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What is a secondary city and why do people want to live there?

A new development in Nashville highlights many real estate seekers’ interest in secondary cities.

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While the initial rush of pandemic-related movement saw large numbers of people move from the city to the suburbs or even rural areas, the years that followed saw a different kind of trend.

The seemingly contradictory phenomenon of returning interest in urban living and skyrocketing cost of real estate in major metropolises has fueled real estate interest in “secondary cities." While official definitions will vary, the term is generally used for urban hubs of fewer than two million residents that have been seeing significant economic and population growth.

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American cities such as Phoenix, Salt Lake City, Boise, Portland, Austin and Nashville would all qualify. According to data from the Nashville Area Chamber of Commerce’s Research Center, the latter has been seeing an average of 98 new residents for each day of 2022.

As a result, developers have been rushing to start new projects that fit a growing population as well as high-earning professionals who come from more expensive cities in search of better bang for their real estate buck.

A photo shows a furnished apartment at Memorial Wedgewood Houston in Nashville, Tenn.

AJC Partners

‘All the benefits of primary cities but more real estate space’

“They are cities that can offer almost all the benefits of primary cities like New York, Chicago and Los Angeles but they also offer a smaller, more intimate community and typically a lot more additional real estate space,” AJC Capital’s Chief Strategy Officer Ruben Navarro told TheStreet.

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One such project from Adventurous Journeys Capital Partners opened in Nashville on April 1. Built inside the city’s Wedgewood Houston neighborhood, the new Memorial Wedgewood Houston is a 273-unit building featuring studios as well as one- and two-bedroom apartments in a community-style setting equipped with outdoor and indoor lounge space, a pool and sauna, pickleball courts, a putting green and ping pong spaces and an outside fire pit.

The development is rent-only (residents are tenants renting apartments from AJC) and designed toward those who move to Nashville from other cities looking to live in a place where they can meet other residents and find community as they decide whether or not to make the city their permanent home. Similar Memoir developments are currently in the works for other secondary cities such as Portland and New Orleans — both developments will be open to rent in the coming year.

Are things within walking distance? That often makes or breaks a secondary city

According to Navarro, many of the people coming in are also specifically looking for urban village-style living in which they can find restaurants and retail establishments within walking distance from their home in a way that mirrors the walkability of downtowns in major cities (how much one will need to transition to a car for everyday living is a major factor in many people’s decision to move from a primary to a secondary city.) 

“We entered Nashville in an effort to do restoration and reuse of gorgeous historic stock mill and over time we have amassed more than 18 acres of mixed-use project land within the Wedgewood Houston neighborhood,” Navarro said. “We created a brand called Westwood Village and within that village we now have more than 1.6 million square feet of restaurant, hospital and residential space.”

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Landmark advances in employment reframe the outlook for people with disabilities in post-pandemic era

East Hanover, NJ – April 2, 2024 – A recent commentary published in The Journal of Spinal Cord Medicine highlights the unprecedented upward trend in…

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April 2, 2024

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East Hanover, NJ – April 2, 2024 – A recent commentary published in The Journal of Spinal Cord Medicine highlights the unprecedented upward trend in employment for people with disabilities, accelerated by the COVID-19 pandemic’s economic recovery phase.

Credit: Disability: In/ Jordan Nicholson

East Hanover, NJ – April 2, 2024 – A recent commentary published in The Journal of Spinal Cord Medicine highlights the unprecedented upward trend in employment for people with disabilities, accelerated by the COVID-19 pandemic’s economic recovery phase.

In ”Employment and people with disabilities: Reframing the dialogue in the post-pandemic era,” (DOI: 10.1080/10790268.2024.2315927) published on February 22, 2024, the authors examine the confluence of factors contributing to the recent record-high employment levels among people with disabilities. This trend has been supported by a favorable labor market, evolving employer attitudes, and the adoption of inclusive workplace practices. A series of National Trends in Disability Employment (nTIDE) reports issued by Kessler Foundation and the University of New Hampshire Institute on Disability explored the contributions of diverse subgroups within the disability community to this positive shift.

A contributing factor was the rapid adaptation by employers to the acute labor shortages caused by the pandemic. Innovations in recruiting, hiring, training, and employee retention have expanded opportunities for people with disabilities. Notably, a 2022 Kessler Foundation survey revealed significant shifts in supervisors’ perceptions towards more inclusive hiring practices and accommodations, signaling a sustainable change in workplace culture.

The authors also address the uncertainties about the longevity of these gains as the pandemic’s direct impact wanes. The widespread adoption of remote work, recognized as beneficial for many employees including those with disabilities, faces a future of mixed prospects as workplaces readjust and offices reopen. Yet, evidence suggests remote and hybrid work arrangements as viable, ongoing options that will continue to support employment equity for people with disabilities.

The article underscores the importance of continued research and policy development to extend the upward trend for employment of people with disabilities. By recognizing the achievements and challenges highlighted during the post-pandemic recovery, stakeholders can work towards further narrowing the employment gap and fostering a more inclusive economy.

About the Journal of Spinal Cord Medicine

The Journal of Spinal Cord Medicine (JSCM) serves the international community of professionals dedicated to improving the lives of people with injuries/disorders of the spinal cord. JSCM is the peer-reviewed official journal of the Academy of Spinal Cord Injury Professionals (ASCIP), a U.S.-based multidisciplinary organization serving scientists, physicians, psychologists, nurses, therapists and social workers in the field of spinal cord injury care and research. JSCM, a member benefit of ASCIP, is published six times a year by Taylor & Francis Publishing. The editor-in-chief is Dr. Florian Thomas of Hackensack University Medical Center, Hackensack Meridian School of Medicine, Hackensack, NJ, USA.

About Kessler Foundation
Kessler Foundation, a major nonprofit organization in the field of disability, is a global leader in rehabilitation research. Our scientists seek to improve cognition, mobility, and long-term outcomes, including employment, for adults and children with neurological and developmental disabilities of the brain and spinal cord including traumatic brain injury, spinal cord injury, stroke, multiple sclerosis, and autism. Kessler Foundation also leads the nation in funding innovative programs that expand opportunities for employment for people with disabilities. We help people regain independence to lead full and productive lives. For more information, visit KesslerFoundation.org.

Press Contacts at Kessler Foundation:
Deborah Hauss, DHauss@kesslerfoundation.org
Carolann Murphy, CMurphy@KesslerFoundation.org

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Journal

Journal of Spinal Cord Medicine

DOI

10.1080/10790268.2024.2315927

Method of Research

Commentary/editorial

Subject of Research

People

Article Title

Employment and people with disabilities: Reframing the dialogue in the post-pandemic era,”

COI Statement

none

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Historical patterns repeat as Bitcoin declines before halving

Quick Take With the halving event looming roughly 18 days away, Bitcoin is showing a predictable downturn. It has dipped below $65,000, marking a 12% decline…

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April 2, 2024

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Quick Take

With the halving event looming roughly 18 days away, Bitcoin is showing a predictable downturn. It has dipped below $65,000, marking a 12% decline from its all-time high and nearly 10% lower since the beginning of April.

In a pattern reminiscent of March, when Bitcoin reached its peak, it promptly retreated to around $60,000, experiencing a 17% decrease.

Historical data reveals drawdowns of comparable or larger magnitude preceding prior halving events.

BTCUSD: 2024 Halving: (Source: Trading View)

For instance, before the first halving in November 2012, Bitcoin experienced a 40% decline in August and a 23% drop in October of the same year.

2012 Pre-Halving: (Source: Trading View)
BTCUSD: 2012 Halving: (Source: Trading View)

Leading up to the second halving in July 2016, Bitcoin encountered a 22% decrease in June, followed by an 18% decline in August after the halving.

2016 Halving: (Source: Trading View)
BTCUSD: 2016 Halving: (Source: Trading View)

The 2020 halving in May was followed by an anomalous 53% crash attributed to the impact of COVID-19. However, Bitcoin had fully recovered from the significant crash within the same month.

Meanwhile, Bitcoin experienced a 14% decline just before the halving.

BTCUSD: 2020 Halving: (Source: Trading View)
BTCUSD: 2020 Halving: (Source: Trading View)

Though this volatility may concern some investors, it aligns with the characteristic fluctuations observed during halving periods.

The post Historical patterns repeat as Bitcoin declines before halving appeared first on CryptoSlate.

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Troubled wireless technology pioneer files Chapter 11 bankruptcy

The Boca Raton, Fla., telecommunications company files for Chapter 11 bankruptcy after several telecom firms filed in 2023.

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2 hours ago

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April 2, 2024

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The telecommunications industry faced a significant amount of distress in 2023, with several firms filing for bankruptcy.

Cyxtera Technologies, a provider of data center colocation, interconnection services and digital infrastructure, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey in June 2023 and sold its assets to Brookfield Infrastructure Partners in November 2023.

Related: Movie theater chain seeks sale after recovering from bankruptcy

QualTek Services, a provider of infrastructure services to 5G wireless, telecom, power grid modernization and renewable energy solutions, filed Chapter 11 bankruptcy in May 24, 2023, in the U.S. Bankruptcy Court for the Southern District of Texas to restructure debt and emerged from bankruptcy on June 30, 2023, after reducing its debt by $307 million.

Cloud-based data center provider Internap Holding filed for Chapter 11 bankruptcy on April 28, 2023 in the District of Delaware, with over $198 million in debt and emerged on Aug. 1, 2023, after a restructuring.

Starry Group, a licensed fixed wireless technology developer and internet service provider, filed for a prepackaged Chapter 11 in the District of Delaware on Feb. 20, 2023, seeking to reduce its debt and emerged from bankruptcy in August 2023.

A child using an Apple iPhone smartphone. (Photo by Peter Byrne/PA Images via Getty Images)

Peter Byrne - PA Images/Getty Images

Airspan files bankruptcy to hand majority ownership to Fortress

The bankruptcy trend has continued on from 2023 into 2024, as pioneering telecom company Airspan Networks Holdings  (MIMO)  on March 31, 2024, filed for a prepackaged Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware that calls for handing majority ownership to funds managed by its senior secured prepetition lender Fortress Investment Group.

Under the debtor's restructuring support agreement, Fortress and certain key stakeholders will provide up to $95 million in new equity financing and eliminate all of the company's existing funded debt. Fortress affiliates have also committed to providing $53 million in debtor-in-possession financing, which, along with cash on hand, will fund the company's operations during restructuring. 

The Boca Raton, Fla.-based company had about $205.1 million in total funded debt obligations on the petition date, according to a declaration by CEO Glenn Laxdal. The firm in recent years had incurred sizeable operating losses in part because of a commitment of significant resources to research and development as well as competitive pressures. The company relied on funded indebtedness to cover the shortfall in its cash flow from operations.

Airspan during the Covid pandemic in 2020 suffered from supply chain disruptions, significant price increases for silicon-based components, increased transportation costs, inflation and stagnant growth, the declaration said.

Beginning in 2021, the company retained an investment banker to pursue strategic alternatives and engaged in talks for a potential sale of its assets or a restructuring transaction. In 2022, the company focused on reducing operating costs by reducing its workforce from 800 employees to 494 workers. Since then, the number of employees has decreased to about 370, the declaration said.

In March 2023, Airspan sold an affiliate Mimosa Networks to Radisys for about $60 million. It used $45 million to pay obligations and prepetition senior secured debt, allocated about $5 million for costs and fees and netted about $10 million for fund operations.

Airspan and its prepetition lenders in May 2023 amended senior secured debt, which provided the company with $25 million in delay-draw term loan commitments and granted the company  waivers on existing defaults and events of default. The company continued seeking a sale of all its assets until mid-December 2023, when it realized a sale would not happen.

Seeking comprehensive restructuring with senior creditors

It instead sought a comprehensive restructuring with its senior secured lenders and subordinated creditors. The company entered a restructuring support agreement with its lenders and creditors on March 29.

As part of the agreement, existing common stockholders have the option of receiving their pro rata share of $450,000 or, at their election, warrants in lieu of cash. If more than 150 shareholders  elect for warrants, no warrants will be provided. 

Founded in 1998, Airspan began its business in proprietary digital wireless access technology, primarily broadband wireless solutions.

Airspan provides a broad range of software defined radios, broadband access products and network management software to enable cost-effective deployment and efficient management of mobile, fixed and hybrid wireless networks. Its customers include leading mobile communications service providers, large enterprises, infrastructure operators, military communications integrators and internet service providers.

Related: Veteran fund manager picks favorite stocks for 2024

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