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

Original post:
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.

View post:
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 ...

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Demand for space in shopping centers and other types of retail buildings boosted 2013 to the best year for retail real estate in the Albuquerque metro area since the 2000s, according to the latest Retail Marketview report from commercial real estate services firm CBRE.

The vacancy rate for the broad retail market dropped from 11.5 percent at the end of 2012 to 11.1 percent at the end of last year, despite 2013 ending with the closing of a 84,000-square-foot Kmart store and another roughly 100,000 square feet going empty from seasonal store closings.

Strong space demand led the market to an annual net absorption of 378,330 square feet (of retail space), which is the highest since 2007, the CBRE report says. Construction completions exceeded 300,000 square feet, which is the highest since 2009.

For comparison, the average retail vacancy rate nationwide was 12 percent in the fourth quarter of 2013, according to CBRE Econometric Advisors.

Locally, more than a third of last years gross retail activity was concentrated in the Uptown submarket off the Louisiana NE and Interstate 40 interchange. The free-standing 155,481-square-foot Target store opened in 2013, as did Gordmans and Dicks Sporting Goods stores at Coronado Mall.

While retail real estate is continuing to recover, it does not appear to be generating much in the way of jobs, according to state labor data. The metros retail employment sector gained 100 jobs year over year as of December but at 41,800 workers, retail employment was still 11 percent below the peak of 47,000 jobs in December 2007.

From a bricks-and-mortar perspective, the retail market is expected to continue to improve in 2014 as national retail chains expand their existing presence or enter the metro.

Redevelopments of older centers will house new anchor tenants and the activity level is expected to remain steady, creating downward pressures on vacancy rates, the CBRE report says.

Asking lease rates varied at the end of 2013 from $8.50 a square foot to $29.50 a square foot, depending on the type and quality of the retail property, CBRE reports. The range was tighter at both the low and high ends compared to the end of 2012.

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ABQ retail market did well in 2013

BANGOR, Maine A Bangor commercial real estate developer hopes to build a restaurant and retail space near Bangor Mall Cinemas 10.

Carol Epstein, a partner in ERG Realty, LLC, which owns the property including the theater and its surrounding land, said Tuesday that ERG wants to build a 2,200-square-foot restaurant space and a 6,000-square-foot retail building in an underused parking lot near the theater.

What businesses would move in remains to be seen.

Weve had a lot of interest, Epstein said in a phone interview. We havent even announced the project or done a lot of marketing on it yet.

She declined to say who the interested companies were.

The pair of buildings would be built between Stillwater Avenue and the movie theater, according to Epstein. The projected cost of the construction project wasnt immediately available, she said.

The area has seen a boom in growth in recent years, with new businesses from Buffalo Wild Wings and Hobby Lobby to Sweet Frog and Kobe hibachi grill popping up in nearby developments.

Theres a real strength in the retail market again, which we havent seen since before the Recession, Epstein said.

The ERG-proposed buildings would be built near Stillwater on an underused parking lot extension for the cinema.

In an ideal world, Epstein said, construction should begin in May and wrap up in October or November, making way for the tenants. Epstein Commercial Real Estate will be the brokerage for the new development.

See the original post:
More new retail, restaurant space proposed on Stillwater Avenue

Article updated: 2/19/2014 5:34 AM

Lisle has approved a letter of intent with Naperville-based Marquette Companies for the sale and development of the old village hall site at Main Street and Burlington Avenue in downtown. The property has been vacant since 2003.

Mark Black | Staff Photographer

More than a decade after Lisle demolished its old village hall, officials are hoping to sell the downtown property to a company that would construct a mix of apartments and retail space.

Village board members this week approved a "letter of intent" with Naperville-based Marquette Companies for the sale and development of the former village hall site at Main Street and Burlington Avenue. The village-owned property has been vacant since the previous municipal building was razed in 2003.

Lisle Mayor Joe Broda said the proposed development could help rejuvenate downtown.

"I want to see people downtown and I want to see businesses come to the downtown area," Broda said.

Village officials say the letter of intent isn't a binding agreement. Instead, it sets the parameters in which Marquette and Lisle will work to complete a formal redevelopment agreement.

Marquette, which is developing the Water Street District in downtown Naperville, became interested in the Lisle site because it's a downtown location near the train station.

"It (Lisle) has a charming downtown," said Jeff Prosapio, Marquette's director of development. "We think the development of this site will add to it, enhance it and help it grow to its natural vibrancy."

Read more here:
Developer has plans for vacant downtown Lisle site

Amber Alert canceled for Orange Co. girl Amber Alert canceled for Orange Co. girl

Updated: Wednesday, February 19 2014 1:03 PM EST2014-02-19 18:03:10 GMT

An AMBER alert has been issued for a girl in Orange County, Virginia. The Orange County Sheriff's Office says five-year-old Amiyah Monet Dallas was last seen at 15239 Mountain Track Rd. in Orange, Virginia.

The Orange County Sheriff's Office says five-year-old Amiyah Monet Dallas was last seen at 15239 Mountain Track Rd. in Orange, Virginia.

Updated: Tuesday, February 18 2014 5:56 PM EST2014-02-18 22:56:34 GMT

BLACKSBURG - Search warrants provide new details into the investigation of Virginia Tech student Samanata Shrestha's murder. According to the documents filed in Montgomery County Circuit Court,investigators searched a hotel room for items such as Mercedes keys, Shrestha's identification card and other belongings reported missing by Shrestha's roommate. The warrants also show Shrestha's last phone ping was traced back to Jessica Ewing's apartment, the woman charged with Shrestha's murder. Phon...

BLACKSBURG - Search warrants provide new details into the investigation of Virginia Tech student Samanata Shrestha's murder. According to the documents filed in Montgomery County Circuit Court,investigators searched a hotel room for items such as Mercedes keys, Shrestha's identification card and other belongings reported missing by Shrestha's roommate. The warrants also show Shrestha's last phone ping was traced back to Jessica Ewing's apartment, the woman charged with Shrestha's murder. Phon...

Updated: Wednesday, February 19 2014 1:55 PM EST2014-02-19 18:55:40 GMT

Carilion Clinic announced plans Wednesday for the old Ukrop's property in Roanoke. Carilion has been a growing part of southwest Virginia for more than a century. First starting because railroad workers

Updated: Wednesday, February 19 2014 11:11 AM EST2014-02-19 16:11:46 GMT

Here is the original post:
Roanoke City gives thumbs up for Carilion to purchase old Ukrop's site

Wednesday, February 19, 10:59 AM EST

By Karen Brune Mathis, Managing Editor

Developers intend to break ground by late summer.

East San Marco LLC, in care of managing partner Tom Fleming, is the property owner. Fleming is vice president of investments with Jacksonville-based Regency Centers Corp.

While project documents indicate a full project build-out by 2017, Regency Centers Corp. Vice President Paul Maxwell said in January construction could start this year for completion of the Publix by early 2015.

The structure of the deal has changed over the years and Jacksonville-based Whitehall Realty Partners LLC now is a major player.

John Carey, managing member of Whitehall Realty Partners, explained Tuesday that East San Marco is a joint venture between The St. Joe Co. and Regency Centers.Regency remains more active in the partnership because it will own the 44,000-square-foot retail component of the project, including a 30,000-square-foot Publix.

Carey said Regency originally was planning to own the retail and St Joe would develop and sell the condominiums.

As currently structured, Whitehall Realty Partners will buy all the land at closing and develop the entire project. Regency then will buy the retail component about a year after construction begins, when the stores are built and available for build-out, and begin tenant improvements for Publix and other retail tenants.

He said Whitehall will complete the residential component about 18 months after construction begins.

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East San Marco construction expected to begin by late summer