you a message: you could do more; you should try harder.

The surprising thing is how different these messages can be. New York tells you, above all: you should make more money. There are other messages too, of course. You should be hipper. You should be better looking. But the clearest message is that you should be richer.

What I like about Boston (or rather Cambridge) is that the message there is: you should be smarter. You really should get around to reading all those books you’ve been meaning to.
…..
How much does it matter what message a city sends? Empirically, the answer seems to be: a lot. You might think that if you had enough strength of mind to do great things, you’d be able to transcend your environment. Where you live should make at most a couple percent difference. But if you look at the historical evidence, it seems to matter more than that. Most people who did great things were clumped together in a few places where that sort of thing was done at the time.

Think about the great cities of America, and they all seem to have something of a point of view on the world and what it should be like, even if it isn’t totally clear. Especially for those cities where the civic ambition and POV is murky, a process of reflection on this is clearly warranted. Going back to the notion of a stage, since not everyplace can be New York or London, the question might be how you can create a premier stage or environment in which to attract notice for a focused set of activities or ambitions.

The City as a Computing Environment

It strikes me that today when people talk about the city as a platform, they are often making some variant of an analogy to computing. See, for example, “The City as Interaction Platform“.

As a tech guy myself, I find this one particularly of interest. A computing platform is collection of capabilities, services, and constraints that is generally shared among multiple users. In this sense, the platform defines what can and can’t be done, how easy or hard it is to do things, and mediates between users and activities.

You can think of a classic hardware/operating system combination like Wintel. But you can also think of applications like Twitter or Facebook. Some platforms, like the ones I mentioned, were and are extremely powerful and durable. Others either flourish then wither, or never get much traction to start with.

What factors affect this and how might they shape our thinking about urban success? Some that I would suggest include:

Platform power. Ultimately how much can your platform do? Does it have constraints that limit it? (Sometimes, a city might consider constraint a good thing, however). What services is it providing that make your life easier?

Network Effects. As with William H. Whyte saying people attract other people, users attract more users, more R&D, etc. That’s obviously a huge factor in the success of major social networking sites like Facebook, Twitter, and LinkedIn. People go there because other people are there. This implies that scaling quickly is important.

Timing. First mover advantage is sometimes key, but often the first people to pioneer a market fail, and it is only the second or third generation that gets it right. (Friendster, anyone?)

Adaptability. The Unix operating system was easily adaptable to many different hardware platforms and architectures. This has made it one of the most successful operating systems in history, and one that has stood the test of time. Operating systems tied too closely to particular hardware platforms or particularly technology problems typically fail once technology moves on.

Openness. In a related note, how well does the platform interact with others? Companies like Apple and IBM thrived with “closed platform” systems. But notably Apple stumbled once and easily could again. IBM also went through struggles. I tend to think that standards compliance, interoperability, and multi-vendor approaches are more robust over the long term

Ease of Programming and Use. One of the computer systems I worked on in college ran an operating system called VMS, which was extremely baroque. If you wanted to change your directory, you’d have to type some obscure command like “$ set default $disk54[arenn].” Everyone who worked on VMS system had scores of “utilities” that made the system usable. The greatest epiphany of my computing life was when I got an account on a Unix system, went to port over my VMS utilities, and found they were superfluous.

How do these apply to a city? Again, easy to see. Your city has to offer a set of “services” and it has to be easy to access them. Your city needs to be able to adapt over time. Etc.

This is something I think deserves more study. What makes a platform like Twitter so successful? What lessons can we learn? This might also make a useful framework for comparing cities.

The City as Weapons System

What I find interesting about this is the notion of power. Cities are powerful places. This is true for good or ill. Cities can be a “force multiplier” for people who are working in harmony with them, but they can also be a force that squelches people. Depending on what you are trying to do, a powerful city or a weak city might be more appropriate.

The City as a Train Station

Again, I even find merit in this. We can think of the city as the place we access networks that give us the ability to travel to or interact with other places and things. They are our “network access point”. Just as some train stations or air hubs have better service that others, so to with cities. How many networks does it give you access to? How can you improve your connectivity?

The City as Stripper Heels

Cities have always alternately attracted and repelled by the little bit of Sodom they all contain. “They tell me you are wicked and I believe them, for I have seen your painted women under the gas lamps luring the farm boys.” Cities define worldliness. They have always drawn those who long to be free of the strictures of their origins. They’ve long been the target of ire and suspicion from those who fear their unholy influence.

MANY people may never have heard of the company, but just look to Dublin's Docklands and Treasury Holdings has had a hand in building big chunks of the business hub.

It has been without doubt one of the country's most successful commercial property firms.

And it is one of a small number of firms still building landmark projects. The Montebetro office block -- a 15-storey building on Barrow Street close to the Phoenix Park in Dublin -- is due to be finished later this year.

At Spencer Dock it constructed a number of office blocks as well as upmarket apartments, while some of its landmark developments in the area include the almost complete National Convention Centre.

Treasury Holdings has developed sites such as the Westin Hotel in College Green, Dublin, in a former bank building, and a raft of other high-profile offices and commercial properties.

It also built the swish Ritz-Carlton hotel in Powerscourt, Co Wicklow. Richard Barrett also persuaded celebrity chef Gordon Ramsay to open a restaurant there.

Treasury Holdings' swanky offices in Dublin 4 were formally opened in late-2007 by then Taoiseach Bertie Ahern. He praised Treasury Holdings for its use of carbon-neutral cement in the convention centre, and using wood-pellet boilers in the Ritz-Carlton. Treasury Holdings now has interests in China, Russia, Sweden and France, as well as in London.

Irish Independent

www.buckplanning.ie

Developer Frank Gormley has been given the go-ahead to redevelop the Spawell Golf and Leisure Centre in Templeogue, Dublin 6W.

Gormley's Wellington General Partner (WGP) has been given the thumbs up to plans to demolish the existing structures on the site and develop a new leisure centre, a 149-bedroom hotel, a driving range and two shops on the site.

WGP will have to pay more than €2.6m towards public infrastructure and facilities before development begins.

Accounts for WGP for the year ended 30 April 2008 show that the company incurred a loss of more than €12.1m after charging a provision for impairment of the property. After the year-end, noted auditors Dillon Kelly Cregan, the company received a formal demand from AIB for the repayment of the amounts it had advanced to the company. "The directors remain hopeful that the loan facilities can be renegotiated on the terms acceptable to the company. The directors have been engaged in ongoing discussions with the bank in this regard," an emphasis of matter note to the auditors' report states. There was also a deferred consideration of €13.6m arising from the acquisition of the company's property which was due on October 2009.

"It is the intention of the directors to seek payment terms from the creditors concerned for the discharge of this liability," the report states.

Sunday Tribune

www.buckplanning.ie

The Comptroller & Auditor General will not be called in to look at the activities of the Dublin Docklands Development Authority, Taoiseach Brian Cowen decided last week, by refusing to sanction the move. The docklands was one of the playgrounds of the Celtic Tiger, and Neil Callanan outlines the links between the banks, the developers and the businessmen involved:

Lar Bradshaw
Seán Dunne
Bernard McNamara
Liam Carroll
Johnny Ronan
Paddy McKillen
Declan Quinlan

DDDA-Anglo

Current DDDA chairwoman Niamh Brennan has said that because of Anglo's influence, the DDDA "became very focused on development and used planning to facilitate and encourage development". The "association between Anglo and the DDDA has not served the authority well".

Gerry McCaughey -DDDA

Businessman McCaughey had barely started as chairman of the DDDA last year when he decided to step down after it was leaked that he took advantage of a loophole to legally reduce his tax liability when he sold his building company, Century Homes, in 2005.

Gerry McCaughey -Anglo

McCaughey is suing Anglo Irish Bank in relation to an investment fund that was set up by the bank to purchase and refurbish two hotels in New York. The bank claimed McCaughey was the "ringleader" behind claims of fraudulent representation and concealment against the bank and one of its subsidiaries.

Anglo-Quinlan, Paddy McKillen

McKillen invested in several properties with Quinlan's private equity management company, Quinlan Private. Anglo Irish Bank financed a number of the purchases. Sources in London say the two men were the main investors in the Asprey building at Bond Street there, which sold recently.

DDDA-Seán FitzPatrick, Lar Bradshaw, Donal O'Connor

Brennan has criticised the cross-directorships between the DDDA and Anglo Irish Bank. Former Anglo director Lar Bradshaw was the first chairman of the DDDA, former Anglo chief executive Seán FitzPatrick was on the board of the DDDA, and after Donal O'Connor became chairman of the DDDA he was invited to join the board of Anglo, which he accepted. After the bank was nationalised, O'Connor became its chairman and stepped down from the DDDA to ensure there was no suggestion of a conflict of interest. It was confirmed in recent days that he is to step down from the board of the bank later this year.

Lar Bradshaw and Seán Fitzpatrick

The two were on the board of the DDDA and Anglo. Both resigned from Anglo after it emerged FitzPatrick had hidden €87m of loans with the bank, transferring them to Irish Nationwide. Bradshaw resigned because one of his loans, held with Fitzpatrick, was temporarily transferred.

DDDA-Seán Dunne

Dunne took the DDDA to court after it gave the go-ahead for the Anglo headquarters buildings on the north docks on land adjoining a small site owned by him. The High Court took Dunne's side, saying the DDDA acted ultra vires in relation to the planning for the building. Dunne also developed the office block let to Matheson Ormsby Prentice in the docklands and The Bloodstone office block there.

Paul Coulson-Lar Bradshaw and Seán Fitzpatrick

Coulson, Bradshaw and FitzPatrick are among the investors in Balcuik, which owns the Atrium office buildings in Sandyford, Dublin, acquired for more than €95m. Other investors in Balcuik include Smurfit's Gary McGann, a former Anglo director.

Paul Coulson-Bernard McNamara and Derek Quinlan and the DDDA

Coulson's Ardagh found a loophole in the lease on its site in Poolbeg and subsequently agreed a deal with Dublin Port that it would take two-thirds of the proceeds when the site was sold. The land was then placed into a separate vehicle called South Wharf and put on the market. The DDDA contacted Bernard McNamara about a joint bid for the site and Quinlan also came on board. They bid €412m to win the tender with more than €30m subsequently spent on cleaning up the toxic site. Coulson and his fellow South Wharf shareholders earned €273.6m from the sale. The site is now worth €50m.

DDDA-Bernard McNamara

McNamara has taken a legal action against the DDDA over the terms of the Irish Glass Bottle site deal. McNamara developed the Longboat Quay scheme in the docks.

Liam Carroll-Seán Dunne

Dunne took a legal action to stop work on the Anglo Irish Bank headquarters building after mediation efforts by him failed. He wants the part-completed structure torn down.

Seán Mulryan-Seán Dunne

Mulryan and Dunne developed much of Charlesland outside Greystones together and have significant land interests there.

DDDA-Liam Carroll

Carroll owned a significant amount of land in the docklands, redeveloping the old gasworks into an area colloquially known as Googleland; the former gasometer became an apartment block and later attempts were made to turn it into a hotel. He held talks with the DDDA in relation to a joint development of the U2 tower site and an adjoining site where he planned to develop a skyscraper, and went so far as to draw up a draft legal agreement in 2005 setting out the development plans for the sites. He planned to develop a domestic financial services centre at North Wall Quay for Anglo, AIB and Bank of Ireland but his plans fell apart when the financial crisis hit and the High Court ruled that the Anglo headquarters could not be completed.

Anglo-Bernard Mcnamara

Anglo funded several of McNamara's developments but the relationship was deeper than that. The bank held an 89% stake in office buildings at Great Minster North and Finsbury Dials in London which had "been sourced, negotiated and secured" by a company owned by McNamara, which owned the remainder. The bank bought the buildings as part of a "high-risk" property fund it set up just before the property market began to collapse.

Anglo-Liam Carroll

As well as funding the headquarters building earmarked for Anglo Irish Bank at Dublin's north docks, the bank went to Liam Carroll looking for additional space on the top of the building, only six weeks after Anglo's share price was hammered in the so-called Saint Patrick's Day massacre.

Quinlan-McNamara-McKillen-Anglo

Quinlan's Quinlan Private bought the Knightsbridge Estate in London for £540m with backing from Anglo Irish Bank. Investors included McKillen and McNamara. Part of the complex is now on the market with Lafico, the company set up by Libyan leader Muammar Gaddafi, among the bidders.

Treasury Holdings-Paddy McKillen

Johnny Ronan of Treasury and Paddy McKillen invested in a number of properties together in the early 1990s including the Temple Bar Hotel, the Treasury Building and the Pepper Canister office complex in Dublin. They also had other business interests together.

DDDA-Treasury Holdings

Treasury Holdings is involved in the Spencer Dock development in Dublin's north quays and, through the company that is developing that scheme, took a legal action against the DDDA in 2008 in relation to the planning granted for the Anglo headquarters building.

McKillen-Quinlan-U2

U2's Bono and the Edge, McKillen and financier Derek Quinlan own the Clarence hotel in Dublin which they planned to redevelop before shelving the project. The Edge and Quinlan also own sites in Malibu.

DDDA-Paddy McKillen, Ballymore and U2

The DDDA eventually struck a deal with developer and retailer Paddy McKillen, Seán Mulryan's Ballymore and U2 themselves to develop the U2 tower. However, the agreement now looks set to be axed after the collapse in the property market, meaning the Norman Foster-designed tower earmarked for the site may never be built.

Sunday Tribune

www.buckplanning.ie

The National Pension Reserve Fund (NPRF) has said it is prepared to finance large-scale infrastructure projects through public private partnerships (PPPs), after overcoming a number of obstacles that previously curtailed its involvement in the PPP model.

The move is a boost to the government, which has been attempting to breathe life into the PPP model, which has been hit by the global credit crunch. The NPRF expects to be in a position to examine potential PPP infrastructure financing deals by the end of this year.

The NPRF manages €20 billion of funds on behalf of the government. About €7 billion of this was used to recapitalise AIB and Bank of Ireland last year. The fund is governed by the National Treasury Management Agency (NTMA).

The NTMA has informed the Da¤ il Public Accounts Committee that it is ‘‘keen to access PPP investments where the risk-return characteristics satisfy its statutory commercial investment mandate’’.

In correspondence with the committee at the start of this month, the NTMA said it was able to invest in the PPP model as a result of changes in the tendering process.

Sunday Business Post

www.buckplanning.ie

The publication of a report into the Dublin Docklands Development Authority (DDDA) is on hold while senior executives who worked in the state agency are given an opportunity to respond to criticisms of them in the document.

The report, ordered by the DDDA chairman Niamh Brennan, a corporate governance expert, is understood to contain criticisms of the way the semi-state body was run.

The DDDA reported losses of €213 million last year after disastrous property investments, which have threatened the solvency of the agency and raised the prospect of a taxpayer-bailout.

The agency’s investments included the purchase of the former Irish Glass Bottle site in Ringsend for over €412 million in a joint venture with property developer Bernard McNamara and financier Derek Quinlan.

The value of the site is now estimated at €62.5 million.

The Sunday Business Post understands that the report, commissioned from an independent consultant, does not single out particular individuals, but is critical of the operations of the agency.

The Attorney General has advised environment minister John Gormley that senior staff and executive board members of the DDDA need to be given the opportunity to comment on the report. Their responses will then be considered before the report’s publication, which is not expected until Easter.

According to sources familiar with the findings of the report, it does not speculate on the relationships between the agency and other bodies, but is highly critical of how the DDDA operated. One source said it explained how the agency operated, but not why.

The DDDA had the job of regenerating the area around the River Liffey, but also had planning powers for the area.

It is understood that the report will be critical of the arrangement whereby the authority was both developer and planning authority. The DDDA has also been criticised for conflicts of interest on its board.

Two senior directors, chairman Lar Bradshaw and Sean FitzPatrick, were on the board of Anglo Irish Bank, which was involved in financing many DDDA developments.

Sunay Business Post
www.buckplanning.ie

Dún Laoghaire–Rathdown County Council proposes to make a Local Area Plan for Deansgrange.

A copy of the Proposed Local Area Plan will be available for inspection from Monday to Friday (excluding bank holidays) from Tuesday 23rd February, 2010 to Tuesday 6th April, 2010.

Fror all submissions and observations in respect of the Proposed Deansgrange Local Area Plan, please contact bps on 087-2615871.

www.buckplanning.ie

Waterford County Council has prepared a Draft County Development Plan for the administrative area of County Waterford.

A copy of the Draft County Development Plan 2011 – 2017 and associated documents may be inspected, at the Planning Department, Civic Offices, Dungarvan, Co. Waterford; Civic Offices, Tramore, Lismore and Kilmacthomas and at all branches of the Waterford County Libraries during normal opening hours from Monday 22nd February, 2010 to Tuesday 4th May, 2010.

If you wish to make a Written Submissions or Observation, please contact bps on 087-2615871.

www.buckplanning.ie

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