Allied Realty is building an $80 million apartment project in Denver's Jefferson Park neighborhood.

The 332-unit complex will sit on 4.5 acres just west of Interstate 25 on Speer Boulevard. It also will include 10,800 square feet of retail space facing Speer and two levels of underground parking.

The project's amenities will include an outdoor patio with grilling facilities; resort-style lap pool; a kitchen in the club room; a Bocce ball court; and fitness center. Apartments will include balconies; full-size washers and dryers; walk-in closets; and granite countertops.

Units will range in size from a 600-square-foot one bedroom, one-bath to a 1,300-square-foot two-bedroom, two bath apartment. Rents will range from $1,300 a month to $2,300 a month.

Demolition of the existing buildings on the site will begin next week, said Lauren Brockman, principal of Allied. The project is expcted to be completed in July 2014.

Amstar is Allied's equity partner. The project is being designed by Houston-based architect Meeks & Partners and built by Swinerton Builders Colorado.

Because its location is not in the middle of a neighborhood filled with single-family homes, the project isn't likely to draw the opposition that a proposed147-unit project in the West Highland neighborhood has, Brockman said.

"The neighborhood has been supportive of this because it meets their comp(rehensive) plan," he said.

While there are a number of apartment projects under construction in the nearby Highland neighborhood, nothing suggests that the area is in danger of being overbuilt, said Ryan McMaken, spokesman for the Colorado Division of Housing.

The downtown vacancy rate is 4.4 percent and the vacancy rate for northwest Denver is 5.5 percent.

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Jefferson Park apartment project to include 332 units, retail space

A Colorado Springs roofing company has paid a $110,000 settlement after allegations that it forged warranties on more than a dozen Air Force Academy roofs in 2007.

Central States Roofing is the oldest commercial roofing company in Colorado Springs, according to its website, and boasts clients such as the World Arena and the Colorado Springs Airport.

The companys owner, Bill Hauschildt, admitted he had forged the warranties and apologized for his actions.

It was me that did it and what I did was wrong and Im paying the price for it and making everything right, he said in an interview with the Gazette Monday. We settled everything and everyone is happy now.

He said he is currently taking an ethics class which will help teach me from not doing that.

According to a complaint filed in federal court on April 18, 2011,Hauschildt originally told investigators that the warranties had been forged by a project manager who he had since fired. The company faced fines up to $10,000 for each warranty that had been forged, according to the complaint.

Central States Roofing received a government contract in 2007 to install roofing systems in more than a dozen buildings on the Air Force Academy. To get final payment, the company had to submit manufacture warranties on the roof shingles, according to the complaint.

Rather than provide valid warranties, which Central States Roofing would have had to pay for, the suit alleges that Hauschildt instead downloaded forms from the internet and forged them to make them look like real warranties and presented the fakes to the academy for payment. The forgeries were discovered when another Air Force contractor contacted the shingles company that had supposedly issued the warranties and discovered that they were fakes.

According to its website, Central States was established in 1924 in the Pueblo area and later expanded into Colorado Springs, where it is now based.

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Springs roofing company pays $110,000 settlement to U.S.

The race to land office tenants is heating up in Charlotte, and two of the citys top office markets uptown and Ballantyne increasingly look like competitors, some say.

Ballantyne Corporate Park, which 15 years ago was pasture, is building the largest speculative office building in the country. In December it landed the corporate headquarters of Infinisource, an employee-benefits firm thats moving here from Michigan and is adding more than 160 jobs.

Uptown notched a big win in November when it landed the corporate headquarters for Chiquita Brands International, which Ballantyne had also been courting.

Most real estate brokers downplay the idea of competition between uptown and Ballantyne, saying the entire area benefits if new companies come or existing ones add space.

But the two markets, which once attracted different types of tenants, may find themselves wooing the same companies more often.

Heres why: As banks have shrunk their real estate footprint, uptown finds itself with more available space than five years ago. In Ballantyne, rents have recovered faster than elsewhere in the city, narrowing the price gap with uptown. Meanwhile, the pool of potential tenants relocating from elsewhere is still smaller than before the recession.

It used to be fairly easy for the Charlotte Chamber to direct inbound deals (to one market or another), said consultant and commercial real estate broker John Culbertson of Cardinal Real Estate Partners LLC. Now, there is more of a gentlemans tug-of-war that occurs when a large deal like Chiquita comes in.

Such competition can be good for the economy because it increases the chance that an outside company moves to Charlotte, experts say.

A healthy office market is important because it drives developers to build, which in turn fuels construction spending and creates jobs. Profitable commercial buildings are more valuable, boosting the commercial tax base.

In contrast, empty office towers weigh on an economy, scaring away prospective tenants. Low occupancy translates into fewer workers to support restaurants and other services. Property values fall.

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Ballantyne, uptown Charlotte race to land office tenants

CEDAR RAPIDS, Iowa City Hall is proposing to reimburse Intermec Technologies Inc. half of the additional property-tax revenue it will pay the city as a result of the companys investment of $12.5 million in a new two-story, downtown office building at 601 Third St. SE.

Intermec, based in Everett, Wash., will begin construction on the new facility which company executives have called a world-class design and testing center on April 2 with expected completion by June 2013, the city reports.

The company will move from its current nearby location at 550 Second St. SE once the new 78,000-square-foot building is ready. Intermec earlier obtained approximately $2.8 million in state economic development incentives in the form of forgivable loans and tax credits in exchange for its investment and building plans. The local property-tax reimbursement to the company represents the citys required local match for the firm to obtain state incentives, according to a city staff report to the City Council.

The city estimates that Intermecs new investment will generate $2.2 million in new property-tax revenue over 10 years, with the city keeping half and reimbursing the company half. As part of a development agreement with the city, Intermec agrees to retain at least 200 jobs in the city. The city characterizes the Intermec jobs as high-quality ones with average annual salaries of $85,533 plus benefits.

Intermec is the maker of rugged mobile computers and hand-held computers used in warehouses and elsewhere for inventory control. Earlier this month, the City Council said it supported local incentives for companies and developers who build new office buildings in the downtown. In so doing, the council agreed then to provide local developer Steve Emerson with a 75-percent reduction in property taxes over 10 years in exchange for his investment of $9.6 million in a new, three-story office building at 600 Third Ave. SE.

City officials estimated that Emersons new 45,000-square-foot building will generate $1.366 million in new property tax revenue over 10 years, and 75 percent of that money -- $1.024 million will be returned to Emerson to help cover his cost to develop and build.

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City Proposes Reimbursing Company for Investing in New Office Building

Granite Properties is set to break ground on Granite Briarpark Green, a 12-story office building that will boost its Westchase holdings to more than 1 million square feet.

The Dallas-based firm has not yet secured tenants for the 300,000-square-foot building, but Houston's job growth, energy industry and occupancy levels above 90 percent at its other three Westchase properties factored into the decision to move forward.

"Everything is pointed in the right direction," said Scott Martin, executive managing director of Granite Properties. "We feel pretty confident."

The new building at 3141 Briarpark Drive will feature high-quality finishes, joining 2929 Briarpark, Granite Westchase I and Granite Westchase II. It will be on 4.1 acres and will be accessible to Beltway 8 via Westheimer, Meadowglen and Richmond. The Houston Marriott Westchase and Hilton Houston Westchase are nearby.

"You've got a great amenities base with all the restaurants and hotels," Martin said.

Its last building, Granite Westchase II, was also built on a speculative basis but was 70 percent leased during the construction period, Martin said. It was completed in 2008.

PGAL Architects, which owns and designed the neighboring Briarpark Green building, designed the project. Hoar Construction is the general contractor. The building has been pre-certified LEED Gold and will incorporate energy and water conserving features and feature on-site recycling. Construction is expected to begin within 30 days and will take 14 months to complete, Martin said.

Granite Properties entered Houston in 1994 and has a portfolio totaling 2.5 million square feet of Class A office space here. It divested its industrial properties last year to focus on the office sector. Since 1991, the company has acquired or developed more than 20 million square feet of commercial real estate.

katherine.feser@chron.com

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Granite to break ground on 12-story building

LOWELL -- The City Council has spent the past several months debating how to tweak Lowell's ordinance regulating the ubiquitous reserved-dwelling parking placards, if at all, but councilors still have not agreed on a clear path forward.

In the latest development, the council's transportation subcommittee voted last Tuesday to again direct the city's Department of Planning and Development to do more research about the reserved-dwelling signs and how to revise the ordinance regulating them.

The subcommittee's three members want city officials to make a recommendation about whether a system requiring an annual renewal of the parking placards, which dot many of the city's neighborhoods, would be useful.

Currently, residents of the city can pay $10 for a placard and never have to renew ownership of the sign.

As part of an annual renewal system, councilors also asked planning officials to come back with a potential fee for the renewal.

Councilor Joseph Mendonca said an annual renewal program could help the city figure out how many placards there are in the city and could lead to a reduction in the number of placards.

"I'm hoping by having an annual renewal with a fee, people in areas who don't need them won't spend money for something they don't need," Mendonca said.

Councilor Marty Lorrey, chairman of the subcommittee, expressed some reluctance about the proposal.

"I don't want to see another fee on people in the city," Lorrey

Lorrey has also expressed reluctance about doing too much tweaking of the parking-placard ordinance, saying, "if it isn't broke, don't fix it."

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City seeks to tweak parking-placard policy

March 26, 2012 - Using 6 W total power, 120 V LED Pendants offer full 360 illumination for optimal appearance and downlighting. Design focuses on GU-24 based LED lamp and is engineered to properly manage heat at source, maximizing 30,000 hr LED life potential. Facilitating lightsource replacement, LED lamp features integrated driver. Cable, stem, and cord pendants, offered with range of Besa pendant families, each includes various handcrafted glass decors. Original Press release Besa Lighting Co., Inc. 6695 Taylor Rd. Blacklick, OH, 43004 USA Blacklick, Ohio --- Besa Lighting has now launched the new edition of 120V LED Pendants. Besa Lighting is a leading designer and manufacturer of decorative glass lighting.

Besa is committed to providing environmentally-friendly and energy-efficient lighting fixtures, while providing exquisite designs. The company's newly modified LED lightsource offers full 360 degree illumination, for optimal appearance and downlighting.

Besa's new 120V LED pendant design focuses on the GU-24 based LED lamp. New LED lamping features integrated internal driver allowing for easy lightsource replacement. It's also engineered to properly manage heat at the source, maximizing the long-life potential of the Light Emitting Diodes. The rated life is 30,000 hours. It uses a total power of only 6 Watts.

The company's new 120V LED lighting is now offered in cable, stem and cord pendants with a broad range of Besa pendant families. Each family includes a variety of attractive handcrafted glass decors.

The company is confident that their latest alternative lightsource is a perfect fit for the upscale yet practical attitude of their "Sensibly Contemporary" corporate premise.

About Besa Lighting Co., Inc.

Besa Lighting designs and manufactures decorative lighting solutions that provide residential and commercial customers a broad range of choices. Utilizing fine handcrafted glass, Besa Lighting offers a myriad of unique luminaire styles, colors, metal finishes and lamping options.

Besa Lighting's product line includes: 12V and 120V Pendants; Monorail System; Flush-Mount Ceiling Lights; and Wall Sconces for indoor, outdoor and ADA-compliant applications.

Besa Lighting Co., Inc. is located at 6695 Taylor Road, Blacklick, OH 43004. Tel. 800-446-2372, Fax 614-475-7048 Website: http://www.besalighting.com. Email: contact@besalighting.com.

Alloys easily magnetized/demagnetized for specialized applications requiring high permeability, low losses, low residual magnetism - electro-magnetic shielding, transformer laminations/cores, transducers, chokes, relays, solenoids/oscillators, etc.

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LED Pendant Lighting is offered in multiple variations.

Despite a difficult operating environment, the steel giant shows promise.

ArcelorMittal continues to be one of our favorite steelmakers on the basis of valuation and its competitive position, with geographically and operationally diversified assets in both steel and mining. While this is still a weak operating environment, we think market fears are overblown, given the company's emerging-market exposure, asset-optimization plans, and potential for asset sales, as well as our view that steel fundamentals, excluding Europe, will be stronger in 2012 and 2013 than in 2011.

For 2012, management expects global steel consumption growth of 4.5%-5%, including 5% in China, 5.5% in the NAFTA countries, roughly flat in the European Union, and 5.7% for the rest of the world. This is about in line with forecasts made by the World Steel Association and commentary from other steel companies. Our shipment forecast for ArcelorMittal of 3% in 2012 assumes 5% growth in all steel segments other than Flat Carbon Europe, where we expect a 1% reduction. Apparent steel demand weakened in late 2011, but sentiment has improved with many global leading indicators rebounding. In the U.S., energy, equipment, and automotive end markets remain strong with some positive signs for the construction markets, with the Architectural Billings Index breaching 50 and the housing market appearing to have bottomed. Capacity utilization rates for steel producers in the U.S. are at a postrecession peak of nearly 80% despite increased supply. While raw-material prices and steel prices remain volatile, we are encouraged by signs of a widening spread relative to the last several months of 2011.

Bridget Freas, CFA, is a senior analyst with Morningstar covering the steel and aluminum sectors.

Weakness in Europe will cut deep as the recession unfolds, but more than one third of ArcelorMittal's shipments are to emerging markets. The company is already the largest steel producer in Brazil and Africa and the second largest in the Commonwealth of Independent States, and expansion plans are concentrated in Brazil and India. About 40% of EBITDA from the steel segments is generated from assets outside North America and the EU. While China is unlikely to repeat its prior couple of years of double-digit demand growth, we expect a soft landing in 2012, requiring steel demand in line with management's forecast of 5%. Steel consumption is a key component of early-stage economic development, and there is no reason China should be any different. Even while the past couple of years brought acceleration in China, a near-term cooling does not change the long-term growth story. The EU and U.S. are consuming 25%-35% less steel per capita than they did just five years ago, a trend that is not sustainable, while growth in Brazil and India is just starting to accelerate.

We view the company's decision to maintain capital expenditure plans and an annual dividend in 2012 as a sign of confidence. ArcelorMittal has suspended all steel capacity expansion for now, but after $4.8 billion in capital expenditures in 2011, it intends to spend $4 billion-$4.5 billion in 2012. About $3 billion is maintenance spending; the remaining $1 billion-$1.5 billion is focused on mining projects primarily in Canada, Liberia, and Brazil. The majority of these are expected to have an EBITDA payback period of less than 18 months, based on current prices. ArcelorMittal's last-minute cold feet about the Macarthur Coal deal indicates the company will pull back when it lacks confidence.

We do expect iron ore and coking coal prices to fall slowly over the next four years, but we do not view this as a risk to mining EBITDA growth, as any price risk is more than offset by volume growth and further supported by lower output costs per ton as production ramps, particularly for iron ore, which is a much larger component of the mining business.

ArcelorMittal's asset-optimization plan, sustainable cost-cutting efforts, and potential to sell noncore assets provide further protection against weaker-than-expected market conditions, in our view. In September 2011, the company outlined a plan targeting $1 billion of additional EBITDA by the end of 2012 through improvements in core assets--maximizing production at the lowest-cost facilities to increase productivity while scaling back production at less optimal plants to optimize output with no market share losses. It has idled several furnaces across Europe, including in Spain and France, and plans to permanently close 2.6 million tons of previously idled capacity in Belgium, which is expected to produce the bulk of the $1 billion in savings and will be heavily weighted to the back half of 2012. Management has also made strides to take costs out of the producing assets in the past two years, largely related to selling, general, and administrative and fixed costs. The firm had achieved about $4 billion in sustainable cost efficiencies as of the end of 2011, and it intends to achieve an additional $800 million by the end of 2012, largely related to variable costs and operational improvements. Finally, the company currently has $9 billion in investments in associates and joint ventures all over the world. Management believes there are significant noncore assets that do not contribute to the EBITDA line that could be sold at a reasonable valuation in 2012.

More Upside Potential Than Downside Risk for Next Two Years Our fair value estimate is derived from our base-case forecast for ArcelorMittal, which assumes a low-growth scenario overall with a modest recession in Europe, soft landing in China, and continued slow progress in the U.S. Our bear-case scenario assumes a deeper euro debt crisis and a stalling of steel consumption growth rates in 2012-13, which produces a fair value estimate of $29, above where the shares currently trade. While there is a wide range and we are not at the very bottom, our earnings estimates for ArcelorMittal are below consensus for 2012 and 2013. The more bullish consensus forecast further illustrates our view that the market is more spooked than the underlying fundamentals suggest. There could be additional upside potential to our fair value estimate should steel market conditions improve more quickly than we expect.

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ArcelorMittal Still a Steal

When Christ the King Lutheran Church was built, expansion was anticipated. The congregation broke ground Sunday to fulfill that vision.

The original plans of the building included a footprint on both wings for expansion, said the Rev. Dani Jo Ninke. For instance, that is why there is not a brick facade on the south edge. They had planned to expand.

Work to add on to the North American Lutheran Church located at 305 West 25th Street is expected to get under way this week. The 2,280-foot expansion will include classroom and youth room space. Parking lot work is also planned.

The estimated cost of the project is approximately $160,000, according to Ninke. The congregation hopes it will be complete by the fall.

We need to accommodate the activity that occurs here and the growth of our congregation, Ninke said. Were bursting at the seams.

After services late Sunday morning, dozens of members of the congregation gathered near the churchs south lawn for a groundbreaking ceremony. After some prayers, various church members took a shovel to turn some dirt.

He said financial and spiritual support from the congregation of about 375 people was overwhelming from the start.

It actually kind of surprised me how quickly it came together, Wade stated.

At the churchs annual meeting in January, Ninke said a straw vote found there was a soft commitment for about two-thirds of the cost of the project.

That told us that we could go ahead with it, she said.

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Yankton’s Christ The King Church Begins Expansion

KLONDIKE - Church services brought new meaning this Sunday for parishioners at a small Oconto County church. A Tuesday night fire ravaged their place of worship.

The fire happened at the Klondike Community Church. That's near the town of Coleman in Oconto County.

Parishioners at the Klondike Community Church joined hands in prayer in a tent on the church property, grateful the shell of their nearly 100 year old structure is still standing.

"I think first of all, it was shock, thinking our church? It couldn't be our church," said Theresa Schoud, whose family bought the vacant church building in 2010.

Local fire crews say flames broke out in the south east corner of the small country church Tuesday night.

"Within seconds it went across the whole attic and it came out of the bell tower," said Brazeau Volunteer Fire Chief John Fetterly.

Yet, pews inside the church remain nearly untouched. The wood altar still stands. And this cross, the very symbol of their faith, has come to stand for even more.

"Underneath the tarnish of that cross and the smoke and what had occurred outside, that cross, it's still strong and it still stands," said Pastor Mark Kostreva.

With all the damage the fire has left behind, the owners of the church say they can't even put a monetary value on how much the renovations could cost. However, they say the true value of this church doesn't lie in the building. It lies in the people.

"Everybody was so saddened. And then, it turned around that everybody is ready to move on," said Schout.

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Small church rallies after fire