Half Moon Bay Planning Commissioners on Tuesday reviewed a proposed two-story building that would occupy a vacant lot downtown, across from Cunha Intermediate School.

The building, proposed by local developer Cameron Jeffs of Gibraltar Capital, would mix commercial retail space on the ground floor with upstairs residences. Four separate units would be built across two buildings, each with commercial space downstairs and a two-bedroom apartment on the second-story.

If built, the commercial space would be perfect for a new downtown restaurant, gallery or retail space, Jeffs said. Similar such mixed-use buildings can be found along the downtown corridor.

Our hope is to attract business to focus more in the downtown area, he said. Its going to enhance the gateway into Main Street.

Everything is ready for construction except for city permits, Jeffs said. The lot already has water and sewer hookups, and he estimated construction could be finished within a year.

Years ago, the property was slated to be developed for 10 homes by Kenmark as part of its larger Carnousite subdivision at Ocean Colony. That project never materialized and the company later paid a fee to back out of the project, according to Jeffs.

The new plans for the property would be less intensive, but it would still require subdividing the land into four separate lots. City staff noted that the project was compatible for the area, and recommended it be approved.

In a separate project, Jeffs is also seeking to build a 10-home subdivision at the end of Church Street. That project remains a work in progress with initial infrastructure planned in the coming months, Jeffs said.

In a separate project, the city Planning Commission was also scheduled on Tuesday night to review a new skate park that would go next to the Ted Adcock Community Center.

The Planning Commission meeting was scheduled after the Reviews print deadlines. More information will be available at http://www.hmbreview.com.

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Mixed-use homes planned for vacant lot

Mariano's in Arlington Heights, IL

CHICAGOSafeways decision to shutter the 72-store Dominicks chain put a shadow over the Chicago metro regions retail market throughout the year. However, the vacancy rate declined and rental rates responded by increasing, according to a year-end report just published by NAI Hiffman. But this progress for the most part has not impressed developers, who have largely remained on the sidelines and say new construction will have to wait until the housing market comes back.

The limited new construction during the year was instrumental in the metropolitan areas high rate of positive net absorption, according to NAI Hiffman. In 2014, the vacancy rate had dropped from 9.0% to 8.3% by the end of the year; this equates to a net absorption of approximately 6.6-million-square-feet. Furthermore, citing CoStar, the firm said that the reduction in vacancy pushed the average rental rate from $15.62 to $15.79 or 1.08% over the course of the year.

The impact of the Dominicks shutdown was lessened by other local grocers. Marianos, now the hottest chain in the region, committed to re-develop thirteen of the vacant locations and absorb more than 845,000-square-feet of space. In addition, Jewel Foods decided to take over four of the sites and absorb about 260,000-square-feet. Whole Foods, Tonys Finer Foods, Caputos Foods and Cermak Produce all committed to other former Dominicks stores, bringing the grand total absorbed to 2,015,000-square-feet. Still, more than 3,000,000-square-feet of former Dominicks remains.

One of this years bright spots was the expansion of Art Van Furniture into the metro area. The Warren, MI-based retailer opened new stores in Bedford Park, Batavia, Orland Park, Woodridge, Hobart, IN, and on Elston Ave. in Chicago. This was existing space, but the six stores occupy more than 345,000-square-feet of retail space.

"New shopping center development within the Chicago metropolitan market was limited in 2014 and that shall continue into 2015, according to NAI Hiffman. Retail shopping center growth during the mid to late 90s as well as the early 2000s was fueled by the meteoric residential housing growth statistics. And until residential housing growth kicks in there is simply no need for new bricks and mortar when overall retail vacancy remains over 5-million-square-feet of space.

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No Need for New Bricks and Mortar in Retail

Sales dominated activity in the industrial market in 2014, accounting for 84 per cent of all space transacted

While 2014 was the busiest year ever in terms of the Irish property investment market with more than 4.4 billion worth of properties sold, it also may have marked a turning point for the languishing industrial market.

The latest research from estate agency Lisney found that the Dublin industrial market experienced its largest ever quarterly take-up figure in Q4 of 2014.

Last year got off to a slow start, says Lisney, but activity in the industrial market flourished in the second half of the year to finish at around 353,000sq m of space either leased or sold to owner-occupiers by year end.

Sales dominated activity, accounting for 84 per cent of all space transacted in 2014. With capital values less than half the replacement cost, it made sense for occupiers with funds available to buy a building rather than rent it. Most were funded in cash, but as the year progressed smaller elements of finance crept in to the market. The cost of servicing a mortgage annually was often substantially less than the rent. There was also the added advantage of the CGT waiver.

The research notes that while speculative construction in the industrial sector is still a couple of years out, there will be design-and-build agreements reached in 2015 whereby a developer will enter into a pre-letting or sale agreement with an occupier.

This will be at the larger end of the market, for specialised industrial buildings greater than 7,000sq m.

The amount of available industrial space reduced in 2014, most notably in the last quarter, and this was particularly the case in southwest and northwest Dublin. However, the overall vacancy rate for Dublin remained relatively high at around 18 per cent.

Grafton Street, Henry Street and the key suburban shopping centres attracted some top retailers in 2014. Vacancy rates in these areas were very low and by the end of the year, it was notable that Grafton Street was 100 per cent let. However, provincial high streets and some town centres did not fare so well with some continuing to struggle to find occupiers.

Despite this, the agency says demand for space will spread out from prime pitches in 2015 while vacancy rates in secondary locations will start to come down.

Continued here:
Record take-up in industrial market over last quarter of 2014

More than eight per cent of the Wellington region's shop space is vacant, Bayleys real estate research has revealed.

It reports a wide disparity in vacancy rates with lower levels in prime locations but the overall rate has risen from 6.5 per cent to 8.2 per cent since 2013.

Bayleys also reported a growing influence of internet shopping, growth in hospitality and service retailers and a decline in traditional retailing.

However, bulk retailing is set to grow with a proposed expansion of Wellington Airport's retail park in Rongotai and new development in west Petone.

A-grade retail property fared best with a vacancy rate of 5.3 per cent, while vacancies in B and C grade retail properties sat at 9.8 and 10.5 per cent.

The retail mix continues to be dominated by cafes, restaurants and takeaways along with clothing retailers.

Research analyst Ian Little said it was noticeable that service retail occupiers were increasing their share of space.

"Hairdressers and beauty salons are on the increase and becoming quite prolific in main retail centres."

There was a strong demand for specialist destination type retail properties but tenants were waiting until properties that met all their requirements came up.

Bayleys reported an unexpected rise in vacancies in the CBD's Lambton Quay premier retail precinct with the rate rising from 3.7 per cent in 2013 to 12.5 per cent in 2014. The increase was largely the result of earthquake damage and strengthening, and the completion of fit outs which brought premises back into the rental pool.

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Wellington's Golden Mile losing lustre as shopping evolves

Written by Daniel Offner Friday, 23 January 2015 00:00

Work is officially underway on the construction of The Lofta multi-million dollar transit-oriented development project in the heart of Farmingdales Main Streetthat will include 3,100 sq. ft. of retail space on the ground floor and 26 luxury apartments above.

One of two ongoing construction projects being developed by the Staller Associates, a Hauppauge-based company specializing in commercial and retail real estate, The Loft at 231

Main St. will include 17 one-bedroom apartments, 2 two-bedroom flats and 7 two-bedroom lofts for rent. In addition, the new development will feature 12 to 18 feet-high ceilings, LED lighting, custom cabinetry and polished concrete floors. Each of the apartment units will also come with a private balcony and a designated indoor parking space.

[The project] will be world-class construction, raising the bar of architecture in the village and offering luxury rentals, said Farmingdale Mayor Ralph Ekstrand. This project represents a multi-million dollar improvement to Downtown Main Street and we are all excited to see it come to life.

According to developers, the underground utilities and other infrastructure is virtually complete, new drainage has been installed and the parking lots have been regraded. With the first layer of asphalt in place, the lot will be reopen shortly with a final layer of asphalt to be installed when the weather improves.

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Lofty New Apartments Hit Main Street

Published: Tuesday, 1/20/2015 - Updated: 1 minute ago

BY JON CHAVEZ BLADE BUSINESS WRITER

The metro Toledo retail market saw considerable improvement in the second half of 2014, according to a year-end report by local commercial real estate firm the Reichle Klein Group.

The areas retail space vacancy rate dropped to 12.5 percent at years end from 12.9 percent at midyear 2014, the company said. The average lease rate rose to $7.60 per square foot in the second half from $7.43 at midyear.

The market had 25,293 fewer square feet of unused retail space when the year ended than it did July 1.

Finally, there was 301,260 square feet of new retail space under construction at years end, compared with 217,018 at midyear, Reichle Klein said.

I was kind of surprised how well retail has done the last two or three years, said Harlan Reichle, the companys CEO, said. I would say its clearly the best year that weve had since the crash.

Mr. Reichle said it is too soon to say if the retail market is fully recovered. I dont know if Id go so far as to say its all the way back or back to the levels before the crash. That was a pretty precocious pace we were on prior to 2007. But its the best it has been since the crash.

The report, which was prepared by Mr. Reichle, said the Kroger Co. played a huge role in 2014 in lifting the market by constructing its new Kroger Marketplace store in Holland. The 123,637-square-foot store, which is in the Orchard Center shopping strip, opens Thursday.

Reichle Klein said Kroger also boosted the market byacquiring the former Kmart space in Perrysburg to expand its store there into a marketplace store, and by placing under contract the Sisters of Notre Dame property at Secor Road and Monroe Street where a new Kroger may be built.

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Metro Toledo retail is showing promise

New Delhi, Jan 20:

The supply of retail space in shopping malls last year fell sharply by 79 per cent to about a million sq ft in the seven major cities of the country due to construction delays, property consultant CBRE said today.

The supply of organised retail space stood at 4.7 million sq ft in 2013 in the seven cities Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, and Pune.

New supply addition for the entire year remained sluggish, with just about a million square feet of organised shopping space across Bangalore and Chennai becoming operational, CBRE South Asia CMD Anshuman Magazine said.

A significant number of prominent retail projects were not completed till 2015 as projected earlier, mainly due to construction delays, he added.

CBRE noted that a number of shopping centres in Delhi-NCR, Hyderabad, Bangalore and other prominent cities were expected to be completed by 2014-end but they were delayed further.

A slowdown in the real estate sector has affected the cash-flow of developers, leading to huge delays in completion of housing and commercial projects.

According to CBRE, prominent global as well as domestic players such as Starbucks, Dunkin Donuts, Michael Kors, Brooks Brothers, Krispy Kreme, Naturals Ice cream, and Fab India expanded their presence across Indias leading cities.

Global retailers Burger King and Fat Burger made inroads into the country as well, with stores in Delhi. Sri Lankas premier spa lifestyle brand, Spa Ceylon, also made its India debut with a first outlet in Mumbai, the report said.

Luxury jewellery brand Bvlgari re-entered India with a store at DLF Emporio, Delhi.

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Shopping malls supply in 2014 dips 79% on construction delays

As part of Apples expansion in China, the company pulled the wraps off its West Lake retail store in Hangzhou Tuesday. Its one of five stores Apple plans to open in the country before Chinese New Year, Apple's retail chief, Angela Ahrendts, told Cnet.

Prior to the unveiling, the West Lake store was shrouded with white barriers bearing a red Apple logo and a Chinese poem painted by calligrapher Wang Dongling. But before the barriers were removed, Apple posted a video on its website to commemorate Wangs calligraphy.

The two-story retail space resembles the tech giant's new flagship store being built in San Franciscos Union Square, designed by architecture firm Foster + Partners. The firm is also responsible for the design of Apples spaceship Campus two, currently under construction in Cupertino, California.

Over the next two years, the company plans to grow its retail presence in China from 15 stores to 40, Apple CEO Tim Cook said in October.

The first of the five stores opened earlier this month in Zhengzhou. Though the wraps have been removed from its West Lake store in Hangzhou, its not open just yet. Apple plans to officially open the retail space this Saturday, Jan. 24, at 9 a.m. local time.

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Apple Inc. Just Pulled The Wraps Off Its Second Retail Store In China In Hangzhou

Newsha Tavakolian for The New York Times Retail space at Palladium mall is reportedly $330 a square meter. The owner said, We cater to what people desire to do: spending money, buying stuff and enjoying themselves as they shop.

TEHRAN The low rumble of powerful engines reverberated against the high-rises of Zaferanieh, an upmarket neighborhood, as Porsches and Mercedes lined up to enter the multistory parking lot of a fancy new shopping mall, the Palladium, the latest addition to Tehrans shopping scene.

Iran may be facing a dangerous economic abyss, with an empty treasury, historically low oil prices and the continuing damage of Western economic sanctions, but one indicator is going through the roof: Developers have broken ground on a record 400 shopping malls across the country, 65 in Tehran alone.

In part, the malls are a lagging indicator, a testament to a not-so-distant past when Iran was raking in record oil profits, earning more than $700 billion in the last decade. Awash in money, with a relatively strong currency, Iranians developed a taste for luxury, setting off a boom in construction projects to host new shopping experiences.

But the mall-building boom also reflects other factors, as construction and investment companies affiliated with the Revolutionary Guards Corps and the police have led the way.

Under sanctions, with nowhere else to invest, building shopping malls is the only lucrative business in Iran, said Jamshid Edalatian, an economist. The Guards, the police and other institutions are the ones who have money, so it is logical for them to invest in what makes a profit.

Together with banks, wealthy individuals and powerful foundations, tax-exempt organizations that are supposed to care for the poor, Irans security forces are building malls with Western-sounding names such as Rose, Mega Mall and Atlas Plaza. Their bright neon letters stand in sharp contrast to the revolutionary slogans painted on murals in surrounding neighborhoods, labeling consumerism a Western illness and taboo under Irans rigid ideology.

Newsha Tavakolian for The New York Times Kouroosh mall in Tehran has several cinemas and Western shops.

Not so long ago, shopping in revolutionary Iran was a dull experience, with hole-in-the-wall stores offering the same clothes, electronics and furniture. Shopping was considered a necessary evil meant to support a life of religious piety. Commercials, once banned on state television and billboards, are now allowed, but only for Iranian products.

The new malls represent a departure from all this. Customers can stroll past Nike and Massimo Dutti stores, order freshly baked baguettes in the ground level supermarket or work out at the penthouse gym overlooking the city and its majestic Alborz mountain range.

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Lavish Malls Sprouting Up to Attract Iranian Elite

A hotel, restaurant, skate park and glass-blowing studio all are part of a second life for Central Florida's retail destinations as malls remake themselves to attract shoppers.

The next 12 months will see the continued reinvention of Artegon Marketplace with new retailers. Orlando Fashion Square mall will add a hotel and restaurant, aiming to make the central Orange County destination a big draw once again.

The malls, in particular, are facing intense pressure in the retail world, experts say.

"The market is splitting into luxury goods at the high end to the high-value offerings at the lower end," said Steve Kirn, executive director of the University of Florida's David F. Miller Center for Retailing Education and Research. "People in the middle are struggling, and malls are right in the middle of that."

Orlando Fashion Square is working to reestablish itself as the preferred shopping destination for the central part of the metropolitan area, said mall manager Brian Smalls.

The mall added a bowling alley and entertainment center in 2014 called Strikeouts. The business also includes a caf and arcade, which is part of the mall's plan to bring in customers with entertainment destinations to complement the retail stores.

This year, the mall plans to start major construction on a new Element by Westin hotel, to be built on the south side between Macy's and Panera Bread.

"It's really about making this the place to go for people that live immediately around the mall," he said. "We have great neighborhoods like College Park and Baldwin Park, and we have to show them that this is their mall."

A new T.G.I. Friday's restaurant is part of that plan and a new Noodles and Co. is also under construction on Fashion Square property on Colonial Drive.

Anchor department store Dillard's changed its strategy at the mall with a clearance center that sells discounted merchandise. High end retailers are trying to diversify their base of customers, pushing stores such as Dillards to follow the lead of Saks 5th Avenue and Nordstrom rack in opening centers that feature lower prices, Kirn said.

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Orlando's aging malls aim for retail comeback