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Parking lots near the Sandwich Marina are often packed by visitors who walk and bike along the Cape Cod Canal. And two giant tracts near the water are mostly wetlands and could not easily be built on, said Donald Powers, head of the architecture and design firm that led the master plan study.
But 22.5 acres owned by the town plus adjacent privately held land could provide a tract for development that would extend from the basin connected to the Cape Cod Canal that houses the marina to the jetties at the eastern end of the canal.
Previous studies, I think, have been based on not a whole lot of hard information about the actual physical possibilities of the land and the actual market that might exist for something to be done, said Powers, the owner of Union Studio in Providence.
But in coming decades, the town hopes to make infrastructure investments and lure private developers to the area. Private lands near the water could be rezoned, making them fertile ground for a resort hotel and housing.
Bud Dunham, Sandwichs town manager, said that regulatory barriers and recessions had stalled developments proposed in past plans.
Part of the towns 22.5 acres south of the marina could be a good location for condos, stores, and more parking, according to the plan. But the town would need to spend millions to extend utilities, landscape the area, and build roads and sidewalks first. The estimated cost to develop the town-owned parcel is $17.7 million, which is higher than its estimated market value of $15.4 million. The town might have to raise taxes or issue bonds to cover the cost.
It will require a substantial infrastructure upgrade in order to develop that town-owned parcel, but those infrastructure improvements also benefit the greater area, said Claire ONeill, vice president of planning and development for MassDevelopment, the states development agency.
Powers said the investments called for in the plan could take as long as 50 years to come to fruition.
The master plan calls for construction of 58 single-family homes and 40 condominium units and apartments, a 95-room hotel with 20 cottages that would face the water, 45,000 square feet of retail space, and a new municipal waste-water plant and transit station.
Empty nesters and people shopping for a second home are a target demographic for the area, according to the report.
Drafts of the master plan had included more buildings. In the final version, however, the biggest component would be parkland. Blair Haney, Sandwichs town planner, said more than two-thirds of the towns parcel cant be built on. The same is true of another vacant parcel east of the marina, Powers said.
Former Red Sox general manager Dan Duquette was one of several developers who had previously proposed building sporting facilities in the waterfront area covered by the study, according to the Cape Cod Times, which described the possibility of opening a hockey rink and an Olympic-size swimming pool. But Haney and Paul Niedzwiecki, the head of the Cape Cod Commission, said Duquette and his development team would build their sporting complex in a different part of town. The developers could not be reached for comment.
According to the plans initial estimates, the new developments could cost $54 million to build and would generate an additional $792,000 in property taxes for the town every year.
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In June, global food giant Nestle was forced to downsize its operations in Africa, after having gone too big too fast because its managers had cast Africa as the next Asia. Belatedly, those same managers eventually realized that the two continents are, well, continents apart, and that Africa could not sustain the same growth they had seen elsewhere.
Its an important lessonfor investors, for intellectuals, and even for politicians.
For generations, the story of Africa has been one of despair, famously headlined as the Hopeless Continent by The Economist only 15 years ago. Now, the newer story about Africa is that of rising Africa, which US president Obama frequently referenced on his historic tour to Kenya and Ethiopia. Certainly, the first visit of a sitting US president to Kenya has helped to put all of Africa back on world newspapers front pagesand on the business pages, too. But this rising Africa narrative is still vulnerable to what the Nigerian author Chimamanda Adichie once described as the single story.
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The situation was being helped by moderate growth in the global fleet, a situation expected to remain, he said.
Tanker Investments second quarter tanker spot rates were its highest in the past seven years, Hung said.
Counter-seasonal strength was driven by a high oil supply, positive fleet fundamentals, volatility in trading patterns and the ongoing storage program, he added.
With strong oil demand, partially led by low prices, Tanker Investments expected its fleet to generate substantial cash flow during the second half of 2015 and into 2016, the company said in a Thursday statement accompanying the release of its Q2 results.
Tanker Investments is expanding its fleet to take advantage of the sectors recovery, it said.
On the conference call, Hung said Tanker Investments in August had taken delivery of four of six Suezmaxes it agreed to buy in late 2014.
Delivery of the remaining two tankers is expected by mid-month, he added.
While the tankers were delivered to Tanker Investment about one month later than the company had anticipated, the company was excited about having them join our fleet at this point in the tanker market cycle, Hung said in the statement.
As an indicator of expectations about the sustainability of the tanker sector recovery, Tanker Investments said in addition to projected strong tanker rates, it expected its leverage and liquidity to reach comfortable levels later in 2015.
Tanker Investments reported second quarter Suezmax TCE daily rates moved up to an average of $38,760, more than double the $15,171 in the year-ago quarter.
Aframax TCE daily rates shot up to $33,132 from $12,676 a year ago.
While crude tanker rates could potentially soften slightly into the end of the third quarter of 2015, as refineries enter scheduled maintenance, they are expected to remain strong relative to historical average third quarter rates, the company said.
Secondhand tanker values remained firm in the second quarter and had strengthened early in the third, Tanker Investments said.
Modern ship values increased as charter rates had been counter-seasonally strong, and the expectation was that positive tanker market fundamentals would continue to increase.
The outlook for crude spot tanker rates is expected to remain positive in 2015 and into 2016 based on a combination of low fleet growth and an increase in long-haul tanker demand as more crude oil moves from the Atlantic to the Pacific Basin, the company said.
Low oil prices were expected to provide support for tanker demand into the second half of this year and into the following year, it added.
Tanker Investments reported Q2 net earnings of $16.66 million, against a loss of $5.7 million for the year-ago quarter.
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As the Pennsylvania budget remains at an impasse, financial officers are starting to eye their books and how long they can survive the stalemate.
While the Berks County government and school boards around the state are often able to cover the missing funds from the state#x2019;s budget for the time being, that coverage comes at a price.
#x201c;It#x2019;s called opportunity cost,#x201d; said Berks County Chief Operating Officer Carl Geffken.
That is the cost of missing interest payments the money would have been earning from investments and accounts if it were not being used in place of state funding. Geffken said #x201c;thousands of dollars#x201d; in earnings will evaporate because of it.
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Tribune News Service
New Delhi, August 6The slide in investments is expected to continue and private investments will see a hat-trick of declines with a dip of 8% this fiscal, says a report by Crisil Research. Crisil Researchs analysis of capital investments across 22 large sectors shows that the slide in investments continues and it expects a 2% decline in the current fiscal. Whats more worrying is that private investments on skid row since the past couple of years are expected to decline by another 8% this fiscal, the report said. Utilisation rates in 10 out of 12 large industrial sectors are wallowing at 5-year lows, causing new project announcements to dry up. Consequently, fresh investments (projects announced/awarded in the past one year) are expected to account for a mere 20% of total investments. As a result, Crisil says, a meaningful recovery in capital investments will only be visible from fiscal 2017 with a 7% increase. Industrial capex, which accounts for close to 30% of aggregate capital investments, is expected to decline sharply by 16% this fiscal, mainly due to low utilisation rates. On the other hand, infrastructure investments will grow at a moderate 4% helped by favourable policy changes and higher budgetary allocations. The report says that low capacity utilisation is the key challenge faced by most industrial sectors. For 10 out of 12 large industrial sectors analysed, current capacity utilisation is lower than their 5-year average. For instance, in the metals space particularly steel and aluminium India has created surplus capacities in the past few years and is turning into a net exporter from being a net importer. In addition, sectors such as refining and marketing and petrochemicals are also being affected due to the global decline in commodity prices. Apart from paper, most sectors are close to their 5-year lows in term of capacity utilisation and still some time away from their peak utilisation rates. The report says till the gap narrows, it is very difficult to envisage a broad-based pick-up in the capex cycle.