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U.S. construction spending fell in August, the second decline in the past three months, with housing, non-residential and government projects all showing weakness.

Construction spending dropped a seasonally adjusted 0.8 percent after a 1.2 percent increase in July, the Commerce Department reported Wednesday. The July increase followed a 1.6 percent June decline.

The weakness was apparent in all sectors. Housing construction declined 0.1 percent, reflecting a big drop in spending on remodeling. Non-residential construction fell 1.4 percent while spending on government projects dropped 0.9 percent.

In addition to the August decline, the government revised lower its estimates for activity in the previous two months. While this could call into question expectations that building activity will support economic growth in the second half of the year, economists at Barclays said they were leaving their forecast for third quarter growth unchanged at 3 percent.

Barclays economist Michael Grapen said while the report signaled a softer start to the third quarter, he was still encouraged with gains shown in single-family and apartment construction.

Overall construction spending totaled $960.96 billion at a seasonally adjusted annual rate in August, 5 percent higher than a year ago.

Spending on housing totaled $351.7 billion at an annual rate in August, 3.7 percent higher than a year ago. The August decline versus July reflected a big drop in home remodeling work which offset small gains in single-family construction and apartment construction.

Spending on non-residential projects totaled $333.3 billion, 9.2 percent higher than a year ago. In August, spending on office buildings, shopping centers and hospital construction all declined from July.

Government building projects totaled $253.4 billion, just 1.9 percent higher than a year ago. Construction activity at all levels of government has been held back by tight budgets. For August, state and local construction spending was down 0.9 percent versus July while federal projects dropped 1.9 percent.

The overall economy went into reverse in the first three months of the year, shrinking at an annual rate of 2.1 percent, in part because of weakness in construction. Housing construction was contracting at a 5.3 percent rate in the first quarter, one of a number of sectors that were hurt by the unusually severe winter.

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US Construction Spending Down 0.8 Percent

WASHINGTON (AP) U.S. construction spending fell in August, the second decline in the past three months, with housing, non-residential and government projects all showing weakness.

Construction spending dropped a seasonally adjusted 0.8 percent after a 1.2 percent increase in July, the Commerce Department reported Wednesday. The July increase followed a 1.6 percent June decline.

The weakness was apparent in all sectors. Housing construction declined 0.1 percent, reflecting a big drop in spending on remodeling. Non-residential construction fell 1.4 percent while spending on government projects dropped 0.9 percent.

In addition to the August decline, the government revised lower its estimates for activity in the previous two months. This could call into question expectations that building activity will support economic growth in the second half of the year.

Overall construction spending totaled $960.96 billion at a seasonally adjusted annual rate in August, 5 percent higher than a year ago.

Spending on housing totaled $351.7 billion at an annual rate in August, 3.7 percent higher than a year ago. The August decline reflected a 14 percent drop in home remodeling work. Spending to construct new single-family homes rose 0.7 percent and apartment construction was up 1.4 percent.

Spending on non-residential projects totaled $333.3 billion, 9.2 percent higher than a year ago. In August, spending on office buildings, shopping centers and hospital construction all declined.

Government building projects totaled $253.4 billion, just 1.9 percent higher than a year ago. Construction activity at all levels of government has been held back by tight budgets. For August, state and local construction spending was down 0.9 percent while federal projects dropped 1.9 percent.

The overall economy went into reverse in the first three months of the year, shrinking at an annual rate of 2.1 percent, in part because of weakness in construction. Housing construction was contracting at a 5.3 percent rate in the first quarter, one of a number of sectors that were hurt by the unusually severe winter.

The economy rebounded in the April-June quarter, growing at an annual rate of 4.6 percent, the best showing in more than two years. Part of the rebound reflected a recovery in residential construction, which grew at an annual rate of 8.8 percent in the spring, the first positive growth after two quarters of declines.

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Construction Spending Down Again for August

The new owner of a historic office building at the foot of Massachusetts Avenue wants to make it bigger by constructing a four-story addition with ground-level retail on an adjacent surface lot.

Local real estate firm Gershman Partners in December bought the 108-year-old Marott Center for nearly $3.3 million and the 90-space parking lot for $889,760, Marion County Assessor records show.

Gershman Partners now has filed with the Indianapolis Historic Preservation Commission to build the addition on the northeast side of the Marott. IHPC is set to hear the proposal Wednesday at a preliminary review, where members provide feedback on a project but dont take action.

The developer hopes to break ground in the spring on the roughly 30,000-square-foot building, which would feature 7,500 square feet of retail space.

Gershman Partners President Eric Gershman declined to provide a project cost but described the investment as significant.

We like the combination of new and old and really think its a prime location within the downtown market, and specifically the Mass Ave corridor, he said.

Plans show a multi-level glass atrium connecting the buildings, with the second and third floors enclosed by solar control glass. The addition faces Massachusetts Avenue and Vermont Street but would be listed as 333 N. Delaware St., the address of the surface lot. Part of the lot that extends from Massachusetts Avenue and around to Delaware Street would remain.

A local condominium developer who co-owns 3 Mass condos just south of the Marott thinks the office addition will be well-received.

I would expect a high-quality product from Gershman that would be well-designed and very tenant friendly, said Todd Maurer, a principal at Newmark Knight Frank Halakar.

Maurer was part of a group that earlier this month sold the 36-story Regions Tower. Also part of the group were his father, Michael S. Maurer, local businessman Robert Schloss and Pittsburgh-based McKnight Group,

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Four-story addition proposed for Mass Ave. office building

New Delhi, Sept 28:

Parsvnath Developers has leased about 1.7 lakh sq ft in its office building near Connaught Place to big companies like SBI, Aditya Birla Group and Axis Bank, and expects an annual rental income of around Rs 100 crore from this project.

Parsvnath, which recently sold 140 acres at Sohna in Gurgaon to Supertech for Rs 665 crore, has completed construction of an official building covering 2.8 lakh sq ft of leasable area on Bhai Veer Singh Marg, Gole Market.

The company had bagged this project from Delhi Metro Rail Corporation, on a BOT (buildoperatetransfer) basis in 2010.

It has invested about Rs 300 crore to develop this project, including Rs 99.5 crore upfront payment made to DMRC.

This is a world class new generation office building in CBD (central business district) area of Delhi. After many years, a new development has come up in the NDMC area. We are very excited about this project as it will give a good rental income to the company, Parsvnath Developers Chairman Pradeep Jain told PTI.

We have so far leased 1.7 lakh sq ft office space in this building and the remaining about 1 lakh sq ft is in the pipeline. Tenants mix are AAA rated companies which includes SBI, AXIS Bank, Aditya Birla Group and Regus among others.

Fitouts are currently being done in the office building, Jain said.

Leasing transactions have been done at a monthly rent of about Rs 300 per sq ft and the company is expected to earn an annual rental income of about Rs 100 crore. SBI has leased about 45,000 sq ft area in this building.

Jain said this building is as per the norms of market regulator SEBI on Real Estate Investment Trusts (REITs) that has been notified last week.

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Parsvnath leases office space in Connaught Place; eyes Rs 100cr rental/yr

BUILDING PERMITS

Building construction permits over $10,000 in value that were approved in Boulder between Sep. 15, 2014 to Sep. 21, 2014. Listed below are: the case number; address; total project valuation; owner name; contractor (if applicable); and description.

PMT2014-02777 1085 Redwood Ave.; $540,000; Pennington Investment; Boulder Home Builders LLC; New single-family dwelling residential dwelling with attached garage. 1,672-square-foot first floor, 1,651-square-foot second floor (3,323 square feet total), 1,152-square-foot finished basement, 520-square-foot unfinished basement, and 579-square-foot garage and 612 square feet of decking and porches. Includes MEPs.

PMT2014-02999 2088 Broadway; $10,537.68; Twenty-Sixty Broadway; Sand Construction LLC; ATOMIC20 Remodel office space, adding two new partition walls, create new office to the right of front entrance, and add new kitchen area utilizing existing plumbing. Scope of work includes associated MEP's.

PMT2014-03166 2329 Pine St.; $58,304; Gregory Ekrem; New accessory structure to create an owner's accessory unit for single-family dwelling. Includes 400 square feet OAU and 400-square-foot detached garage. Scope of work includes all MEP. Fire sprinkler by separate review and separate permit. See AUR2014-00004 for supplemental information.

PMT2014-03587 1850 29th St., No. 1008; $150,000; Macerich Twenty; D & R Construction Company Inc.; Tenant remodel of Unit 1008 for Orange Theory Fitness. Relocate storefront to the approximate original location, (approximately 3 feet) to recapture square footage removed in previous remodel for Lucy's. Reconfiguration of non-bearing walls, associated electrical, mechanical and plumbing work.

PMT2014-03639 2100 Pearl St.; $250,000; Stephen Tebo; Narvaes Western LLC; Units A & B - Tenant remodel to establish a new hair salon in commercial building. Includes associated MEPs.

PMT2014-03997 240 Camden Place; $63,000; Thomas and Ann Hill; This is a building permit application for a remodel and an addition. the remodel is 714 square feet to include associated MEPs. the addition is 89 square feet. Scope of work includes demo. of existing fireplace and chimney to be replaced with a new gas fireplace. Master bedroom, master bath, kitchen and living space to be remodeled.

PMT2014-04014 3986 N. 26th St.; $165,396; Karen Hada and Ian Smith; This is a permit application for addition(s) and remodel to the interior of the home. the three, one-story additions total 1,310 square feet, plus a new 80-square-foot porch. The remodel includes interior improvements, new windows and doors and roofing totalling 960 square feet the scope of work includes associated MEPs (with a new panel and mechanical systems)

PMT2014-04145 4385 Chippewa Drive; $128,000; Dennis Akos; Interior remodel (900 square feet) to existing single-family dwelling. Work includes relocation of kitchen, new half bath and new laundry room. Relocate of interior layout. Scope also includes addition of gable to existing front porch. Includes all associated MEPs.

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Boulder building permits: Sept. 29, 2014

CEDAR FALLS | Near the ceiling of the old post office at the corner of Third and Washington streets, the bare interior walls are punctuated in several spots by square sets of horizontal wooden slats.

Behind each of these dusty shades is a compartment large enough to fit a person, reachable only by ladders concealed inside the buildings walls.

According to Jan Andersen with the Cedar Falls Development Group, in the days before security cameras, guards would sit inside these hidden perches and keep a watchful eye out as people milled around on the post office floor. One such guard used to bring cigars to work, Andersen said, and visitors could always tell when he was on the job by the little clouds of smoke escaping the grates overhead.

Andersen related the little piece of history with a smile on her face as she pointed to a ragged line slightly beneath the secret guard posts.

Thats where the drop ceiling used to be, she said. Those used to be completely hidden.

That is until the Cedar Valley Development Group commissioned Peters Construction to tear out the drop ceiling and knock down the partition walls, additions from the days when the building was converted for use as city office space. With those removed, along with the asbestos the mold that had built up during its years of abandonment, the post offices original historic features are beginning to shine through once again, thanks to hundreds of hours of volunteer hours put in by the Cedar Falls Development Group.

Were really excited to open this building to the public, Andersen said on Thursday evening, when the post office was one of several stops on the Upstairs Downtown tour. Andersen estimated it was the first time the building has been open to visitors for nearly a decade.

This building really does belong to the people of Cedar Falls, she added.

After acquiring a 40 year lease for the city owned building earlier this year, Cedar Falls Development Group has been working to prepare the post office for occupation by a new tenant. Several parties have expressed interest in the building, but no lease agreements have been signed yet, and the group still has more work to do before anyone can move in.

Still, the progress the nascent developer group has made so far is significant. Volunteers have landscaped the lawn out front, and the original scallop patterned window casings outside have been stripped and repainted. The ornate iron lampposts also have been refurbished and fitted into their concrete pedestals with new pieces cast by the UNI Metal Casting Center.

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Historic Post Office coming back to life

GRAND RAPIDS, MI Developers say they're eyeing the property at 35 & 41 S. Division Ave. for an office building that would potentially break ground next year, but whether that new construction re-covers a pair of vintage advertisements revealed by wrecking crews this week remains to be seen.

Charlie Secchia, partner with SIBSCO LLC, said his company loves the location that was occupied for the past 100-some years by a pair of brick buildings, which Pitsch Wrecking knocked down this week after engineers deemed them beyond salvage.

The demolition project, the largest downtown in several years, revealed two turn-of-the-century banner advertisements hidden from view for more than a century on the north side of Rockwell & Republic restaurant and bar.

One ad is for Battle Ax Plug Tobacco, a value brand owned by the American Tobacco Company in the early 1900s, and the other appears to be for Howard brand furnaces and combination heaters.

Rockwell & Republic owner David Reinert said he was keen to preserve the ads, but was unsure what form the development next to his establishment might take. Rockford Construction and SIBSCO, a Secchia family real estate and investment company, are partnering on the site redevelopment.

Well do our best to save (the ads), Secchia said. We think its pretty damn cool.

However, the ads could be hidden from view again depending on what type of structure is eventually built on the double lot, located on the southwest corner of Weston Street and S. Division Avenue in downtowns Heartside Historic District.

SIBSCO, which is the majority property owner, is leaning toward erecting an office building populated with new and existing businesses, Secchia said.

Im pretty confident I can find enough tenants to pave the way for an office building, he said. Thats the goal, but were not excluding other options at this point.

Secchia, son of businessman and former ambassador Peter Secchia, floated the idea of a glass wall on the floor level with the vintage ads, but said engineers would have to consider a buildings structural integrity in making that decision.