The difference between building an apartment complex in Maryland and Texas is best exemplified by the possibilities of a corn field.
Michael Muldowney, CBRE Inc. executive vice president of investment properties and multifamily properties group, used a plot of land to highlight how doing business in Maryland is slowed by regulations.
If you go to Houston, Texas and you’ve got a corn field, you can basically go vertical in 90-days. You get your building permits, boom. They’re not asking your uses; They’re not asking you Jack,” Muldowney said. “Here, you can have multi-housing land zoned… and yet it will still take you two, two-and-a-half, three years to get your entitlements to go get a building permit.
Muldowney’s comments were made during an interview about CBRE Inc.’s outlook on investments in multifamily housing in the Mid-Atlantic. That story will appear online and in Monday’s edition of The Daily Record.