TRI Pointe moves into 7 new communities
Not long after its $2.8 billion merger with Weyerhaeuser Real Estate Company (WRECO), TRI Pointe is making a significant expansion in the form of 649 lots throughout seven new communities in California, Nevada, Washington state and Virginia.
“As was our practice before the merger with WRECO, TRI Pointe employs a disciplined land strategy with a focus on acquiring lots in prime locations along major transportation and employment centers,” TRI Pointe CEO Douglas Bauer said. “With the merger complete, we are an even more well-capitalized company with the ability to generate substantial cash flow and profits from homebuilding as well as strategic land sales for many years to come. These most recent acquisitions will help us build on the strong foundation we have established and drive long-term growth.”
The newly acquired lots are located in Irvine, Corona and Hansen Village in California; Clark County in Nevada; Lacey and Redmond in Washington; and Prince William County in Virginia.
TRI Pointe is now one of the 10 largest public homebuilders in the country by equity market capitalization. The move has placed its land inventory at a total of 31,000 owned or controlled lots, 19,000 of which are located in California.
Kwikset adds to lever, deadbolt collection
Kwikset is adding a couple more modern options to its collection of levers and deadbolts: Halifax, a square lever and deadbolt, and Milan, a sleek, round lever and deadbolt.
"Recognizing the increase in homeowners looking to incorporate contemporary design, Kwikset is offering an accessible option for a range of buyers with our new Halifax and Milan levers and deadbolts," said Marty Hoffmann, VP marketing, Kwikset. "The square and round contemporary designs combine sophistication and simplicity, making them the ideal accents for a modern or transitional home."
Beyond providing homeowners with additional design options, the addition of the Halifax and Milan pieces is a response to the growing demand for universal design features.
Both the Halifax and Milan come equipped with a Kwikset Signature Series-first ADA-compliant push button, which makes it easy to lock and unlock.
The products will be offered in a range of finishes, including Venetian Bronze, Satin Nickel, Polished Chrome and Satin Chrome.
NRF turns to Supreme Court for swipe fee relief
The National Retail Federation told the U.S. Supreme Court that the debate over debit card swipe fees is “of staggering importance” and asked the justices to review a ruling that left the Federal Reserve’s cap on the billions of transactions conducted each year at 21 cents rather than reducing it to a lower level.
“There’s so much at stake here for U.S. retailers and their customers that we have no choice but to pursue this case as far as possible,” NRF Senior VP and General Counsel Mallory Duncan said. “When a federal agency blatantly disregards the clear intent of legislation passed by Congress and signed into law by the president, that’s a dispute that cannot be ignored.”
A petition asking the Supreme Court to consider the case was filed yesterday by NRF, the National Association of Convenience Stores, the Food Marketing Institute, the National Restaurant Association, NRF member Boscov’s Department Store, and NACS member Miller Oil Co., all of whom were plaintiffs in the original lawsuit.
Under the Dodd-Frank Consumer Protection and Wall Street Reform Act of 2010, the Federal Reserve was required to adopt regulations that would result in debit swipe fees that were “reasonable and proportional” to the actual cost of processing a transaction. Incremental costs of authorizing, clearing and settling each transaction were allowed to be considered but fixed costs were not.
The Fed calculated the average incremental cost at 4 cents per transaction and initially proposed a cap no higher than 12 cents, but eventually settled on 21 cents after heavy lobbying from the financial services industry.While lower than the average of 45 cents before the cap was set, NRF argued that the 21-cent figure included costs that went beyond those allowed under the legislation and filed suit against the Fed in U.S. District Court in 2011 along with other retail groups.