OAKLEY -- Instead of newly built retail space sitting empty for what could be nearly a year, the city will shop around for businesses willing to lease it temporarily.

The City Council voted Tuesday to start soliciting lease proposals for the retail building that's being built next to Carpaccio Ristorante, which is also under construction in the Oakley Plaza shopping center on Main Street.

The space could house two small retailers or one average-size store.

Unless the city finds temporary tenants, a new law could result in the building remaining unoccupied until the state has approved its plans to sell the property.

When redevelopment agencies were dismantled in February, nearly all cities assumed the role of "successor agencies," a separate legal entity. These successor agencies are required to sell off the redevelopment agencies' assets.

In Oakley's case, that means disposing of the retail building, which, along with two restaurants going up in the shopping center, are being built entirely with redevelopment money.

But legislation enacted in June requires successor agencies first to submit their plans for disposing of assets to a local oversight board as well as the state for approval.

City officials fear that it could be nearly a year before the state signs off on Oakley's plan and a tenant has made whatever changes it needs to the store's interior, time during which the structure isn't generating sales tax revenue

"I think it would be wise to get something in there as soon as possible," said Mayor Kevin Romick, noting that he passes Antioch's downtown on his daily commute to work and finds the empty storefronts there "demoralizing."

So council members are opting for a workaround: Lease the space temporarily, and then, after the oversight board and state approve the plan, the city would buy it from the successor agency and lease it out again on a long-term basis.

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Oakley seeking short-term tenants for downtown retail building

OWENSBORO, KY (WFIE) -

Larry and Rosemary Conder recently began work on their newest building at the corner of Second and St. Ann Streets.

Once construction is complete, Court Place will be what's called a mixed use building with retail space on the first floor and condos on the upper floors.

That construction means that the time capsule wall facing St. Ann Street will soon be covered up.

Kera McFadden is a manager at Bee Bop's where the wall is located on the outside of the building, and she says this newest building has already helped its neighbor, even in the earliest stages of construction.

"They heard the music outside, they came in, and they never knew we was here. We had a lot of first-time customers that came in, so it's helped our business a lot," McFadden said.

Unlike most projects the Conders take on, Court Place is being built from the ground up instead of the usual restoration.

Economic development leaders feel that this mold breaking will be good for the area.

"I'm hoping that this will signal a trend in the private market that, you know, from the ground up projects can work and can draw new people in," Joe Berry with Owensboro EDC said.

And that time capsule wall adds to the uniqueness of the project.

Read this article:
Owensboro's downtown development continues to move forward

Last Updated: October 8, 2012 10:10pm ET

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A rendering of the two 26-story towers that will be built above the historic Victoria Theater on 125th Street in Harlem.

NEW YORK CITY-A new hotel, apartments, retail and cultural space are all part of a $143-million plan to bring a mix of commercial uses to Harlems storied 125th Street corridor. After Empire State Development approved Danforth Development Partners plan to construct more than 300,000 square feet above the historic Victoria Theater in July, the developer has tapped architect Ariel Aufgang to design the project with a special focus on preservation and progress.

The whole idea of developing this mixed-use structure is that we are trying to make a destination for the community and for people from outside the community, Aufgang tells GlobeSt.com. It will be the center of attention.

The project which will rise midway between the New York State Office Building and the Apollo Theater involves the construction two 26-story towers, a hotel and an apartment building, will be constructed above the historic Victoria Theater, whose original 1917 terra cotta facade and ornate lobby will be restored. The two towers, a 210-room hotel and a 230-unit apartment tower, will have a combined 360,000 square feet of space.

Aufgang part of Suffern, NY-based Aufgang + Subotovsky Architecture says the team is working to preserve and restore historic components of the theater while bringing new amenities and services to the area. He notes that the hotel will be the first full-service hotel in the history of Harlem, complete with a 5,000-square-foot ballroom and a four-story base called the podium, which has 25,000 square feet of retail space and 25,000 square feet of cultural space. Upon completion, it will house institutions such as the Classical Theater of Harlem, JazzMobile, the Apollo Theater Foundation and the Harlem Arts Alliance.

Original post:
360,000-SF Victoria Project To Highlight Harlem's Past--and Future

by Romesh Navaratnarajah Punggol is rapidly developing into a major commercial and residential hub, underlined by strong interest for the new Watertown development.

Over at the upcoming retail mall Waterway Point (pictured), supermarket NTUC FairPrice Finest and Shaw Theatres have signed on as anchor tenants.

The FairPrice Finest outlet will occupy around 30,000 sq ft of retail space and provide a variety of quality products and value-added services. It will be the 10th of its kind in Singapore and the second 24-hour Finest outlet after Serangoon Gardens.

Christopher Tang, CEO of Frasers Centrepoint Commercial, said that NTUC FairPrice Finest's commitment as an anchor tenant "affirms the strong appeal of Waterway Point and we are confident that the Mall will be the centre of attraction at Punggol waterfront".

Waterway Point will feature a "24 Hour Basement" level, where Shaw Theatres and FairPrice Finest will function round-the-clock.

When completed, 40 percent and 30 percent of the mall's floor space will be for retail and F&B outlets respectively, while the remaining space will be occupied by entertainment, educational institutions, banks and other service providers.

The entire S$1.6 billion-plus Watertown development is jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House and will integrate residences, the mall and an extensive public transport network.

Meanwhile, close to 97 percent of residential units at the 992-unit development have been snapped up with only 34 units remaining, mainly three- and four-bedders ranging from 1,173 to 1,550 sq ft.

At the same time, new buyers will receive FairPrice Finest vouchers ranging from S$8,000 to S$10,000.

The construction of the retail mall is expected to end in 2015, while the residential component will likely be completed by 2017. Hyundai Engineering & Construction Co., Ltd was awarded the main construction contract for the project.

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Punggol waterfront development shaping up

MARTINSBURG - Mountain State University wants to tear down about half of the former Sears store at Martinsburg Mall and replace the old department store's space with two retail outlets, two restaurants and several outdoor landscape features.

"We want to divide the space into four discreet spaces within the confines of the original Sears structure," Brentz Thompson, assistant general counsel for Mountain State University Building Co., told Martinsburg Planning Commission members at their meeting Wednesday, adding that the plans would entail demolishing the existing structure.

MSUBC is the legal entity that holds the titles to MSU properties, including the mall, Thompson said.

He and Don Epley, director of leasing for the mall, presented MSUBC's request to amend the previously approved concept plan for the mall. The mall is zoned planned business.

After a public hearing, during which no one spoke, planning commission members granted the request unanimously.

Planning Commissioner Jeff Molenda raised concerns about increased car and pedestrian traffic in the area of the old Sears store with the change in the site's use.

Mike Covell, the city's engineer and planner, pointed out that if the proposed changes come to fruition, MSUBC would have to return to the planning commission with site plans for approval. He said at that time, discussions about parking, traffic and pedestrian access could be discussed.

According to documents provided by Epley, the proposed development would convert the existing 75,640-square-foot Sears store to two retail spaces totaling 30,625 square feet and 11,977 square feet of free-standing Pad A and Pad B restaurant buildings. He said that about 50 percent of the existing building would be torn down.

The retail space would abut the existing mall and the pads would be located west of the retail spaces across a landscaped area, featuring a garden, an arbor-covered walkway and other outdoor amenities.

Also in the changes to the concept plan are two outparcels and moving the mall's sign a little north of its current location along Interstate 81. The sign now is on the lot where the soon-to-be-opened Olive Garden restaurant is under construction.

Continue reading here:
Commission OKs mall plan changes

Preliminary and final site plan approval for the renovation and expansion of the existing ShopRite supermarket on Marshall Hill Road was granted to Inserra/West Milford LLC (ShopRite) by the West Milford Planning Board on Sept. 27.

PHOTO/ANN GENADER

Upgrade of the ShopRite supermarket approved by the planning board on Sept. 27 is not the only change expected in West Milford's business center. The approval includes tearing down the theater building (seen in the rear of the photo). Planning officials said McDonald's Restaurant is soon expected to be the subject of an application to the board for upgrades.

The approval is for additional retail space, construction of a new retail building in the area of the former theater, a new building facade; landscaping, lighting and improvement to the driveways and parking lot areas served by the shopping center. The application submitted to the board amended a prior site plan application approved by the planning board on Feb. 5, 2009.

The present theater building will be removed and be replaced by a slightly smaller building with available retail space. The present ShopRite building will have minor expansion in the rear with an addition in the front, explained John Wyciskala, attorney for the applicant.

Asked by AIM West Milford when Inserra will begin the construction, Wyciskala responded.

"We want to start as soon as possible," said Wyciskala. "There will be some approvals needed from the county and the Highlands Council. As soon as we have those work will get underway."

When William Hamilton, planner for Inserra, first discussed the project with the board in 2008 he estimated that it could be completed in from six to nine months. No construction time estimate was given at the latest meeting.

A necessary change in a buffer agreement with adjacent McDonald's restaurant before Inserra could expand the front part of the existing supermarket store was accomplished before the supermarket application was returned to the board agenda.

To deal with that restriction Inserra attempted to relocate the loading bay and other infrastructure. This would have necessitated closing the store during the reconstruction project and the supermarket owner did not want to do that. The way things have worked out the store will remain open during construction.

Continue reading here:
West Milford ShopRite plans get approved

Developers of the Branson Landing are hoping a nearly decade-long court case will soon end, allowing them to build additional retail space in the area.

Rick Huffman, CEO of HCW Development, said his company is ready to move forward on construction of 30,000 square feet of new retail and restaurant space north of the Landing, provided they can get title insurance.

Were just a tenant, he said. We pay rent to the city every year, but we cant build because we cant get title insurance. Its like owning a home that you cant live in.

Legally, ownership of the land has been in question thats been the hang up in the lawsuit between the city of Branson, Empire District Electric Co. and Coverdell Enterprises, since 2003, with the story behind the land going back much further.

Douglas Coverdell and Coverdell Enterprises claim ownership of North Beach Park and a portion of Branson Landing, property of which Empire District Electric Co. and the city of Branson have claimed ownership for years.

In January 2010, a Taney County jury ruled in favor of Coverdell and against Empire, which for years leased the North Beach Park area to the city. The legal description in the ruling included not only North Beach Park, however, but a portion of Branson Landing, including the Belk building, the north Branson Landing parking lot and two undeveloped areas often used for overflow parking.

On June 3, 2011, the Missouri Southern District Court of Appeals reversed the January 2010 ruling on the 27 acres of land along Lake Taneycomo, stating the decision was in error.

Coverdell had hoped the Supreme Court would review the case, but his application was denied at the end of August 2011.

Since then, Coverdell has appealed the decision, but the company also filed for Chapter 11 protection in June. It was later changed to a Chapter 7 bankruptcy, which typically results in liquidation of company assets.

Huffman said theyre hoping that the pending bankruptcy decision leads judge Gerald McBeth to dismiss Coverdells case and claim to the land.

Read the original:
Land dispute could soon end

By Kris Hudson

In spite of the rapid rise in online sales that have hurt a number of national retailers, the biggest shopping-mall companies are doing quite well, thank you.

That was the counterintuitive message delivered Tuesday by several chief executives of leading retail property owners at International Strategy & Investments real estate conference. ISI, an investment research firm, held its annual conference at the St. Regis Hotel in Manhattan. The CEOs argued that, despite challenges facing individual retailers, many real estate investment trusts that own retail property are posting occupancy of 90% or more and annual gains in lease rates.

Thats happening, they said, for three primary reasons. First, while retailers such as Best Buy Co. and Staples Inc. have been closing stores, chain stories such as Forever 21 Inc. and TJX Cos. TJ Maxx are expanding. Second, many retail landlords are bolstering their properties by adding tenants that offer services, such as restaurants, nail salons and gyms, rather than goods that otherwise can easily be bought online.

For every Best Buy or Staples with dramatic headlines about their downsizing efforts, there are five or 10 other retailers who have ramped up their expansion plans, like Nordstrom Rack, said David Henry, CEO of Kimco Realty Corp. , which owns stakes in 926 shopping centers. There is more demand for space than downsizing going on.

Third, retail landlords are benefitting from a dearth of competition as construction of new retail space has been limited. Developers are expected to complete construction of 19 million square feet of retail property in the top 54 U.S. markets this year in comparison to 159.4 million square feet at the height of the boom in 2007, according to CoStar Group.

To be sure, online sales represent one of the greatest threats that shopping centers have ever faced. Internet distribution of certain goods has devastated several retail categories, namely electronics, books and office supplies. Though still a small portion of overall sales, online sales are growing at a pace far outstripping the rest of the market. To wit, the National Retail Federation predicted Tuesday that holiday salesboth online and brick-and-mortarin the United States this November and December will increase by 4.1% this year to $586.1 billion. However, online sales, taken on their own, are projected by the NRF to grow 12% to $96 billion.

To that end, a new rallying cry among retail landlords is to recruit so-called omnichannel retailers, those that sell robustly both online and in their stores. Those include Apple Inc. Wal-Mart Stores Inc. , Bed Bath & Beyond Inc. and Saks Inc. s Saks Fifth Avenue Off Fifth.

Online sales are raising the bar for us in terms of the product we provide, said Don Wood, president and CEO of Federal Realty Investment Trust, which owns 85 U.S. shopping centers. We had better provide a more experiential, more social atmosphere. You want the retailers who have great distribution through the Internet. Theyre the smart retailers; embrace them.

Daniel Hurwitz, president and CEO of DDR Corp., which owns stakes in 459 shopping centers, highlighted one positive trend and one negative trend in the market. First, the move by some prominent retailers to shrink the size of their stores can become a benefit for landlords, he said. Replacing one big tenant with several smaller tenants diversifies a landlords risk, boosts the shopping centers sales and profits per square foot and often enables the landlord to collect more in rent.

Originally posted here:
Retail Landlords: Malls Doing Well Despite Online Sales

Construction to replace a Central Street apartment and retail building that was demolished by a fire last January is set to begin by the end of the month.

The Planning Board waived the a site plan requirement on Monday, allowing developers to reconstruct a building at 64-66 Central St., and expand its parking lot, as long as developers make minor changes to the parking lot layout and make plans to rebuild a granite retaining wall.

The renovated two-story building will include a single retail space on the first floor and two apartments on the second floor. It is unknown what kind of business will occupy the retail space, said the projects general contractor, Tony Chiarelli, president of the Milford-based restoration contracting company Landmark Associates.

He told the Planning Board Tuesday, If we have to make the adjustments accordingly, we will do that.

Chiarelli said that once construction begins, the entire project should take around five to six months, but it is unknown when the new tenant will set up shop.

Foundation-wise and framing-wise, thats how far they are. They need to make some minor kinks. They should have it off the ground any day, said Town Planner Larry Dunkin.

A three-alarm fire last January destroyed the building and its two apartments and Brazilian check-cashing and multi-service store. Officials at the time said the building did not have working smoke detectors.

The property is owned by Uxbridge resident Wendy Beltramini, who said shortly after the fire destroyed her building that she had poured her heart into remodeling it.

The old-styled building was constructed around 1890, said Zoning Board of Appeals Chairman David Consigli in the boards decision to approve Beltraminis special permit request last August.

Chiarelli said that developers have already adjusted their site plans to accommodate minor requests by several town departments such as installing catch basins in the rear parking area, adding a 4-foot-high chain link fence on top of the buildings retaining walls, and changes to the location of the handicapped parking space.

Read more:
Burnt Milford building to be redone

Corporate News | Press Release Vienna/Lublin, 2 October 2012

IMMOFINANZ Group starts prestigious retail development project in Poland

Today, IMMOFINANZ Group presented its next retail development project in Poland: A state-of-the-art high-quality shopping center will be created in the middle of the Lublin City Center, close to the historic castle. Tarasy Zamkowe - previously known as Galeria Zamek - will become an exciting shopping, entertainment, recreation and leisure facility as well as an integral part of the existing inner city attractions. And the signs are promising: The interest of local, national and international retailers for sales areas is exceptionally high. The leasable area will amount to 37,000 sqm, offering space for about 150 shops. Construction works will start in October, and the opening is scheduled for autumn 2014. The total investment for this project will amount to approximately EUR 115 million (PLN 480 million).

Lublin is a promising retail market with 350,000 residents and a total catchment area of 800,000. This fact - together with the strong economic power of the city of Lublin and the low retail density - influenced our decision to buy the former Galeria Zamek site last year. In order to create a shopping mall that fits perfectly into the townscape and offers a unique shopping and entertainment experience, we revised the original design to include the latest retail development trends, commented Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group - one of the leading real estate investors and developers in Europe. We are very pleased that our efforts to build a state-of-the-art retail property were rewarded by the local authorities and that we will be able to start construction works within the next few weeks. Following the successful extension of the Silesia City Center and the recent start of our first residential development project, Dbowe Tarasy, both in Katowice, Tarasy Zamkowe represents another important development in Poland - a promising market where we plan to further intensify our activities.

From Galeria Zamek to Tarasy Zamkowe

Since the name Galeria Zamek has been on the market for quite a long time, IMMOFINANZ Group conducted a survey in Lublin to evaluate whether the brand still matches the revised concept for the shopping and entertainment center. Tarasy Zamkowe was chosen from several recommendations. This name evokes positive associations among the residents of Lublin and is perceived as a modern, trendy, fashionable, green and inspiring place.

An exceptional shopping center, tailor-made for residents requirements

The remarkable design of Tarasy Zamkowe combines unique architecture with high ecological standards. The distinctive features are greeneries located on the top of the building: lawns, pathways and viewpoints among which the most impressive one will overlook the panorama of the Castle and the Old Town. Public squares at the corners of the shopping center will invite visitors to linger and also create room for events.

Tarasy Zamkowe is projected to accommodate about 150 retail units, 3 restaurants as well as numerous cafes and food court units. The floor area totals 104,000 sqm: 37,000 sqm dedicated to leasable area, 23,000 sqm to public space and plant room and 44,000 sqm to underground parking. Three levels will provide 1,000 convenient parking spaces. Located between Aleje Unii Lubelskiej and Tysiclecia, the new shopping center will also be easily accessible by public transport, bicycle or foot.

IMMOFINANZ Group is already in intensive negotiations with international, national and local retailers. The demand for quality retail space in Tarasy Zamkowe is very high. Thus, Tarasy Zamkowe will offer a well-balanced tenant mix including many well-known brands - some of which are currently not available in the Lublin region.

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DGAP-News: IMMOFINANZ Group starts prestigious retail development project in Poland