CHICAGO--(BUSINESS WIRE)--

Canyon-Johnson Urban Funds (CJUF) and McCaffery Interests (McCaffery) closed on a senior loan from Prime Finance to fund the repositioning of the retail component of the Roosevelt Collection, a transit-oriented mixed-use project in Chicagos South Loop submarket.

The CJUF and McCaffery team is in the process of transforming the propertys 400,000 square-foot retail component into a vibrant shopping destination. Demolition of the interior shop space is already complete and construction has begun on a new public plaza that will include green landscaped areas, water features and childrens play areas. The improvements are scheduled for completion by the end of the summer, by which time CJUF and McCaffery are aiming to have the project 65% leased to an impressive roster of retailers.

CJUF and McCaffery partnered in June 2011 to acquire the Roosevelt Collection and soon after announced plans to enhance the property.

The Roosevelt Collection fits squarely with CJUFs investing goals to create value in dense urban communities, said CJUF Managing Partner Bobby Turner. We are following through on our promise to reposition the property to better serve this vibrant neighborhood.

The South Loop has emerged as a most desired retail location in Chicago, second only to North Michigan Avenue, commented Dan McCaffery, Chairman and CEO of McCaffery Interests. Along with its strong and fast-growing residential base, we will deliver a family oriented retail and dining destination for the community.

We are excited to work with Prime Finance as our lender on Roosevelt Collection. Our improvements to the property are well underway, and it is shaping up to be one of the premier retail and residential venues in all of Chicago, said CJUF Managing Director Rich Holly.

In addition to the retail component, the property is also comprised of 342 residential units that are more than 90% occupied, a 1,500-stall parking garage and land for a public park. The CJUF and McCaffery development team has also secured approvals to construct another residential tower on site.

We are thrilled to be involved in a project with such strong sponsorship, said Prime Finance Principal Jon Brayshaw. CJUF and McCaffery Interests are uniquely qualified to execute the vision for Roosevelt Collection, as each firm has a history of development in the Chicago region and a strong track record of revitalizing communities and projects, he added.

About Canyon-Johnson Urban Funds

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Canyon-Johnson Urban Funds and McCaffery Interests Close Senior Loan with Prime Finance for the Roosevelt Collection ...

After 11 years of grueling talks, a $93.9 million payment yesterday finally clinched a deal between the Port Authority and Westfield Group for control of the World Trade Centers retail space.

Global shopping mall developer Westfield wired the Port Authority a check, sources told The Post the first installment of $612.5 million Westfield will pay the PA for a 50 percent, joint-venture stake in the sites eventual 460,000 square feet of retail.

Although a tentative agreement was struck last year and the PA board approved it in February, like many other concrete-sounding deals at the WTC, it had no teeth until now.

Remember, the PA board also approved Vornados office tower over the bus terminal years ago. Have you noticed an office building over the bus terminal? an insider cracked.

Westfield will lend its skills in developing, leasing and operating an initial 365,000 square feet inside under-construction 4 WTC, the WTC Transportation Hub, above-ground along Church and Dey Streets and inside 3 WTC in the planning stage.

It will also include 90,000 square feet more when 2 WTC is developed in the future.

Westfield, whose US operations are led by co-CEO Peter S. Lowy, had, three years ago when the office towers seemed stalled, proposed to develop free-standing shopping malls that could support towers on top of them later an initiative that went nowhere.

scuozzo@nypost.com

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Westfield inks WTC retail deal

by Joe Marusak / The Charlotte Observer

WCNC.com

Posted on May 18, 2012 at 4:11 PM

MOORESVILLE, N.C. -- The long-planned $2 billion Langtree at the Lake mixed-use community on Lake Norman will immediately begin construction of its first 300 luxury apartments and 47,000 square feet of retail space, Ohio developer R.L. West Properties announced Friday.

The announcement came after R.L. Wests Langtree Development Co. secured $41 million in financing to start the project at Interstate 77 Exit 31 in southern Iredell County.

Barry Rigby, vice president of development for R.L. West and Langtree Development, said the company closed on the financing through M&T Bank, using a U.S. Department of Housing and Urban Development program that insures mortgage loans for multi-family rental housing construction. Focustar Capital Group, based in Charlotte and Wilmington, arranged the financing.

Langtree at the Lake was originally envisioned to incorporate high-end lakefront condominiums surrounded by mid-rise office towers, Carl Duvel of Focustar Capital said. A major bank had committed to finance the project when the 2008 global financial meltdown forced the bank to withdraw, he said.

Focustar Capital was introduced to the project in November 2008 and was retained as financial advisors in March 2009, when its proposal to restructure the project from a for sale community to a for rent community was accepted, Focustar said in a news release Friday.

Langtrees original partners included local developers Rick Howard and his son, Brad, and local lawyer David Parker, chairman of the N.C. Democratic Party.

The closing on the Langtree financing is the largest of its kind in North Carolina, Focustar Capital and Langtree Development announced.

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Huge Lake Norman development wins financing

A new report has provided evidence to back up what brokers have been saying: it is harder for stores to find retail space in the prominent shopping corridors, with rents jumping as much as 75 percent on Fifth Avenue from 42nd to 49th streets since just one year ago.

Ground floor asking rents have reached an average of $900 per square foot up 75 percent from last spring on the key Midtown stretch of Fifth Avenue, according to the Real Estate Board of New Yorks Spring 2012 Retail Report.

The advisory group attributed this growth in asking rents both to the lack of space on Upper Fifth Avenue, causing a trickle-down effect, and the high degree of pedestrian traffic everywhere along the avenue including crosstown walkers from Grand Central Terminal.

Average asking rents on Upper Fifth Avenue between 50th and 59th Streets have edged up 22 percent to $2,750 per square foot for ground spaces since last spring.

In other locations:

* Despite increases in all the prime East Side corridors, average asking rents for all space on the East Side declined 13 percent since a year ago. This is partly due to a falling off of aggressive bank leasing and the ongoing Second Ave. subway construction.

* Rents are down 13 percent in Times Square but they still average $1,400 a square foot and there are only two availabilities.

* West Village rents are down 7 percent although asking rents are still averaging $452 a square foot.

* SoHo and Herald Square are once again getting squeezed with rents up 11 percent and 23 percent, respectively.

* Average asking rents for ground floor space on Madison Avenue between 57th and 72nd streets increased 31 percent to $1,203 a square foot.

Continued here:
Fifth Avenue retail rents up 75% over past year: report

The Port of San Diego went public yesterday with a draft Environmental Impact Report on a proposed expansion of the San Diego Convention Center and the neighboring Hilton San Diego Bayfront Hotel.

The convention center project, if completed, would add about 220,000 square feet of exhibit hall space, 101,000 square feet of meeting rooms, 78,000 square feet of ballroom area, and up to 42,500 square feet of visitor-serving retail space. Upgrades to the Hilton would add a new hotel tower with up to 500 guest rooms, plus a 10,000 square foot spa, 2,500 square feet of retail, and about 55,000 square feet of additional meeting space. Additional components include a five acre public rooftop space above the convention center expansion, relocation of the existing Water Transportation Center, and necessary infrastructure improvements.

Included in the report were a host of issues brought forward by the public during a comment period that ran through January. Of four concerns regarding the impact on neighborhood aesthetics and visual quality, all were dismissed, with the reports authors ICF International finding that no mitigation would be needed.

Implementation of the Proposed Project would not substantially degrade the existing visual character or quality of the site and its surroundings, the report says, also stating that there would be no glare created from the new buildings that would harm water views and that there would be no impact on Pacific Highway, designated a state scenic road.

In order to control air quality and dust during construction, a number of fixes are suggested, including implementing a policy that delivery trucks that would be waiting for a period more than three minutes shut off their engines rather than idle, and that the site be watered down twice daily, with any dirt tracked out from trucks entering or leaving the site to be removed within 30 minutes. For longer term pollution impacts, the study suggests altering the Regional Air Quality Plan growth projections to simply allow for more pollution than is currently permitted.

Another issue raised through the public input process is impact on native bird species. During construction, the report suggests creating barriers between construction and nesting habitats, but debates whether the removal of trees used by birds for nesting is consequential when interpreting the language of pertinent law.

Under the [Migratory Bird Treaty Act], take means only to kill; directly harm; or destroy individuals, eggs, or nests; or to otherwise cause failure of an ongoing nesting effort, the report reads, making the argument that proposed mitigation efforts would be sufficient despite the removal of mature trees from the site. Further efforts are proposed to limit the number of birds harmed from collisions with reflective surfaces that may be incorporated into the design of the new buildings, such as stepped back building design, protruding balconies, recessed windows, and mullioned glazing systems.

With regard to other natural features including sea life and plant life on and near the site, the report concludes that contribution to cumulative biological resources impacts would be less than cumulatively considerable.

It is also suggested by the studys authors that a qualified archaeologist and paleontologist be employed to monitor excavation of the site both before it begins and throughout the digging process to identify items of significance worth preserving, as were discovered when construction was taking place on the Hiltons parking garage, which led to the designation of the land as a significant historical site.

Should any fossils or artifacts from early native society be discovered during the course of excavation, construction could stop or be diverted for a period in order to allow for the qualified removal of such items.

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New Standalone Store to Showcase the Samsung Ecosystem

MISSISSAUGA, ON, May 17, 2012 /CNW/ - Samsung Electronics Canada today announced that construction has commenced on the first Samsung branded store in Burnaby, B.C. Located in the Metropolis at Metrotown, the Samsung store is designed to help Canadians pursue their passions with an exciting new way to experience and interact with Samsung's line up of mobile, personal computing, and consumer electronics products, in a standalone retail location.

"Samsung is excited to bring a new level of retail experience to Canadians," said James Politeski, President of Samsung Electronics Canada. "Our vision is to provide an immersive space where consumers can interact with our products in totally new ways and enjoy unprecedented service levels."

With unique design elements and a broad product offering, the Samsung store will provide Canadian consumers with a premium retail experience. The store will showcase Samsung's technology leadership and enable consumers to experience firsthand the power of sharing content across multiple products.

"The launch of our Burnaby location is part of a larger retail strategy designed to offer Canadians an extraordinary environment to interact with the Samsung products they're most passionate about," added Politeski.

Samsung's dedication to industry leading customer service and in-store education will be led by fully trained Samsung experts utilizing the in-store education area, Smart Table technology and a tablet-based point-of-sale system. The stores will also feature accessories to complement the product offering.

The Samsung store is slated to open Summer 2012.

For more information about Samsung, please visit http://www.samsung.com

About Samsung ElectronicsCanada Samsung ElectronicsCanadadelivers unrivalled consumer experiences. Samsung enables Canadians to pursue their passions by offering a broad range of award-winning digital consumer electronics, IT, telecommunications and home appliance products. The Canadian arm upholds Samsung's global mission to provide consumers with innovative digital convergence products that possess exceptional technology, quality, features, performance and value. As a result of its commitment to innovation and unique design, Samsung has become one of the most decorated brands in the electronics industry. The company was ranked #17 in BusinessWeek/Interbrand "100 Best Global Brands" and was named as one of Fast Company's "50 Most Innovative Companies of 2011."

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First Samsung Store to Open in Canada

NEW YORK (AP) A new deal between the Bloomberg administration and a group of developers including the owners of the Mets calls for the remediation and redevelopment of a 20-acre area of the blighted Willets Point neighborhood next to Citi Field, adding retail and ultimately new housing in a time frame that extends past an initial proposed 10-year plan, a person familiar with the agreement told The Associated Press.

The person requested anonymity because the person was not authorized to discuss the matter ahead of an announcement.

Under the agreement, the developers, Related Companies and Sterling Equities, would clean up the area and construct retail stores, including a mall in the Queens neighborhood. Then, no later than 2025, they would start construction on a mixed-use component that would include housing and measure anywhere from 1.3 million square feet up to 4.5 million square feet. The founders of Sterling Equities are Fred Wilpon and Saul Katz, the owners of the Mets.

The redevelopment of the area, currently populated by auto-repair shops and junkyards and lacking infrastructure as basic as sewers, has long been a goal of Mayor Michael Bloomberg's. In 2007, he announced a 10-year initiative that would bring homes and commercial space to the area.

The new agreement extends past that period, but the person speaking to the AP said that by the original end point of 2017, much would have been done including the vital first step of cleaning the area up and construction of some of the retail spaces.

The person said that in conversations with potential developers, it was made clear to the city that the way to make the area somewhere that people wanted to live was by building the retail and other commercial space initially, that ''first you have to make it into a destination that people get used to visiting. Then over time you can convince people to come and live there.''

The person speaking the AP said remediation could start in the area in early 2014.

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AP source: New deal for area near Mets stadium

Posted: 4:17 pm Wed, May 16, 2012 By BurlGilyard Tags: Mall of America

The Mall of America is planning to build an addition on the north side of the complex in Bloomington, between the Sears and Nordstrom stores. (Staff photo: Bill Klotz)

Owners of the Mall of America in Bloomington have been touting a Phase II expansion almost since the day the mall opened nearly 20 years ago. But now it appears that the plans will unfold piece by piece, rather than in a single large expansion of the mall.

Mall executives have plans for $200 million to $225 million addition on the malls north side, which will add another hotel, medical office space and more retail space.

This is part of the Phase II development Radisson Blu was part of Phase II, said Kurt Hagen, senior vice president of development with Triple Five Worldwide, the Edmonton, Alberta-based owner of the mall. The 500-room Radisson Blu hotel is under construction on the malls south side and slated to open in March 2013.

The latest expansion plans will combine retail, hotel and office space into a single building with two towers. The retail space will be on the lower three levels. Plans call for adding 135,000 square feet of retail space, about 140,000 square feet of medical office space and an as-yet-undetermined number of hotel rooms.

In 2009, the Rochester-based Mayo Clinic announced that it had signed a letter of intent for inclusion in the malls second phase. But no deal has been finalized. On Wednesday, a representative of the Mayo Clinic could not be reached for comment.

We are hopeful that Mayo would be the anchor of that [medical] office building, but we anticipate there will be other tenants in that office building, Hagen said. We think its a great fit.

Hagen said the retail mix for the space will emerge after the hotel and medical office plans take shape.

We think these would be higher-end retail tenants, Hagen said.

Continued here:
Mall of America plans hotel/medical/retail addition

Last Updated: May 9, 2012 12:55pm ET

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The Commerce Building is one of three breaking ground May 9.

FORT WORTH-Following years of discussion and planning, Sundance Square and local developer Ed Bass officially broke ground May 9 on three new buildings, which will be located in the center of a 35-block commercial real estate office, retail and entertainment district near downtown Fort Worth. The new buildings will add 233,000 square feet of much-needed office space to the market, along with close to 42,000 square feet of retail space.

The three buildings going north are the 93,000-square-foot Westbrook at 425 Houston Street; the 83,000-square-foot Commerce Building at 420 Commerce Street and the 99,000-square feet Cassidy at 407 Throckmorton Street, which will also offer six penthouse apartments on the top floor. The buildings will bracket a plaza (with an as-yet-to-be-determined design), and all have a 2013 scheduled completion date.

Virginia-based Michael Vergason Landscape Architects Ltd. will design the plaza. Bennett Benner Pettit, Planners + Architects is the entire project's architect of record and Beck Group is construction manager. Locally based Projects Group will manage the entire project.

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Sundance Square Commences on 275,000 SF

FORT WORTH, Texas--(BUSINESS WIRE)--

Sundance Square officially broke ground today on three new buildings in the center of the 35-block office, retail, and entertainment district in downtown Fort Worth. The building names were also revealed and in keeping with Sundance Squares heritage, the new buildings will be known as The Commerce Building located at 420 Commerce Street; The Westbrook situated at 425 Houston Street; and The Cassidy at 407 Throckmorton Street. The buildings will open in 2013.

This project has been part of the master plan in downtown Fort Worth for decades, said Ed Bass, project developer. To finally see dirt moving is gratifying for our team and it will forever change the landscape of Sundance Square.

The location, size, and design of The Westbrook and The Commerce Building accomplish several goals for the project including the creation of prime retail space at street level, creating a physical enclosure for a future plaza space, and continuing the tradition of timeless and beautiful buildings in Fort Worth.

Interest in space from office and retail users has been strong since we announced the project, said Johnny Campbell, president and CEO of Sundance Square. Now that the construction is in full swing, we expect to start signing leases and making some announcements this year. With these buildings in the heart of Sundance Square, we want to create a perfect blend of retail and restaurants. The merchandising will play an important role in activating the plaza. We are taking a little more time to make sure we have the right fit.

The Westbrook at 425 Houston Street is named after the historic seven-story Westbrook Hotel, which was built in the early 1900s, closed in 1969, and was demolished in 1978. It will stand six stories tall and encompass more than 93,000 square feet including 12,393 square feet of retail space. The ground floor of the building will include an office lobby on Houston Street and retail space fronting Houston, 3rd and 4th Streets, as well as the future plaza space to the east.

The Commerce Building at 420 Commerce Street will encompass more than 83,000 square feet with nearly 17,000 square feet of significant retail and restaurant space. The ground floor will include an office lobby on Commerce Street and retail space fronting Commerce, 3rd and 4th Streets, as well as future plaza space to the east.

The Cassidy at 407 Throckmorton Street will be six floors in height and more than 99,000 square feet, including 12,196 square feet of retail and 12,187 square feet of residential space. This L-shaped site will have frontage on W. 3rd and Houston Streets as well as Throckmorton Street with different portions featuring three distinct architectural faades. The Cassidys top floor will feature residential living with six luxury penthouse apartments. The one- and two-bedroom units will have outdoor terraces with floor to ceiling glass walls and sweeping views of Sundance Square and the City of Fort Worth.

More information can be found at http://www.sundancesquare.com.

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Sundance Square Breaks Ground on Three New Buildings in Center of 35-Block Development in Downtown Fort Worth