INDIANAPOLIS (AP) - Construction could start in the coming months on a curved 28-story glass tower at the long-vacant site of the former Market Square Arena in downtown Indianapolis.

The Indianapolis City-County Council voted Monday night to approve providing up to $23 million in city financing for the estimated $81 million building with apartments and retail space.

The site on the eastern edge of downtown has been parking lots since the arena was demolished more than a dozen years ago. The tower is to have ground-floor retail space, 300 apartments and a 500-space parking garage.

The councils 18-9 vote to approve the subsidy came after several council members argued that the city had more important needs, such as hiring additional police officers.

We are taking millions of taxpayers dollars and handing it over to a developer, Democratic Councilwoman Angela Mansfield said. If there is such a need for this (project), the market should be driving it.

The development would be backed by a combination of public and private money, with the city agreeing to contribute funding from a bond sale and land for the project appraised at $5.6 million.

Republican Mayor Greg Ballard said the project will help make the city a more attractive to place to live.

I look forward to signing the proposal passed by the council and getting construction started on this project this summer, Ballard said in a statement.

Deron Kintner, the citys economic development director, said developer Flaherty and Collins would begin preparing for construction immediately.

They would move as fast as possible, which means breaking ground in a couple months, Kintner said. They would want to get it started this construction season.

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Indianapolis council backs tower for ex-arena site

As many national chains retreat from building new stores, projects are stalling or developers are having to re-imagine their plans.

When Latham Circle Mall was torn down last year, an outdoor plaza was proposed that would fit the traditional concept of shopping: national retail chains opening new stores. Walmart, Dick's Sporting Goods and similar stores were among the targeted retailers.

In East Greenbush, another retail plaza on Route 4 that was supposed to center around a Lowe's home improvement store has been abandoned. Another project at routes 4 and 43 in North Greenbush is vacant, the lights and parking lot in place without any buildings.

National retailers are far more likely to close a store these days than to build a new one. In recent months, JC Penney, Kmart, Staples and Radio Shack all have shuttered stores or said they will soon do so.

"It is certainly a challenging time," said Steven Powers, vice president of Nigro Companies. "The brick and mortar stores are being downsized or replaced by Amazon. The retail market will be challenged in terms of new development."

Nigro planned to build Tempel Farms, a 158-acre plaza, in East Greenbush. Announced in 2006, the project remained dormant for years, waiting for the economy to recover.

The developer has abandoned its contract to buy the land, Powers said.

"Tempel Farms is really designed around a Lowe's home improvement store, and Lowe's has pulled back across the country," he said. "I don't see that happening in the near future."

Rather than new construction, Powers said, "The reuse and redevelopment of pre-used retail space will be the focus for us."

Retail is suffering from both online competition and the fact the market is saturated, said Robin Lewis, CEO of The Robin Report, a retail strategy newsletter, and co-author of "The New Rules of Retail."

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Reinventing retail as era of chains ends

Commercial construction has been rebounding as a growing number of projects get underway in Northwest Indiana.

Nationally, construction grew to about $930 million in December, a 5.3 percent improvement over December 2012, according to U.S. Census Bureau data. Nonresidential construction surpassed $311 million in December, the second highest it has been in the last five years though a slight decrease from December 2012.

In Northwest Indiana, construction deliveries grew to their highest level since 2008, according to the commercial real estate firm NAI Hiffman. About 205,000 square feet of new commercial space was added in the last three months of the year. Hanson Logistics added 90,000 square feet onto its Hobart facility, and Dawn Foods finished a new 125,000-square-foot building at Merrillville's AmeriPlex at the Crossroads Business Park.

Hasse Construction President William Hasse III said commercial construction is looking up even after the end of the $4.2 billion BP Whiting modernization project because of pent-up demand, low inflation and low interest rates. Overall construction activity, excluding home building, is projected to rise by 6 percent in 2014.

"It's dramatically up compared to the last five years and it continues to grow," Hasse said.

An additional 548,228 square feet is now under construction in Northwest Indiana, according to NAI Hiffman's year-end report. Work began on a 123,000-square-foot facility for Munster Steel at Hammond's West Point Industrial Park, and on a 25,000-square-foot facility for Aunt Millie's Bakeries in Merrillville.

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Major construction projects taking shape in NWI

Grocery store expansions and new small strip centers are driving Hampton Roads' retail real estate growth as more national chains are looking to move in. The bad news? The region needs to figure out what to do with all those big box spaces going empty.

"We have a tremendous amount of activity in this market. We are extremely busy on the retail side," David Machupa, vice president with commercial real estate firm Cushman & Wakefield | Thalhimer, told attendees of the Thursday release of the 19th annual Hampton Roads real estate market report by Old Dominion University's E.V. Williams Center for Real Estate and Economic Development.

Kroger opened its first Marketplace store in Virginia Beach in July and two more stores are under construction. Harris Teeter opened at Wards Corner in Norfolk and five Walmart Neighborhood Market stores and another Harris Teeter are under construction in the region, he explained. Simon Property Group, which owns the Williamsburg Premium Outlets, is also pitching another outlet mall at the Lake Wright Golf Course property in Norfolk.

The report tallied 54 million square feet of retail space in 422 properties about a third on the Peninsula as of last year. While the local retail market has stabilized, Machupa said that the region is seeing more chains or established franchise owners move in because the mom and pop stores and restaurants can't get the financing needed to start up. Rental rates are also increasing slightly as demand for limited quality properties increase. The report, based on surveys, doesn't include downtown storefronts.

On the Peninsula, retail vacancy was 11.6 percent last year with the highest retail vacancy in the Denbigh market at 25 percent. Kmart announced it was closing its Oriana Road store there. Sears and Kmart continue to struggle financially and so remain as concerns, he said.

Less desirable big box properties entering the market pushed up the region's overall rental vacancy rate from 7.9 percent in 2012 to 8.4 percent in 2013. These spaces, defined as more than 23,000 square feet, comprised 40 percent of the total retail vacancy in Hampton Roads, Machupa said. He expects big box space to increase the overall retail vacancy rate this year as some are functionally obsolete and need to be refurbished or adapted for other uses.

Even so, he said the Peninsula has typically fared well in retail with more growth coming with Settlers Market near New Town in James City County as it turned around after going through foreclosure. Whole Foods and a bevy of new-to-Hampton Roads retailers are expected to open at the Newport News Tech Center marketplace in 2015. The Patrick Henry-Oyster Point-Kiln Creek market has the lowest Peninsula vacancy rate of 3.8 percent, as stores want to be near other retail, he said.

A look at the housing market

The new home residential world really, really has done an amazing recovery," said J. Van Rose, president of Rose & Womble's New Homes Division.

In 2013, building permits in Hampton Roads increased 4.7 percent, new home closings increased 5.9 percent and the average sales price increased 3.8 percent, Rose said. Even so, builders are having trouble find available lots to construct homes, as development stalled during the recession. He said the price of lots and the cost of construction are also increasing.

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Hampton Roads to get more retail in 2014, but empty big box a problem

Updated: 03/14/2014 5:07 PM Created: 03/14/2014 3:57 PM KSTP.com By: Cassie Hart

Minneapolis-based Ryan Companies may have an edge over Golden Valley-based Mortenson Construction to build on the "air space" near the new Vikings stadium.

On Friday, the Department of Community Planning and Economic Development of Minneapolis recommended Ryan Companies' proposal, saying the city would make $4 million more from it than Mortensen Construction's proposal.

The project includes 150 hotel rooms, branded as a Radisson Red, built under a 200-unit apartment tower, as well as ground-level restaurant and retail space. The $101 million project could start in May 2015 and finish in August 2017.

Mortenson's competing proposal includes a 300 room hotel, branded as an AC by Marriott and SpringHill Suites by Marriott. The $63 million project is proposed to start in January 2016, and would take a year to build.

Both proposals are in addition to a blocks-long makeover proposed near the Vikings stadium for the $400 million Downtown East mixed-use project.

The Minneapolis City Council has the final say on who will get to build on the "air space" above a 1,600 stall parking lot.

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Ryan Companies Proposal Recommended for 'Air Space' Near Vikings Stadium

Benjamin Cruz, right, uses a trowel to load a brick with cement March 7 as construction crews continue work at Arapahoe Plaza in Centennial. The development, at the corner of Quebec Street and Arapahoe Road, will feature a Boyer's Coffee and MAD Greens. (Seth McConnell, YourHub)

The owner of a new shopping center in Centennial is hoping it has the potential to revitalize the area and spur more development.

The Arapahoe Plaza retail center, at the southeast corner of Quebec Street and Arapahoe Road, is under construction and slated to open in mid- to late April. The center will feature five stores, including a MAD Greens, Boyer's Coffee and Supercuts.

The property, which will entail about 8,400 square feet of retail, is owned by Peter Niederman and his family. Niederman is CEO of locally owned Kentwood Real Estate, and his family has owned the property since 1981. It had previously been an office space from 1981 to about 1998. A few years ago when he was doing estate planning, he decided rather than keep it office space he would turn it into retail. He has hired Drake Asset Management, and Waner Construction Company is building the center.

"It's not my primary role to play developer, but it's something that we knew we wanted to own and build, and it's gotten a lot of attention," Niederman said.

The redevelopment is part of the Arapahoe Urban Center subplan, initiated by Centennial City Council in 2009. It was a way to designate and prepare the area for development opportunities.

"Along Arapahoe Road we wanted to increase the opportunities for retail ... so we created this plan that if someone wants to come forward and introduce a redevelopment that would be consistent with the goals of the plan, that the city should support that plan," said Wayne Reed, Centennial deputy city manager.

Niederman said the project has received a lot of attention, in part, because about 62,000 cars pass through the intersection of Quebec Street and Arapahoe Road every day.

"It's an amenity for the neighborhood. When you look at the rooftops to the south, directly west and northwest, there's a lot of rooftops that touch this corner," he said.

He held a few neighborhood meetings last year and didn't hear one voice of dissent. People said they were excited for the new shops, especially a new coffee shop.

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Arapahoe Plaza retail center brings local businesses to Centennial

80 Pane Rd

80 Pane Rd, Newington, CT 06111

2,000 SF$12.00/sf/year ($2,000 per month)

Office, Medical Office, Retail, Lofts / Showrooms, Other

Pane Rd Plaza. 80 Pane Rd is a Commercial Plaza located on the corner of pane Rd and the Berlin Turn Pike diagonally across from the Olympia diner. The entire outside of the building has been just renovated and shows as a new building. Completely refaced with brand new Field stone and trimmed out with Copper flashing the building will certainly impress your customers. The entire property was also newly landscaped by a landscape design architect and is professionally maintained. A quick drive by of the building will speak for it self. This commercial plaza located right off of the Berlin Turnpike is the perfect place to showcase your Company. There is currently one 2,000 sq' space left for rent in the plaza.The rent is $12.00 per Sq' (Including property tax). Although Tax's have been include in the base rent a small monthly cam charge will apply for common expenses. NNN

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Connecticut Retail Space - Cityfeet

At the Tues., March 4, release of the University Open Space Priorities Committee report, working group members, from left, Professor Lawrence White of the Stern School of Business; Allyson Green, associate dean of the Institute for Performing Arts; Ted Magder, associate professor at the Steinhardt School; and Laurence Maslon, arts professor at the Tisch School of the Arts. Photo by Lincoln Anderson

BY LINCOLN ANDERSON | Aworking group of mostly N.Y.U. faculty members last week issued its recommendations on what should be included in a new building at the current Coles gym site. They suggested a mix of classrooms, performing-arts space, equal space for student and faculty housing, and student study areas, but no retail space.

They also said the universitys development plan is fiscally responsible, but urged the school not to increase tuition or other expenses to help meet construction costs.

In addition, the group recommended the creation of a Superblock Stewardship Advisory Committee, which would provide improved stewardship by the university of the superblocks land and buildings to enhance the neighborhoods quality of life.

The group stated that the university should continue to concentrate its academic activities within the [campus] Core to the greatest extent possible and that increasing the density of activities within the Core improves the academic quality of the institution.

Several days later, President John Sexton announced that he, deans and members of his senior leadership team enthusiastically supported all the working groups recommendations and were prepared to pass on the report to the universitys board of trustees with their glowing seal of approval.

Focus on the ZipperAfter Judge Donna Millss Feb. 7 ruling, in which she found that three out of four disputed open-space strips on the universitys two South Village superblocks are indeed public parkland, New York University is now focusing its development plans on the Coles site.

Mills ruled that the open-space strip in front of Coles is not public parkland, so N.Y.U. says it maintains the legal right to proceed with its building plans there. The new Zipper Building slated for the spot would partly sit on the open-space strip currently used by the Mercer-Houston Dog Run. The dog run would be relocated to the west of the new Zipper.

In addition, the working group noted it is focusing on the Coles site since, under the agreement with the city when the N.Y.U. 2031 plan was approved in July 2012, construction could not start on the north superblock until 2022 anyway. Over all, the group said, regarding any potential construction on the north superblock, as well as on the Morton Williams supermarket site, the university should again consult with a similar advisory group on how to proceed.

The 26-member University Space Priorities Working Group was convened by Sexton in October 2012. Last Tuesday, they issued their report.

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Zipper reconsidered: N.Y.U. retools project it says it can still build

LIVERMORE -- Preparations are underway for the expansion of the Livermore Premium Outlets, a project that will add as many as 80 more stores to the upscale outdoor mall.

The Livermore City Council on March 10 approved a $2.3 million contract to DeSilva Gates Construction to move the existing Paragon Outlets Drive. The work was to begin further east on Tuesday. According to city officials, the realignment represents the first steps toward private construction of the mall's second phase of development, planned for 15 acres directly east of the mall.

Livermore's community development director Stephan Kiefer said the 200,000 square-foot expansion will bring in an additional 50 to 80 retail stores and potentially others in the surrounding zones.

"We expect not only will it be a success for the mall, but will result in additional development around the mall," Kiefer said. "As the the mall expands, that will just generate interest in the immediate area and bring more visitors. We're excited about it."

Kiefer said there are designs for 120,000 more square feet of retail space located south and east of the mall, including pads for several new restaurants.

The soon-to-be renamed Premium Outlets Drive has a June 10 completion date, with construction of the expansion starting immediately thereafter. The mall's second phase is scheduled for a July 2015 opening.

"We are looking forward to begin work on the long-anticipated expansion of Livermore Premium Outlets, which is sure to please our local shoppers as well as the many visitors the center receives," mall management said in a statement.

Formerly known as Paragon Outlets, the Livermore Premium Outlets has 544,000 square feet of retail space housing 130 stores, including Prada, Last Call by Neiman Marcus, Coach, Kate Spade, and Michael Kors. Since opening in November 2012, according to the city, the mall has created 2,000 jobs and generates roughly $2 million in annual sales tax.

The Livermore Planning Commission approved the Phase II expansion in 2012. City officials have said the project could generate as many as 500 jobs.

The El Charro Specific Plan Infrastructure project will also widen Jack London Boulevard at points and lengthen the turn lane into the mall's main entrance. The cost of the project is $3.3 million.

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Groundwork being laid for Livermore Premium Outlets expansion

NAIOP Report Says Warehouse, Manufacturing Absorption Will Flirt With Record Levels in 2014 as E-Commerce, Housing Construction Expand

The NAIOP study, authored by Drs. Hany Guirguis of Manhattan College and Joshua Harris of the University of Central Florida, projects that quarterly readings will fall between 60 and 65 million square feet of positive absorption through 2014.

Assuming GDP holds close to forecasts of above 3 percent growth in 2014, they expect industrial space to post approximately 250 million square feet of net absorption in 2015. More specifically, they forecast quarterly net absorption figures will range between 58 and 65 million square feet, with a mean forecast of 68.8 million square feet, for all of 2015. Also 2014 may actually produce a larger net absorption figure than 2015 due to pent-up demand for space left over from the recession which should normalize by 2015.

"Demand for all types of industrial space -- warehouse, fulfillment-distribution centers, manufacturing and flex -- is robust," noted Thomas J. Bisacquino, president/CEO of NAIOP. "An intense increase in e-commerce has steepened the demand for distribution and fulfillment centers, and companies are gobbling up space as a result."

Heightened demand big box space is already resulting in a burst of new speculative warehouse projects, with nearly 100 million square feet of new construction tracked by CoStar in the opening weeks of 2014.

Within the last week, KTR Capital Partners and Sponsor Properties acquire the 30-acre Pinole Point business park in Richmond, CA, from Sares-Regis. Pinole Point, a master-planned industrial park with a development site allowing for over 515,000 square feet of warehouse/distribution and manufacturing space, is fully entitled and ground-breaking is scheduled for this summer on three freestanding buildings ranging from about 40,000 square feet to 250,000 square feet.

"With the scarcity of Class A industrial product in this corridor, we plan to begin construction on a speculative basis," said Brian Gagne, senior vice president of Investments for KTR Capital Partners.

In the Greenville, SC, market, TDI-Southchase, a partnership led by principals from Atlanta-based TPA Group, plans to begin construction this spring on a new 250,000-square-foot spec building on 40 acres in Southchase Business Park in Fountain Inn.

As of early last month, CoStars PPR forecasting and analytics company was tracking 160 new leases of more than 100,000 square feet for a total of 35 million square feet across the U.S.

New housing starts were up 18% in 2013, and construction growth will likely continue as household formation rises and existing inventory is absorbed.

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Demand for Industrial Space Projected to Top 250 Million Sq. Ft. in 2014