Jerome Powell drops a bombshell, a new movie celebrates a pioneering banker, and the Washington Commanders debut their new stadium’s design. From the wild and wooly world of real estate, here are our Hits and Misses for the week of Jan. 12-16.
Hit: A Very Big Surprise. Who could have guessed that Jerome Powell had such a flair for drama and a talent for publicity strategizing? Whether you admire or loathe his work as Federal Reserve chairman, you have to admit it was a stroke of genius for him to drop a bombshell video announcement during a news cycle lull on Sunday evening where he revealed he was facing a possible Department of Justice (DOJ) indictment, which he capped with a blistering slam at the Trump administration’s attempt to pressure the central bank to do its bidding. Powell shrewdly made no further public remarks during the week, but he didn’t need to – the White House was abruptly caught on the defensive, doing spin and damage control in the face of angry response from many Republicans on Capitol Hill and from central bank governors in other countries. After tolerating months of abusive comments and demeaning threats from Trump and his team, Powell responded in a brilliant manner that reaffirmed he is still very much in charge of the Fed.
Miss: Little Tough Guy. Some news sources insisted that Bill Pulte, the pugnacious director of the Federal Housing Finance Agency (FHFA), instigated the DOJ’s actions against Powell. Pulte denied it, but he created another mess this week when he used a Wall Street Journal interview to accuse builders of intentionally keeping home prices elevated while demanding that they stop transacting stock buybacks. He insinuated the administration would target builders that don’t voluntarily follow his request to halt buybacks, stating, “Read between the lines on that one. Our preference is to use carrots, but sticks are on the table.” Really? For the record, the FHFA is not the federal agency in charge of regulating the homebuilder industry, and Pulte has no legal authority to dictate whether companies can repurchase their stocks. This week also saw the editorial board of the Wall Street Journal calling on President Trump to fire Pulte – but will the president value competence instead of sycophancy?
Hit: A Great Idea for a Movie. We don’t see very many positive portrayals of bankers in movies, so one of the most surprising stories this week came in Variety’s announcement that Oscar-winning Italian director Giuseppe Tornatore (best known for “Cinema Paradiso”) will direct a biographical drama about Amadeo Peter Giannini, the founder of Bank of America. Giannini was the son of Italian immigrants who founded Bank of Italy in San Francisco in 1904, and following the 1906 San Francisco he was among the very few local bankers who was able to originate loans to finance the rebuilding of the ruined city. Giannini pioneered branch banking and loan financing for working-class, immigrant, and female borrowers. When Bank of Italy became Bank of America in 1929, Giannini became the banker of choice of the Hollywood elite and California’s wine industry. The new film is being titled “The First Dollar,” but there’s no word on casting or when the film is being slated for release. Nonetheless, this is one film we’re eager to see.
Hit: Extraordinary Generosity. Kudos to Alon Abady, a prominent Los Angeles real estate investor who donated a 16-story office property valued at over $100 million to the West Coast Chabad, which will transition the property into North America’s largest Jewish century. The 300,000-square-foot, 1,200-car facility is located next to the Fox Studios lot and the Simon Wiesenthal Center, and according to Chabad News it will “house a range of Jewish communal functions: a synagogue; Jewish life-cycle venues; youth and senior programming; mental-health and social services; support for thousands of Jewish students on college campuses; and a banquet and events hall for communal gatherings and international events.” The gift is the ultimate example of paying good deeds forward – the Chabad organization assisted him and his family when they arrived in this country from Syria in the early 1970s. The property will be known as the Chabad Campus for Jewish Life, which Rabbi Baruch Shlomo Cunin envisioned as “a beacon of light, strengthening Jewish life while uplifting and serving the entire Los Angeles and global community for generations to come.”
Hit: Looking Good. The Washington Commanders unveiled their first conceptual renderings of the new stadium being planned to host their return to the District of Columbia. HKS, a global design firm with a track record of creating stadiums, envisioned a remarkable domed stadium that can accommodate roughly 70,000 people. Mark A. Williams, HKS’ global venues director, explained, “Monumental in presence, grounded in the L’Enfant Plan and scaled to the urban fabric of the District, the stadium design will be a bold civic landmark that carries the city’s architectural legacy forward in a way that is confident, dynamic and unmistakably Washington, DC.” Barring any unforeseen delays, vertical construction on the stadium is expected to start in the spring of 2027, with a completion in 2030. The stadium can be seen in the photo on top of this article, and you can see more renderings at this page. While we’re not fans about using public funds to create this venue, we must admit HKS did a wonderful job in creating an aesthetically remarkable design that fits into Washington’s distinctive architectural style.
In Memoriam: Nathan Phillips “Sandy” Dodge IV. This week saw the passing of Nathan Phillips “Sandy” Dodge IV at the age of 89. Dodge was the fourth-generation leader of Omaha-based NP Dodge Company, that oldest US real estate company still operated by its founding family. Dodge led the company for six decades, but his life encompassed a diverse range of experiences. A graduate of Harvard University, he served in the US Air Force and rose to the rank of lieutenant colonel. And he gave generously of his time by serving on the boards of multiple organizations. He was a past president of the Omaha Institute of Real Estate Management and a past chairman of the University of Nebraska Medical Center Advisory Board and the Nebraska Economic Development Commission. Heath Mello, president and CEO of the Greater Omaha Chamber of Commerce, celebrated Dodge’s life by noting how he “led quietly, thoughtfully, and with a deep belief that strong institutions and strong communities are built through service to others.”
Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].
