Building Resilient Communities

Conversation with Patricia Carrero

2 Videos

Building Resilient Communities

 

Florida’s resilience continues to be a growing practical and financial priority.  Some 80 percent of Florida’s 22 million residents live within 10 miles (16.1 km) of the coast. The stakes from climate related catastrophes are high. Topping the list of costliest storms to hit Florida, in 2022 dollars, is Ian, at $84 billion, according to the U.S. National Oceanic and Atmospheric Administration. As existing buildings age and population growth across the state invites continued losses, new sustainable solutions are needed.

Babcock Ranch in Southwest Florida is a new town expected to have over 50,000 people at buildout. It’s known globally as being “the nation’s first solar-powered town” and showcases around 800 impressive acres of solar panels.  The master-planned community is best known however for withstanding hours of sustained winds over 100 miles per hour (161 kph) when Hurricane Ian made landfall in September 2022. With homes and other buildings left mostly unscathed, residents were able to remain home after the storm, and the community welcomed storm refugees to its shelters.

Today many eyes are fixed on this sustainable new town including myself and Amanda Staerker, one of the project’s early contributors in the land design. Together, we toured Babcock Ranch and have shared with you some of the site visit insights.

The main contributors to this success of Babcock include new construction to Florida Green Build Certification standards, underground utilities, native landscaping, and a land plan that minimizes intrusion into the natural systems. 

In a recent ULI article, Building for Resilience: How Newer Construction Homes Fared in Florida’s Hurricane Season, the CEO of Babcock Ranch, Syd Kitson, stated,

“Storm safety was absolutely at the top of our list…How could we convince people they could shelter in place? We knew if we did it right from the beginning, we could prove they could.”

Babcock has taught us that we can design for sustainable living by promoting walkability, alternative modes of transportation, and by embracing technologies that allow us to reduce energy. It has taught us that we need to work with nature and to re-introduce back into our built environments the ecology that provides a natural protection.

Read More:

https://urbanland.uli.org/public/building-for-resilience-how-newer-construction-homes-fared-in-floridas-hurricane-season/

ULI | Heitman Report

 

 

CLIMATE RISK AND REAL ESTATE

Excerpts from the 2020 ULI | Heitman Report.

ULI partnered with Heitman, a global real estate investment management firm, to assess the potential impacts of climate change on the long-term viability of real estate assets. Derived from a series of interviews with leading institutional investors, investment managers, investment consultants and others, the report provides members with an inside look at how real estate investors are factoring climate risk into their investment decision-making and management processes.

See full report at : https://knowledge.uli.org/en/Reports/Research%20Reports/2020/-/media/b81db4bbc77845f7834f24b0e974dd7a.ashx

ULI publishes this updated report amid a global pandemic and economic uncertainty. For many, it may feel as if the priority of addressing climate change is dissipating as we face the immediate challenge of COVID-19.  Although it is still too early to draw conclusions about the long-term implications of COVID-19 for our cities and the real estate industry, such a wide-scale humanitarian crisis throws the connections between environmental, social, and governance (ESG) issues and our economies into sharper focus.

However, just as the coronavirus has exposed many weaknesses, it has also shown us that we have the ability to adapt and change our behaviors quickly and radically.

Globally, most major economic hubs are in coastal, river delta, or other high-risk areas. These locations present many advantages, relating to connectivity, trade, quality of life and placemaking. These cities house more than half the global population, with much higher percentages of residents in some regions. About 80 percent of U.S. residents live in cities, for example, 39 percent of the European Union population lives in metro areas with 1 million or more inhabitants.

In 2020 (as of October 7), there have been 16 weather/climate disaster events with losses exceeding $1 billion each to affect the United States. These events included 1 drought event, 11 severe storm events, 3 tropical cyclone events, and 1 wildfire event. Overall, these events resulted in the deaths of 188 people and had significant economic effects on the areas impacted. The 1980–2019 annual average is 6.6 events (CPI-adjusted); the annual average for the most recent 5 years (2015–2019) is 13.8 events (CPI-adjusted).

Many of the most economically powerful coastal cities face significant climate risk. However, these cities offer some of the most attractive investment environments, meaning that the risk is worth the return. “We have a dilemma that some of the most attractive markets are also markets that are affected more by weather-related risks,” noted one real estate investment manager. However, a few investors indicated that they are beginning to suspend acquisitions or take steps to reduce their real estate footprint in city markets where they harbor climate-risk concerns. The phases after a big disaster, according to one interviewee, were to see the market buoyed up by subsidies and insurance, followed by rebuilding and speculative demand. This short-term “sugar high” of disaster support, insurance claims, and opportunistic investment likely masks underlying negative and fiscal impacts that could be exacerbated by future climate-related events (or other shocks).

The research found a number of misleading correlations, such as flooding having a positive impact on cash solvency and fiscal health, and hurricanes increasing budget solvency. However, the current model of contingencies will not be sustainable with the expected increase in the frequency and intensity of climate change impacts, as well as slow-moving stresses such as sea-level rise, which further exaggerate the effect of peak events. In other words, a weather-related event has not yet adequately “shocked” the system of contingencies as to break it. However, the COVID-19 crisis may prove to be the ultimate shock to the system that breaks it. What happens when that “extreme event” is no longer a geographically or temporally discrete event?

“There are three big mechanisms through which costs are likely to increase going forward: one is insurance, [and] the second area is . . . tax rates and the third is cost of financing as banks start to cost the added risk.

 BlackRock, the world’s largest asset manager, made headlines in January 2020 when Larry Fink, the firm’s CEO, stated in his annual letter on corporate governance that “climate change has become a defining factor in companies’ long-term prospects,” and “we are on the edge of a fundamental reshaping of finance.” The BlackRock announcement signified an increasing industry prioritization of climate change mitigation, or efforts to prevent or reduce greenhouse gas emissions.

Most interviewees also expressed overall uncertainty about future insurance prices and the likely market impacts of shifting insurance policy. In an extreme scenario, some investors envisioned a future in which properties could not qualify for insurance at all and therefore became ineligible for loans.   The annual insurance pricing structure can underpredict risk for longer hold periods, as well as for the underpinning infrastructure. The approach also assumes the long-term availability of underwriting capabilities, in terms of the affordability and availability of products. If sites are unable to obtain insurance, they will not be eligible for loans, leading to major potential valuation consequences.

Long-term focus: In lay terms, catastrophe models simulate “thousands of versions of next year,” not “thousands of successive years.”

All agreed that valuation is currently lagging behind recognition of climate risk and anticipate this changing in the near future. Valuation does not incorporate climate risks because it is “backward-looking”. Models typically do not allow a user to modify future climate conditions, and there are no established best practices to apply insights from climate science to catastrophic hazard risk modeling. Valuation has become more urgent for investors considering longer time horizons. Some investors have also informally discussed properties having “expiration dates” after which they may no longer be safe or suitable for residential or business use without extensive investment in surrounding infrastructure.

Anticipating steep declines in building value because of climate impacts runs counter to how buildings are currently valued. In the current model, value is derived from the residual value of the land and structure, plus discounted cash flows over time that drive net present value and cap rates. However, if dramatic changes lead the value of the structure and land to approach zero, cap rates would change significantly, with a steep decrease in value after purchase, and would need to be offset with increased cash flow and profitability to maintain net present value.

Several discussed efforts to design risk mitigation strategies for vulnerable assets and price these costs into deals. Some also spoke about resilient design as presenting opportunities to differentiate assets and enhance value. For example, one interviewee said they were exploring opportunities to create a “resilience zone” for entire neighborhoods.

Parametric insurance, where insurance payouts are linked to when predefined event parameters such as extreme weather events are met or exceeded, is an emerging option. Industry leaders note that parametric insurance may become more widespread, but it is not an appropriate solution for all scenarios. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is one example of a regional fund.  #heitman 

 

AG&T is committed to being part of the climate solution. AG&T joined over a thousand leaders from local governments, businesses, universities, and other institutions across the country as part of the “America Is All In” joint statement.  To learn more click here. 

Returns on Resilience in The Caribbean

ULi Speakers

Returns on Resilience 

As the world struggles to return back to normal from the Covid19 pandemic, environmental concerns continues to loom as an area of great concern for world and the Caribbean region in particular.   What strategies have institutional capital,  developers, reinsurance companies and owners in the Caribbean pursued to protect their properties from climate-related risks? Do these resilience investments make business sense as a development objective? What has the capital market response been? And how have developers and property owners measured their success? 

Speakers: 

Jan Raes, ABN AMRO  Global Sustainability Advisor  

Esteban Biondi, ATM Associate Principal

Koen Waterstudio NL, Co-founder

Adam Greenfader, AG&T, Managing Partner 

Topics to Include:

1. What is the capital doing about investing in resilient projects?

2. How are developers integrating resiliency practices into their projects?

3. The $ of Resiliency – Beyond the ULI Heitman Report

4. Aquatic Architecture: is it just a matter of Time?

 

To learn more about AG&T. 

 

Valuing Climate Risk in the Built Environment

 

Valuing Climate Risk in the Real Estate

January 29, 2019 – Miami, Florida

Facilitated by Zac Taylor, PhD (Research Fellow, University of Leuven) and Adam Greenfader (Managing Principal, AG&T; chair of Caribbean Council of ULI Southeast Florida/Caribbean) Participants included individuals representing development, insurance, sales, master planning, public sector, legal, and academic perspectives.

 

Key Messages

  1. The economics of real estate in South Florida face several medium- and long-term challenges due to climate risk.
  2. Climate risks place pressure on the ability to create sustainable value from real estate in the region, including increasing costs of finance (insurance, investment, property tax), growing cap and op ex, and negative market perceptions.
  3. Proactive local action will be key, but not sufficient, to mitigate these concerns.
  4. Decision-maker education and collaboration, in part through ULI, will be essential to secure regional change.

Thematic Observations

Insurance – Property Rates and Terms

  • Insurance is geared towards the sudden and acute, not the gradual and chronic. Supply of capital for Florida risk is declining and will continue for those who continue to build in risky areas.
  • Risk of losing coverage over medium-term (eg 5-10 year hold period) is increasingly raising concerns about profitability of developer strategy in South Florida.
    • Eventually property owners cannot pass cost of insurance on to consumers/tenants – this will erode asset value.
  • Insurance rate baselines are 15-20% higher post-2017/18/19 underwriting cycle due to historic losses. Rates are cyclical to an extent, but unclear if this pattern will persist in context of growing losses, rising risk because insurers increasingly set rates according to reinsurance investor appetite (see ILS market).
  • Insurance policy terms are changing, and likely to continue, to limit insurer liability for losses. Requires careful scrutiny.

Location Investment Decisions

  • Institutional capital providers increasingly ask developers to address risks through asset-level mitigation.
  • Investors are also asking what community-scale measures are being put in place, in recognition that assets are not independent from broader risk/resilience patterns.

Public Finance

  • Bond ratings agencies increasingly looking at municipal creditworthiness in relation to economic exposure to climate risk (e.g. property tax base security). This may have impact on cost of capital.

Design and Mitigation Considerations

  • Public investments can have negative as much as positive impacts on private property (see Miami Beach road-raising) — this is cost and time intensive work, in part because it is politically contested and in part because of local public sector capacity.
  • Insurers likely to determine how, where development happens. Access to risk models has changed one participant’s understanding of their practice, re: valuation and incorporation of long-term risk reduction principles in design, building code, planning

Collaboration / ULI Opportunities

  • South Florida communities need a collaborative plan to address the economics of built environment climate risk. Without it, insurers and lenders will leave the market, and negative feedback loop (property devaluation) will be faster.

 

 To learn more: uli-selected-to-manage-southeast-florida-regional-climate-compact-project

ULI Caribbean Resiliency and Rebuilding Continues

Big shout out to many of you who flew in from across the country and Puerto Rico to attend our third Caribbean roundtable in Miami. It was evident from the discussions and presentations,  that the Caribbean region continues to offer a wealth of opportunities as well as challenges.  Our theme at yesterday’s roundtable was centered around ULI efforts in resiliency and rebuilding.

The panel discussion started with a report by Mr. Tom Roth of Grass River Property on Puerto Rico. Tom travelled the island last year as part of the ULI Advisory Service Panel thanks in part to the   the support of The Kresge Foundation and our local District Council. The ULI Advisory Services Panelists spent a week in the Municipality of Toa Baja, Puerto Rico, to provide expert advice on enhancing recovery efforts after the catastrophic and deadly 2017 Hurricane Maria. Tom Roth’s presentation during our roundtable highlighted some of the lessons in dealing with rebuilding, seizing the opportunity to build on higher ground, and the availability of Federal funds for rebuilding homes for Puerto Rican familes.  

To download the full report: https://americas.uli.org/wp-content/uploads/sites/2/ULI-Documents/ULI-ASP_Report_ToaBaja_PR_Final.pdf

While at this moment it is still very dangerous to access Abacos, Bahamas, Gene Budler of DCK presented some real time images of his recent relief trip to Abacos.  The images of the destruction are truly unbelievable with tons of waste, destroyed homes, and obliterated life infrastructure.   As the relief cycle continues, we will be tracking the situation. There is a clear need for stronger, better planned, and more resilient construction. It is our hope to be able to help the Bahamas with some solutions to the massive rebuilding efforts. If you are interested in helping there are multiple organizations. One such group recommended by Gene is MedStar out of Houston, Texas. 

As part of our on-going effort to increase our engage with the Caribbean, we are planning a Caribbean study cruise in 2020. The idea of the cruise is to bring together some of the top minds in resiliency for an comprehensive educational summit.  In addition to the seminars, we plan on visiting several islands that have been affected by the recent hurricanes. If you are interested in helping organize the study cruise please reach out to either Max or myself.  As a reminder, this roundtable is open to non-members as guest to start but is a benefit for ULI members.  To join please visit:  https://americas.uli.org/membership/join/ If you have any questions, please call 1-800-321-5011 or contact Max Helden. 

We are looking to plan a December networking event for this group and then will schedule the next content-oriented roundtable for 2020. 

Thank you all again for your participation and to our very kind sponsor Paramount Miami World Center for hosting the event and lunch. You can learn more about our ULI Caribbean Engagement at https://seflorida.uli.org/get-involved/caribbean-engagement/

Hydroponic Parking Garages

Hydroponic Garagesi

 

Hydroponic Parking Garages

Hydroponic Parking Garages, what are those? If you are familiar with hydroponic farming, you would understand that it is a technique used to grow any plant without using soil…. but this time it is in a public parking garage.

With the possibility of a driverless future, places where we store our cars, such as parking garages, will soon cease to serve a purpose. Also, with more people moving into urban cores there is more of a demand for access to fresh produce for consumption. This is a great opportunity to turn existing parking garages into urban farms. Imagine garage to table – fresh produce within an urban environment. Does this mean we can improve the access to fresh food for economically and agricultural disadvantaged communities?

As we move into a more advanced future, we must rethink how we efficiently develop and use our resources. With limited developable space and agricultural zoning restrictions, hydroponic parking garages may be one very good solution. Instead of spending thousands of dollars demolishing existing parking garages, why not repurpose them and give them new life; literally. Since hydroponic technology eliminates the need for soil, urban cores can benefit from having fresh produce in close proximity, reducing cost and the amount of time it takes to reach consumers. Food can be the sold to restaurants or at a farmer’s market, given to a local soup kitchen or church, the possibilities are endless. Hydroponic parking garages could possibly increase values of surrounding developments and provide a new revenue stream for the owner.

Idea: Rather Than spend millions of dollars to totally reposition a parking garage, building hydroponic farms in the vacant garages will create a much more affordable and immediate source of revenues for the building owner. If one were to plant basil and lettuce and sell wholesale to local stores the farm will provide around a 90% yield annually on the $115k starting cost.

 

team2 internet 

What Can Cities Do to Go “Blue”?

 

In a number of projects and proposals, architects and urban planners are working with water instead of against it

In 2003, Jacques Lacour and his brother, Ovide, built a fishing lodge on a sliver-shaped lake called Old River that was once part of the Mississippi, near Batchelor, Louisiana. Leveraging local knowledge and techniques that had been developed over decades, they hit on an architectural concept that is becoming in vogue as climate change drives flooding events around the world. They made their business, called Old River Landing, amphibious.

 Instead of building Old River Landing on a foundation, the Lacour brothers built the whole structure on a base of polystyrene foam—8,100 cubic feet of it. That was enough to float the building in the event of a flood, leaving an extra tolerance for the action of waves from storms or boats. For added stability, sliding sleeves on each corner of the building encircle vertical poles, meaning Old River Landing can go up and down, but it settles back into place, impervious to the water currents and waves that might push it about.
 

Batchelor is an agricultural community, specializing in sugar cane. But Old River hosts anglers, who come up from Baton Rouge or Lafayette and stay in private or public lodges called camps. Starting in the late 1970s, some homeowners started making their camps amphibious. Now, when the lake rises, so do the camps.

 Architecture firms in the Netherlands and elsewhere are offering upscale versions of these amphibious houses, or even homes that float outright. In the famously vulnerable Lower Ninth Ward of New Orleans, Brad Pitt’s Make It Right Foundation contracted the American firm Morphosis Architects to build an amphibious home called the FLOAT house. And the Buoyant Foundation Project, a nonprofit founded by Elizabeth English, an associate professor at the Waterloo University School of Architecture in Ontario, uses modern engineering techniques to retrofit houses in flood-prone areas.

“We need to acknowledge that the water is eventually going to do what the water wants to do, and shift our approach, as human populations living on the Earth, from one of trying to dominate nature to one that acknowledges the power of nature and works in synchrony with that,” says English. “We’ve already set ourselves down this path of dams and levees and water control systems, and it’s really hard to turn back. But we don’t need to keep replicating that. We don’t need to make the situation worse. It’s time to step back from the approach of control and fortification.”

When Hurricane Katrina flooded 80 percent of New Orleans, displacing a million people and causing more than $100 billion in damages, English was working at the Louisiana State University Hurricane Center on the aerodynamic behavior of windborne debris. The disaster, especially the failure of the levees, made her realize that flooding could do far worse damage than wind ever could. More recent hurricanes, too, have had their effects exacerbated by the design of the cities they have hit. While Hurricane Irma caused less-than-expected flooding in Florida, Hurricane Harvey was catastrophic due to the rainfall it dumped on Houston. City planners have attributed much of the flooding there to the prevalence of blacktop and concrete, which keeps water atop the landscape rather than letting it settle in.

To protect homes from flooding, FEMA encourages static elevation (raised houses) and won’t certify amphibious homes for the National Flood Insurance Program, meaning residents often have to climb stairs and deal with the visual impact of elevated houses. “The response of the Federal Emergency Management Agency was, in my opinion, entirely insensitive to the cultural context of New Orleans in particular, and South Louisiana in general,” says English. The permanent, static elevation was disruptive to the aesthetic feel of the historic neighborhoods there. A student told her about Old River Landing, and she began to discover amphibious homes in other parts of the world.

But there are more ways to work with water than mitigating flood impacts. Architects and urban planners are reevaluating all the ways cities interact with water, from transport to recreation to energy to drinking water, and their ideas have the potential to fundamentally alter cities the way the car did in the 20th century.

“Cities that today start to embrace water and take advantage of the skills of water, will be the cities that have a better performance economically and socially and politically in 20 to 30 years,” says Koen Olthuis, founder of Waterstudio, a Dutch firm that has found designing around water to be more than a niche market. “When situations change—and that’s happening now, the environment is changing, the climate is changing—cities have to react. You have to change the skills and the performance of the city to give a reaction to this situation, and the reaction should be not fighting it, it should be living with it.”

Olthuis calls this idea the Blue City, and sees a coming progression, from green cities (low impact) to smart cities (connected and responsive), to blue cities, which use water to be both of the previous. An ideal city, he says, would accomplish this by using water to achieve three types of goals—to reduce energy needs, to generate energy, and to store energy.

Floating-Seawall4.jpg
Waterstudio designed this energy-generating seawall, called Parthenon, for Arabian Oddysea. (Waterstudio)

Waterstudio is working with Oddysea Development to showcase these strategies and more in a multipurpose entertainment resort on a one-square-kilometer man-made island in Bahrain. Called Arabian Oddysea, the project is scheduled to break ground in 2019 and be completed in 2023, according to chairperson Dara Young. The estimated $6 to 7 billion project will include shops, hotels and restaurants, as well as an aquatic sanctuary, a man-made mountain and an Arabian horse track. But along with—and integrated into—the entertainment, Arabian Oddysea will incorporate water in ways designed to improve energy efficiency.

“Integrating ways to sustain our needs by channeling energy allows us to lead by example. Bahrain was first to discover oil, so we’d like Bahrain to be the first in the region to introduce architectural hydropower,” says Young. “Over the next five years, the gulf countries are expected to need to generate 40 percent more electricity than they are now … and it’s important to stay ahead of the curve and come up with alternative solutions.”

To do that, Arabian Oddysea is incorporating several Waterstudio-designed elements that each use water in a different way. One is a sea wall, but it’s not designed like normal sea walls, which tend to be big chunks of concrete that waves smash up against and eventually demolish. Called Parthenon, the seawall is made of columns of turbines hanging underneath like the pillars of its namesake. As waves flow in and out, they drive the turbines, which generate enough energy for about 50 houses, but also reduce the action of the water so that behind the wall, the water remains calm.

Another feature is an array of floating solar panels that lie just beneath the surface of the ocean. In hot climates, exposed directly to sunlight, solar panels quickly exceed the optimal operating temperature. But when water is allowed to flow over them, they absorb sunlight at a balmy 80 degrees. There will be floating solar panels just offshore of the man-made island in Bahrain. (Waterstudio)

All that energy needs to be stored, somehow, and batteries are expensive. Arabian Oddysea plans to use it to pump water into tanks housed high in tall buildings called blue batteries, and then let it flow back down to run turbines once the sun is down. According to Young, 25 percent of off-peak energy needs will be housed in the blue batteries.

Another element of the Oddysea is a system of water-filled tubes running through walls and floors in buildings, squares and city streets. The water pumped through helps cool the city, reducing load on air conditioning.

Even the entertainment will incorporate water, says Young. The horse track will be suspended over water features. The water drained from the blue batteries will tumble down 200-foot “hydrokinetic waterfalls” that house the turbines.

Othuis’ vision doesn’t stop with the Bahrain project. He speaks of floating museums or stadiums that could be shared between cities across bodies of water, or even whole cities that move, or expand and contract, with the seasons, increasing density to maintain warmth and opening like a flower in the summer. A true blue city would incorporate these designs and more to treat water like a tool, rather than a threat.

“There are many things that won’t work, [and that] will maybe always be part of a futuristic scope or vision,” Othuis says. “But you see that some of these ideas in the end will be part of the next generation of cities.”

Oddysea is somewhat unique in its scope, its price tag, and its virgin landscape. But there are many other ongoing projects and proposals that tap specific innovations to address smaller aspects of water management. A permeable concrete from a UK company called Tarmac can absorb 600 liters of water per minute per square meter. A Danish architecture firm has designed a parking garage that sits atop a water reservoir and rises atop floodwaters as they drain into the reservoir. Dikes in The Netherlands now house sensors that can give managers advance notice of overloading, allowing them to evacuate or divert water when one part is getting too much stress. In San Francisco, new developments over 250,000 square feet are required to install and operate grey water recycling systems.

Danish architectural group THIRD NATURE has designed this parking garage that sits on top of a reservoir. In heavy rain, the reservoir fills with storm water and the garage rises.
Danish architectural group THIRD NATURE has designed this parking garage that sits on top of a reservoir. In heavy rain, the reservoir fills with storm water and the garage rises. (THIRD NATURE)

With the Bahrain project, Waterstudio has the benefit of working on a new development, where designs aren’t constrained by what’s there already. Much of our waterways, however, already share coastlines with buildings or other structures that would need to be adapted or discarded. That is what Baca Architects and H+N+S Landscape Architects, are doing on the Waal River in the Netherlands. A 1995 flood led to the development of that nation’s Room for the River program, which seeks to accommodate the changes to the rivers there, and the Waal River is a flagship project for the program.

At a bend in the river, near the German-Holland border, the town of Lent was at risk. A low-lying area just inside a higher peninsula, sort of a short cut for the river flow, was liable to flood. Over the last decade and a half, the city relocated around 50 dwellings and farmsteads, and H+N+S dug out a channel, turning the peninsula into a seasonal island. Now, the river would have space to flow, alleviating flooding not just in Lent, but downstream as well.

“This marks a fundamental shift in thinking, to date, in Holland, Germany, the UK, who have consistently built … with the presumption in terms of policy is we hold water out,” says Richard Coutts, director of Baca Architects.

 The landscaping has been completed, and bridges to the new island of Veur-Lent have been built. Now, Baca Architects are working on designs for the space. It’ll include parks, a campground, and an equestrian center. New homes will be developed based on the flood risk of their location. Those on the water will float, able to rise and fall with the tide each day. Those vulnerable to the expected seasonal variation of up to 12 meters will be amphibious in a similar manner to Old River Landing. Higher still, houses will be built with a flood-resilient lower floor, to minimize damage in the case of larger floods.

If the Veur-Lent project goes well, it could serve as a model for other cities and riverways. But there are still regulatory hurdles to building in a style that’s unfamiliar. FEMA’s National Flood Insurance Program denies coverage to floating homes, while extending it to houses that are on the ground and likely to flood. Amphibious buildings, like Old River Landing, are ineligible at any price. Just like many of their neighbors, the Lacours built it anyway.

“It’s a way of life that we’re all accustomed to,” says Lacour. “Growing up on the river, there’s nothing like firsthand experience of seeing what water can do, and if you try to, you may find a solution for those situations. I think we’ve adapted to the changing conditions of our rivers.”

 

 

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