Andy Nelson can almost set the clocks of the Western Pawn Shop by watching the traffic pass by his storefront on Montana Avenue.

When the line of cars gets longer than his shop at2817 Montana Ave.,he knows rush hour has begun.

"At 5 oclock, its the worst," he said.

The construction site where the new Empire Parking Garage is being built, on the corner of Montana Avenue and North 27th Street, has taken up one of the driving lanes since January 2013, creating a bottleneck that backs up traffic morning and night.

"When youre pinching from three to two (lanes), its tough," said Nelson, the pawn shop owner. "Then the train comes through and everyones trying to take a right, its something."

The city-owned project originally had a planned completion date of mid-February.

But a record-breaking winter and some initial funding setbacks put construction of the $16 million structure behind schedule.

It is being built by Sletten Construction of Great Falls.

Left turns from Montana onto North 27th also are restricted.

The parking spaces in front of the pawn shop have been replaced by traffic cones and a temporary blinking sign, instructing drivers to merge right.

Continued here:
Harsh winter, funding delays put construction of Empire Garage behind schedule

Pedestrian killed by UPS truck in Roanoke Pedestrian killed by UPS truck in Roanoke

Updated: Monday, February 24 2014 8:17 PM EST2014-02-25 01:17:00 GMT

Roanoke City Police say a pedestrian has died after being hit by a UPS truck around 6:30p.m. along Elm Avenue. Police say the pedestrian died at the scene and the accident is under investigation. Police

Roanoke City Police say a pedestrian has died after being hit by a UPS truck around 6:30p.m. along Elm Avenue. Police say the pedestrian died at the scene and the accident is under investigation. Police

Updated: Tuesday, February 25 2014 6:02 PM EST2014-02-25 23:02:51 GMT

BLACKSBURG - A new wave of businesses and people will move to downtown Blacksburg in a few months, as construction on the Brownstone building is set to wrap up by September.The four-story building will hold office and retail space on the first two floors and upscale condominiums on the third and fourth floors. Almost 60 percent of the space is already sold, which is good news for the downtown economy.Because of the construction, several nearby roads had to be closed temporarily, but the prop...

BLACKSBURG - A new wave of businesses and people will move to downtown Blacksburg in a few months, as construction on the Brownstone building is set to wrap up by September.The four-story building will hold office and retail space on the first two floors and upscale condominiums on the third and fourth floors. Almost 60 percent of the space is already sold, which is good news for the downtown economy.Because of the construction, several nearby roads had to be closed temporarily, but the prop...

Updated: Tuesday, February 25 2014 5:13 PM EST2014-02-25 22:13:09 GMT

"They really made contributions that softened the blow of the great recession."

"They really made contributions that softened the blow of the great recession."

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Brownstone building to bring businesses and residents to downtown Blacksburg

Construction to transform an old retail space into the new Meadowridge Library on Madisons west side will start March 5.

Scherrer Construction Company will start breaking down walls at the former Ace Hardware space Wednesday, March 5 at 10 a.m., according to a release.

The Greentree, Orchard Ridge, Meadowood and Prairie Hills neighborhoods needed an improved hub of community engagement and activity with a scope broader than the existing library, Madison Mayor Paul Soglin said in the release. We appreciate the partnership of the foundation in making this goal a reality.

The project will feature three new spaces including 2,000 additional square feet of library space with special areas designated for computers, teens and children, an expanded Meadowood Neighborhood Center and 3,000 square feet of shared space featuring a 110-person meeting room and community kitchen, according to the release. The kitchen space will host after-school snack programs, nutrition workshops and neighborhood suppers.

The library portion of the $2.3 million project will cost $1.7 million, with construction expected to be complete by December, officials said.

The Meadowridge Library is already well loved, and I am certain that our patrons will be thrilled with this bigger and better new library, Meadowridge Library Supervisor Alice Oakey said. This entire project has been a wonderful collaboration between the library, the city and the community, and will benefit all of us.

The Madison Public Library Foundation will host a construction kickoff event to celebrate the beginning of the project and to raise donations for the project, organizers said.

Refreshments will be provided by the Friends of the Meadowridge Library at the kickoff event, according to the release. To encourage donations, the Friends are offering a dollar-for-dollar match up to $10,000.

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Construction on library, community center set to start

Hong Kong remains the worlds most expensive city for global retailers, outpacing New York, Paris and London.

LOS ANGELES-Hong Kong remains the worlds most expensive city for global retailers, outpacing places like New York, Paris and London, where prime rents also continue to reach record-breaking levels, according to new research from global property advisor CBRE Group, Inc.

CBREs quarterly ranking of 97 prime retail locations/markets across the globe shows that competition in the worlds leading cities is getting even stronger. This demand is being fueled by high-end retailers willing to pay record rents for the most coveted shops, while development levels are at historic lows resulting in a shortage of prime retail space.

Hong Kong (US $4,334 per sq. ft. per annum) is the worlds most expensive location for prime retail rents by a substantial margin, followed by New York (US $3,300 per sq. ft. per annum), Paris (US $1,452 per sq. ft. per annum) and London (US $1,356 per sq. ft. per annum).

There has been a lot of discussion about the strength of luxury retailers versus those that serve the mid-market, says Raymond Toto, global chair of of Research, CBRE. CBREs research provides further evidence that prime retail rents are strong in most markets and rose further in key global markets like New York, London and Tokyo.

In many locations, prime retail rents have been buoyed by a shortage of available space in prime market areas and fervent demand from luxury brands. This lack of prime space has pushed some retailers toward secondary assets and markets. With construction levels at or near their troughs in many locations, this trend will likely continue in 2014.

Retailer demand in Hong Kong is focused on prime locations rather than secondary streets. The most sought-after prime streets are Russell Street inCauseway Bay, Canton Road in Tsim Sha Tsui, and Queens Road Central in Central. These locations which all recorded very tight vacancy continue to attract both global and local retailers.

New Yorks Fifth Avenue continued its ascent into record territory during Q4 2013, with the luxury thoroughfares average asking rent rising 4.8% quarter-over-quarter to an all-time high of US $3,300 per sq. ft. per annum. For a 5,000-sq.-ft. space, that would translate to US $16.5 million per year in rent. Other prime luxury streets in the northeast US also saw strong growth, including Newbury Street in Boston (up 6.7% quarter-over-quarter) and Walnut Street in Philadelphia (up 5.8% quarter-over-quarter) reporting the largest increases.

The retail market in France was characterized by heavy polarization, with substantial demand focused on prime space, especially in and around Paris. Significant interest from international retailers for the limited amount of available prime locations in Paris has resulted in steady rent growth over the past two years, with Paris average prime asking rent up 80% since Q1 2012. Sustained demand from international retailers will continue to support high street rents in 2014.

Strong demand for prime retail locations in London has pushed rents to record levels. The luxury sector is a huge driver of exponential rental and key money growth. The limited availability of space compared to demand for prime streets has led to increased demand for space in secondary locations in central London. However, the U.K. market is heavily polarized with poorer secondary shopping centers and high streets suffering increasing levels of vacant space and falling rents.

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Hong Kong Still the Priciest Retail Market

STORRS Buoyed by their successes so far, the developers of the Storrs Center at the University of Connecticut will begin construction this summer on the next major phase of the $120 million project, adding 200 apartments, a daycare center and more storefront space.

And marketing will begin this spring on the last phase of townhomes and condominiums, with construction possible next year.

"We're running to the finish now," Howard Kaufman, managing member of the Tuxedo Park, N.Y.-based LeylandAlliance, the project's master developer, said Monday. "We're going to finish this."

Similar plans dating to as early as the 1950s and '60s collapsed in the face of recession, lack of financing or construction restraints.

All of the 300 apartments built so far in the first phase are leased, said Jeffrey Resetco, vice president of construction and development at Education Realty Trust Inc. of Memphis, Tenn., which is heading up construction of the rentals.

The first phase will wrap up this summer, with the addition of an additional 92 apartments. Those units are already 98 percent pre-leased, Resetco said.

All the commercial space in the first phase is now leased and has drawn high-profile tenants such as UConn women's basketball coach Geno Auriemma, who opened a restaurant there. Commercial space has been leased to more than two dozen stores and professional offices, plus attractions such as the Ballard Institute & Museum of Puppetry, scheduled to open Saturday.

The Mansfield town council Monday night was expected to get an update on the progress of Storrs Center.

Storrs Center is being privately developed in conjunction with the Mansfield Downtown Partnership, a coalition of town, university, business and community members that formed more than a decade ago to guide the project through the planning and permitting process.

The next phase was once named Village Street but has been rechristened "Wilbur Cross Way," a nod to the former Connecticut governor. Wilbur Cross Way now incorporates a building that LeylandAlliance had once hoped would become a hotel. Those plans were rejected by the town last year.

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Storrs Center Ready For Next Phase

Despite the mushrooming of community malls and other retail outlets over the past few years, consumers still choose convenience over prices owing to traffic congestion and other such problems, Veena Arunyakasem, managing director and founder of One Click, a shopping mall and property development consulting company, said last week.

This presents a vast opportunity for developers of commercial property such as condominiums and office buildings to incorporate retail shops and service facilities into their projects to serve their occupants and tenants.

"They should ride on this new trend that will help them reap more revenue, especially with projects that are located far away from existing shops," she said.

Many office building owners still have not made full use of their available space on the ground level to accommodate retail shops, food courts and service facilities, or have not done so in a professional manner that will help improve the quality of life for their tenants.

Leading hospitals such as Bangkok Hospital are stepping into the commercial property business by leasing out space to Starbucks, Au Bon Pain and other shops. Bumrungrad Hospital is constructing a building that is more or less a shopping mall within its premises.

"Interestingly, it also has a hotel offering packages bundled with healthcare treatments."

Even universities are now running their own malls. Bangkok University has already opened one while Thammasat is planningg one.

"They have 40,000-50,000 students who have purchasing power and are ready to spend all they have," she said.

Flea markets are also booming and the trend will continue as long as new housing estates and communities continue popping up. A flea market operator in Bangkok said he earned Bt1.6 million a month from utilising his 3.5 rai of land. To serve the new generation of consumers, more flea markets should be developed with unique themes, cleanliness and fresh designs.

Retailers expanding to meet demand

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Thai retail property industry must take into account changing preferences

Walking around the blocks that neighbor the intersection of Fifth and Bainbridge streets, there are pretty much three answers to the question Have you heard about the hotel thats coming?

They are: What hotel?, Yeah, the yuppies are coming and Its going to be great. Despite the business deathtrap that seems to inhabit the southwest corner of the intersection (former home to Adsum, Tapestry, Coquette and a Thai place), developer Ilan Zaken sees potential in a sizable chunk of real estate across the street.

When these buildings became available, I did not initially see the opportunity for the hotel concept, Zaken said. It evolved when I saw that there was a definite need for a neighborhood-oriented boutique hotel which was intimate and reasonably priced with a good restaurant for the corner location. The remainder of the Fifth Street properties will be retail on the ground floor with apartments above.

When John C. Paul initially invested in a headquarters for his bag business, this neighborhood was drastically different. In fact, when the structure at 632 S. Fifth Street was built in 1920, the address where Paul & Sons operated a paper company for almost a century, the nearly 3,900-square-foot property likely sold for four figures. Zaken spent $2.2 million two Octobers ago and plans to convert the listless corner into an attractive mixed use site. One can imagine that when the inheritors of a dying business in Queen Village decided they didnt want to keep it alive, there was plenty of incentive to sell.

I suspect the previous owner bought the property for a few thousand dollars decades ago, Michael Hauptman, an architect and the chair of the Queen Village zoning committee, said. $2.2 million must have looked pretty good.

To some area residents and business owners, this sale and large-scale rehabilitation is a sign of the times. Ground has already been broken on the Kater Street side of the property that will house 28 hotel rooms, five luxury residential apartments, and 7,000 square feet of first floor retail space. The ideal completion date is sometime this summer, but chances are there wont be any guests, diners, or shoppers on the northwest corner of Fifth and Bainbridge streets until next spring or summer.

What about a name?

My favorite right now is Zaken Boutique Hotel, Zaken said. We are now projecting for a 2015 spring or summer opening depending on the progress of the construction. We have been working on the adjacent properties and finalizing the plans for moving forward with construction full force once we are in agreement on the final look.

The developer is no stranger to the area. Zaken opened a retail clothing store on South Street in 1989 and has been investing in property for the past 15 years. Recent projects include Center Citys Cella Luxuria, which sells high-end furniture and accessories, and the Net, 501 South St., and 609 E. Passyunk Ave.

Hauptman referenced the impending facelift the Bainbridge Green will receive and expressed confidence that the hotel will fit in quite nicely.

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Boutique hotel planned for Queen Village

Construction work is underway at the South Point retail development in McDonough despite interruptions from winter storms this winter. Rooms to Go is the next large retailer expected to open in the development. (Staff Photos: Johnny Jackson)

McDONOUGH The parking lots at the South Point retail development have been especially crowded this week. Local schools have been out for winter break and the weather has been unseasonably warm.

Shoppers throughout the Southern Crescent have flocked to South Point, which not only survived the recent recession but has managed to thrive despite the economic downturn, said developer Jim Baker, who began the project as president of Atlanta-based Baker & Lassiter Inc.

The economy is perking up, said Baker. Weve been through the toughest times.

His firm and partner retailers began transforming the property in June 2006, when construction began on the JCPenney and Khols anchor stores.

The retail center also comprises national brands such as ULTA Cosmetics, Academy Sports + Outdoors, Five Below, Hilton Garden Inn, T.J. Maxx, Toys R Us/Babies R Us, Hobby Lobby, Havertys Furniture, AT&T, Sleep Number, Party City Superstore and Vitamin Shoppe.

Construction is underway on a Rooms to Go store in the southwest corner of the development, which is about 80 percent complete through its first phase of construction.

Baker expects restaurants will follow. He said he believes there is a chance the center will add a well-regarded fast food restaurant that specializes in steak burgers and frozen custards in the coming months.

Were right now right around half a million square feet (in retail space), he said.

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McDonough retail center survives recession, continues to grow

Mississippis tourism tax development incentives failed to gain enough legislative support for renewal last week and will expire July 1, ending the states practice of awarding tens of millions of dollars as incentives for development of shopping malls and retail plazas.

The Mississippi Development Authority so far has awarded up to $155 million in potential subsidies for three shopping malls since legislators widened the sales tax rebate program last year to include cultural retail attractions, or what are more commonly known as retail centers and shopping malls.

Under the terms of the law, the state returns 80 percent of sales taxes collected at a development over 10 years, until the total collected reaches 30 percent of the construction price.

Lawmakers this week declined to extend the tax credits, thus letting them run out on July 1. House Bill 1233, sponsored by Rep. Rita Martinson, R-Madison, would have extended the program by three more years. After a lawmaker questioned the bill last week, it was moved to the bottom of the House calendar, where it remained without a call up.

Martinson said in an interview with The Associated Press she thinks incentives have been helpful, but conceded there was some sentiment to let the lures run out.

We might even think about letting it go, she told AP. It might be at the point to sit back and see what weve done.

State Sen. David Blount, who does commercial leasing for retail space, said he is glad to see the state cease creating an unlevel playing field for retail businesses. Its favoritism of one business over another, the Jackson Democrat said.

Many economists also voice doubts about subsidizing retail development as well. Good Jobs First, a nonprofit group that is skeptical of business subsidies, is particularly critical of giving money to retailers, saying they dont pay well or create spinoff jobs, the AP reported.

Building new retail space doesnt grow the economy, it just moves sales and lousy jobs around, the group writes.

The first retail development to qualify for the widened incentives was Pearls Outlets of Mississippi, where Spectrum Capital could get up to $24 million of its $80 million investment back. That mall opened in November.

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Bills demise ends state sales tax rebates for retail development

Chicago, IL (PRWEB) February 20, 2014

Construct-A-Lead, the Construction Industrys most efficient construction lead service, reported today that the following Texas construction projects will have the necessary approvals and will go forward. Businesses will have ample opportunities to provide construction bids and other services relative to these projects. Those interested parties are encouraged to visit construct-a-lead.com and reference the Project ID listed below to obtain direct contact information for each construction lead:

Austin, TX - 5th & West - Plans call for the new construction of a 37-story, 306,555-square-foot, 163-unit high-rise with 2,500 square feet of retail space. Construction start: Q3, Q4, 2014, estimated. $50,000,000 Project ID: 1323363

Houston, TX Westcreek Centre - Plans call for the new construction of a 21-story, 368,000-square-foot office tower to include 14 office floors and seven floors for parking on 3.6 acres. Construction start: Q4, 2014, $50,000,000. Project ID: 1323367

Richardson, TX - Aloft Richardson Plans call for the new construction of a 130-140 room hotel. Amenities include a pool, signature XYZ bar, a 24-hour fitness gym, private parking, and flexible meeting space for both business meetings and social gatherings. Construction start: Summer, 2014. $20,000,000 Project ID: 1322436

Southpark Meadows, TX Elan Southpark Meadows Plans call for the new construction of a 110 unit senior housing development comprised of around 36 memory care units and 70-80 assisted living units. Project features assisted living and memory support services. Construction start: Late spring, early summer, 2014. $22,000,000 Project ID: 1322076

Frisco, TX Whole Foods Plans call for the new construction of a 45,000 SF store as the anchor of a larger mixed use development. Construction start: Q3, 2014. $4,000,000 Project ID: 1323281

Rosenberg, TX Stone Creek Ranch - Plans call for the new development of a 1,000 unit single family home sub division. Construction start: Spring - summer, 2014. $110,000,000 Project ID: 1323270

Mansfield, TX Methodist Mansfield Medical Center - Plans call for the new construction of an 110,000-square-foot, 118 bed patient tower as an addition to the existing structure to include, 34,000 square feet of additional operating rooms, cardiology and gastroenterology services and 64,000 square feet of additional support services. Construction start: Spring, 2014, estimated, $118,000,000. Project ID: 1322643

Corpus Christi, TX The Cosmopolitan of Corpus Christi Plans call for the new construction of a 165-unit residential and retail mixed-use project. The development will feature ground-floor retail and podium-style parking comprise as well as a large clubhouse, center courtyard with resort-style swimming pool, media room, fitness center and executive business center. Construction start: Q2, Q3, 2014, estimated. $23,700,000 Project ID: 1322597

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Construct-A-Lead Reported Today That the Following Texas Construction Projects Will Have the Necessary Approvals and ...