Construction on a hotel and retail development on Elmore Avenue should start by the end of the year, while another motel is being planned for northeast Davenport near Trinity Bettendorf.

Several letters of intent have been received and three leases are in various phases of completion for retailers for what is expected to be about 85,000 square feet of space in the Elmore Avenue project, Heart of America Group president Mike Whalen said Tuesday. A lead tenant has committed.

There just arent many new construction projects being built in retail across the country, so I am pretty excited about it, Whalen said. We want to be able to start construction this year, so we are putting pressure on folks to move faster than they usually do in the retail arena.

He declined to identify any of the retailers his company is in talks with.

I believe it wont be in the too distant future we can say heres who, Whalen said.

Along with the retail space, the $28 million project also includes a hotel with 100 to 120 rooms.

Last week, Davenports plan and zone commission approved the development plan for a four-story, 102-room extended-stay motel on 3.81 acres at the intersection of Market Square Circle and Progress Drive, located west of Utica Ridge Road between Rave Cinemas and the Trinity Bettendorf hospital.

The project is expected to go in front of the Davenport City Council late next month.

The cost of the motel project was unavailable Tuesday. Jeff Lamont of Davenport Lodging Group, Aberdeen, S.D., who submitted the development plan, couldnt be reached for further comment about the project.

Lamonts development group hasnt submitted any requests to the city for financial assistance.

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Davenport hotel, retail projects move forward

OVER THE RHINE, OH (FOX19) -

A ground breaking Tuesday on a $59 million redevelopment project in Over The Rhine. The project calledMercer Commonswill include condos, apartments and retail space.

It is3CDS's largest mixed use project ever. It will encompass more than two and half acres and it's a project that Cincinnati Vice Mayor Roxanne Qualls says will change the face of Over the Rhine. "Transforms Vine Street. We have over....when it's built out...phase one and phase two we'll have over 150 units of new housing," she said.

The project was launched With the ceremonial turning of the first shovel fulls of dirt by city officials and other V.I.P's.

Mercer Commons will be built in phases and includes 26,000 square feet of retail space, 28 condos and 126 apartments. Some apartments will be moderately priced which is something Over the Rhine resident Mike Rogers says hewants to see. "What I really like about it is we need more rental property in the community and not only that affordable apartments...you know units for people. So I think its great," said Rogers.

Vicki Sanford has lived in over the Rhine for nearly nine years and she says it helps the local economy. "It'll give us an economic boost. You got a lot of people out here that are working...working poor, but they are working and this is a chance for people to get some more jobs."

Funding for the $59 million project comes from a variety of sources including the city. Despite Cincinnati's budget woes Mayor Mark Mallory says its a worthwhile investment. "Progress has to continue. We have a lot of development going on in the city of Cincinnati right now. We have a lot of energy and the best thing that we can do to get rid of budget deficits and those kinds of things is to continue to invest in economic development that creates jobs and brings jobs to the city because that's where we get our money."

Construction is expected to take about 16 months with the 340 space parkinggarage opening in March of 2013.

Copyright 2012 WXIX. All rights reserved.

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Ground broken for large OTR redevelopment project

INDIANAPOLIS, June 26, 2012 /PRNewswire/ -- Simon Property Group, Inc., (SPG), the world's leading retail real estate company, and Woodmont Outlets announced today that construction on St. Louis Premium Outlets will begin on July 11, 2012. The project is a joint venture with Woodmont Outlets. Simon owns a 60% interest in the project.

St. Louis Premium Outlets in Chesterfield, Missouri is a part of Chesterfield Blue Valley, a mixed-use development to include office space, hotel, restaurant and entertainment venues. Located on the south side of I-64/US Highway 40 east of the Daniel Boone Bridge, the center's first phase of 350,000 square feet and 85 stores will open in the fall of 2013.

The new outlet center will be anchored by Saks Fifth Avenue OFF 5TH, one of seven new store locations recently announced. "We are excited to grow our OFF 5TH store portfolio with Simon. We believe these locations are well suited for us to deliver our distinct merchandise offerings to area residents and visitors," stated Robert Wallstrom, President of Saks Fifth Avenue OFF 5TH.

The center will feature an impressive collection of leading designer and name brands selling direct to consumers at significant savings in a sophisticated outdoor village setting. Some of the top fashion and accessories brands include Ann Taylor, Brooks Brothers, Elie Tahari, Haggar Clothing Co., Jones New York, Loft Outlet, Maidenform, Tommy Hilfiger, Van Heusen and many others. Due to high interest in the merchant community, St. Louis Premium Outlets is currently over 60% committed.

"We are excited to bring many of the finest retailers and brands to the area offering incredible value," commented John R. Klein, President of Simon's Premium Outlets platform. "We look forward to having this project, our merchants and the community benefit from our regional, national and international outreach."

The center will offer something for all members of the family. Shoppers will be able to choose from a wide range of footwear and sportswear brands including Asics, Clarks Bostonian, Easy Spirit, Famous Footwear, Finish Line, Fox Racing, Hot Topic, Izod, Naturalizer, Nine West, Skechers and Under Armour. The mix of stores will feature popular children's brands such as Hartstrings; an excellent selection of women's sizes at Lane Bryant; jewelry stores like Kay Jewelers; and stores that offer home furnishings and great gifts including Yankee Candle.

"In addition to providing shoppers with an incredible shopping experience, the project will create an estimated 700 new retail jobs as well as over 1,000 local construction jobs over the next year," said Stephen Coslik, Chairman and CEO of Woodmont Outlets, an affiliate of The Woodmont Company. "We look forward to the center becoming a source of pride for the community."

About Simon Property Group

Simon Property Group, Inc. (SPG) is an S&P 100 company and the largest real estate company in the world. The Company currently owns or has an interest in 339 retail real estate properties in North America and Asia comprising 245 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit the Simon Property Group website at http://www.simon.com.

Simon's Premium Outlets portfolio features 72 Premium Outlet Centers including 59 in the United States, one in Puerto Rico, eight in Japan, two in Korea, one in Malaysia and one in Mexico. Its industry-leading properties include Woodbury Common Premium Outlets (New York City), Orlando Premium Outlets, Desert Hills Premium Outlets (Palm Springs, California), Las Vegas Premium Outlets and Wrentham Village Premium Outlets (Boston).

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Simon Property Group and Woodmont Outlets To Celebrate the Start of Construction on St. Louis Premium Outlets® With ...

Regency Centers Corporation (REG), a real estate investment trust (:REIT), is set to commence construction of a 280,113 square-foot shopping center named Grand Ridge Plaza in Issaquah Highlands, east of downtown Seattle. Spanning across 24.58 acres, the center will be anchored by Safeway, a major grocery chain in the U.S.

Grand Ridge Plaza will be an open-air center featuring a 44,543 square-foot Safeway store, a 56,820 square-foot 12-screen Regal Cinemas and other retail stores, restaurants and entertainment centers. The construction is expected to be completed by fourth quarter 2013, with the first-phase of Regal Cinemas opening in the second quarter 2013.

Regency will largely benefit from the prime location of the property as Issaquah Highlands has limited competition due to high barriers to entry. Once fully complete, Issaquah Highlands will have up to 4,540 homes and 3 million square feet of commercial space.

Grand Ridge Plaza will serve the nearby Sammamish Plateau and greater Issaquah areas and Interstate 90. The center is expected to further expand Regency's presence in the Pacific Northwest.

Grand Ridge Plaza is included in Regency's 'greengenuity' program and accordingly will feature green building strategies and energy-efficient design and practices. It will also comply with the overall sustainability principles of the Issaquah Highlands community.

Jacksonville, Florida-based Regency owns, operates and develops grocery-anchored retail shopping centers in the U.S. With properties in high income, high-barrier markets, Regencys retail strip center portfolio is among the best in the sector and allows it to continually perform at the top-end of its peer group.

Regency currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Simon Property Group Inc. (SPG) holds a Zacks #2 Rank, which translates into a short- term Buy rating.

Read the Full Research Report on SPG

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Regency to Develop Shopping Center

NEW YORK, June 25, 2012 /PRNewswire/ --Silverstein Properties President and CEO Larry A. Silverstein was joined by approximately 1,000 construction workers and other New York government, civic and business leaders at a topping out ceremony marking the completion of steel erection for the new 4 World Trade Center the first office tower that will be completed and opened on the original 16-acre World Trade Center site.

The final steel beam, which weighed 8 tons and was adorned with an American flag, was signed by Mr. Silverstein and other dignitaries. It was then raised 977 feet in the air and placed at the top the 72-story tower.

"The topping out of 4 World Trade Center represents another milestone in the effort to create a new, dynamic World Trade Center at the heart of a resurgent Downtown," said Mr. Silverstein. "This neighborhood has undergone a remarkable transformation into a one-of-a-kind model of sustainable urban development. Over the past decade, the number of people living Downtown has doubled. We have the best mass transit network, new parks and schools, and the densest concentration of green buildings of anywhere in the world. That is why lower Manhattan is fast becoming the location of choice for all kinds of creative companies, as well as the financial powerhouses of Wall Street."

"The World Trade Center site is at the heart of Lower Manhattan's rebirth," said Mayor Michael R. Bloomberg. "As 4 World Trade Center takes its place in the New York City skyline, we're creating a neighborhood that is stronger than ever. Congratulations to all who have taken on the challenge of rebuilding and worked so hard on this important project."

New York State Assembly Speaker Sheldon Silver said: "To think that such a beautiful structure now stands where there had once been such shocking ugliness and terrible pain is, on the one hand, breathtaking and inspiring, and on the other, so perfectly symbolic of New York's 'can do/never surrender' spirit. I congratulate Larry Silverstein and Dan Tishman on this outstanding achievement."

Designed by Pritzker Prize winning Japanese architect Fumihiko Maki, 4 World Trade Center is located at 150 Greenwich Street and bounded by Greenwich, Church, Cortlandt and Liberty Streets. The tower was designed to have an abstract quality minimal, light, cool in color, and ephemeral, changing with the light of day. Seen from a distance, the building presents a unique angular profile at the crown, in keeping with the spiral composition formed by the group of four towers and looking back to the Memorial and One World Trade Center.

The fourth tallest skyscraper on the World Trade Center site, 4 WTC will include 72 floors that total approximately 2.3 million square feet. It has been designed to meet a LEED Gold level of sustainable design like 7 World Trade Center and the other office buildings at the WTC site. A quarter of the office space is slated to become the new headquarters of the Port Authority of New York & New Jersey. Another 600,000 square feet will be occupied by the City of New York. The remainder of the office space will be retained by Silverstein Properties for commercial tenants.

The podium base of 4 WTC is made up of the ground floor, plus two levels above grade and two floors below grade that are dedicated for retail use restaurants, shops and boutiques of every kind. The building provides primary access from Wall Street to the World Trade Center's underground transportation and retail concourse, which in turn connects to the central PATH terminal and virtually every subway line.

Said Fumihiko Maki, "The design of the tower at 150 Greenwich has two fundamental elements a 'minimalist' tower that achieves an appropriate presence, quiet but with dignity, and a 'podium' that becomes a catalyst for activating the surrounding urban streetscape as part of the revitalization of lower Manhattan."

The conceptual design for 4 World Trade Center was unveiled in September 2006. In February 2008, excavation and foundation work began and in July 2009, below-grade work on the project was completed. Steel erection began in December 2009. Glass curtain wall installation began in April 2011 and the building will be fully enclosed in December 2012. 4 World Trade Center is scheduled to open in fall 2013.

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WTC Developer Larry Silverstein Celebrates Topping Out of Steel at 4 World Trade Center

Retail developers are expressing significant interest in the former Delphi site in Oak Creek, according to newly elected Mayor Steve Scaffidi. However, the retailers that are being pitched for the site dont match the citys vision for the project, called Drexel Town Square.

The stores that have been proposed so far are chain stores similar to stores that are already in Oak Creek, said Scaffidi, who declined to name the specific retailers that have been proposed.

Im not interested in filling the site up with something (similar to what) we already have up and down Howell Avenue, he said. Its got to be a destination place that isnt offered in other places. Im going to hold out for that. I understand that makes the project more challenging.

The 85-acre former Delphi plant site is located southwest of Howell Avenue and Drexel Avenue in Oak Creek.

Earlier this year, city and Wispark officials announced the development plans for the site. The eastern third of the site will feature junior box retail stores (about 20,000 to 40,000 square feet each) and some outlot retail development. The middle third of the site will have a Main Street lined with multi-story buildings with retail on the ground floor and apartments on the upper floors. A Town Square on the Main Street is expected to be a gathering place and could be used for ice skating in the winter and farmers markets in warmer months. The Main Street area will also be the site of the citys new library and City Hall. The western third of the site will have apartment buildings similar to those in Milwaukees Historic Third Ward.

The entire development consists of 880,000 square feet of space, including 255,000 square feet of retail space, 70,000 square feet of civic space (for the library and City Hall) and 555,000 square feet of residential space.

Interest in the residential component of Drexel Town Square is strong, and Scaffidi expressed confidence that the apartments will attract tenants. City officials have interviewed about six multi-family housing developers that have expressed an interest in building the residential component of the development and plan to select one soon.

We have had a strong interest in the residential aspects from numerous developers, said Scaffidi, who declined to name the developers. Those will be unique residential units. Residential is the easy part of it. Well have no problem filling those things.

Robert Monnat, chief operating officer for Milwaukee-based multi-family housing developer Mandel Group Inc., said the Drexel Town Square project is a good move by Oak Creek and will help it attract an increasing number of residents that want to live in dense, walkable, mixed-use environments.

Theyre working to reinvent the climate of Oak Creek and provide a whole different sort of lifestyle that isnt currently available there, Monnat said. This is a great idea. If you dont take this step to bring about change, (Oak Creek) will probably never be anything other than what it is today. If (Oak Creek) wants to remain relevant, it has to do things that might seem kind of forced, but 10 years from now people will say, Of course thats what they should have done. I think it will be successful.

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Oak Creek mayor keeps retail bar high at Delphi site

Several large retailers and hotels are coming to Dickinson.

Hilton Garden Inn Hotel, HomStay Suites, Home 2 Extended, Cash Wise Foods, Cash Wise Liquor, Menards, AT&T, Dollar Tree, Petco, Gate City Bank, Value Place and Shoe Carnival have committed to opening in a new retail

Several large retailers and hotels are coming to Dickinson.

Hilton Garden Inn Hotel, HomStay Suites, Home 2 Extended, Cash Wise Foods, Cash Wise Liquor, Menards, AT&T, Dollar Tree, Petco, Gate City Bank, Value Place and Shoe Carnival have committed to opening in a new retail complex, West Ridge Center, to be located in the northwest corner of Interstate 94, Exit 59. There will be 250,000 square feet of commercial space.

Theres been a lot of population growth in the Dickinson area and eventually retail catches up with growth in population, said Larry Nygard, president of Roers Development. Dickinson is a retail hub. It serves a very large geographical area in western North Dakota. Not only has Dickinson grown, the whole trade area has grown.

Roers Development Inc. will break ground on West Ridge Center this summer. The buildings for some of the confirmed tenants are set to be complete by spring 2013.

The Hilton Garden Inn will have 126 rooms, Home 2 Extended will have 107 rooms, HomStay Suites will have 120 rooms and Value Place will have 128 rooms.

Roers also is in negotiations with several other retailers, Chief Executive Officer Jim Roers said in a release.

Nygard also said there is room for expansion of the development. The first phase of construction will cover 160 acres and will include some single and multi-family housing as well as retail. Roers has a total of 500 acres available for development in the area.

complex, West Ridge Center, to be located in the northwest corner of Interstate 94 Exit 59.

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Dickinson getting new retail center, big name stores

OLD BRIDGE, N.J., June 22, 2012 /PRNewswire/ --The retail vacancy rate along central New Jersey's major shopping corridors fell to 9.1% in April from a 10-year-high of 10.5% a year ago and 9.8% in 2010 as a series of 'big box' absorptions triggered improvements on three highways and a stable picture on the fourth, according to R.J. Brunelli & Co., LLC. The performance snapped a string of five consecutive years of rising vacancies, but the region's current rate remains well above the 10-year low of 3.4% attained in 2006.

In its 23rd annual study of the central New Jersey market, the Old Bridge-based retail real estate brokerage found 2.79 million square feet of vacancies in the 30.53 million square feet of space studied along State Highways 1, 9, 18 and 35 in Mercer, Middlesex and Monmouth counties, and a small section of Ocean County. Route 18 posted the steepest drop in its vacancy factor, while Routes 1 and 35 also improved and Route 9 held even.

Vacancies were seen in 195 of the 785 sites evaluated throughout the region. The study evaluated shopping centers and freestanding buildings exceeding 2,000 square feetincluding restaurants, auto service facilities and vacant auto dealerships whose location and configuration makes them viable for retail use. Regional malls and centers under construction or major redevelopment are excluded.

Taken together with the slight increase to 8.2% from 8.1% in the vacancy rate along six northern New Jersey highways announced by R.J. Brunelli last week, the vacancy factor for the 10 retail corridors surveyed by the firm in the central and northern parts of the state declined to 8.7% from 9.3% in 2011. All told, the firm found 5.11 million square feet of empty space in the 58.87 million square feet evaluated. Big box spaces accounted for 2.41 million square feet, or 47.0%, of the vacancies.

"The improved picture in central New Jersey over the past 12 months is largely due to positive activity on the big-box front, where full or partial absorptions of 10 spaces more than offset three fresh vacancies," said Richard J. Brunelli, president of the firm. "Still, lingering vacancies in nearly 30 other big-box spaces along the corridors continued to keep the region's vacancy rate elevated."

By virtue of those absorptions, vacant big boxes of 20,000 square feet or more combined for approximately 1.31 million square feet, or 47.1%, of available retail space along the four corridors, down from a 54.5% share in the firm's 2011 study. Notably, 1.20 million, or 91.4%, of the region's big-box space has been on the market for a year or moreand, in a number of cases, for several years. These longer-term vacancies primarily emanated from bankruptcies or downsizings at such retailers as The Great Atlantic & Pacific Tea Co. (which subsequently emerged from Chapter 11), Levitz, Linens 'n Things, Circuit City, Office Depot, Value City, and, more recently, Borders. All told, those chains accounted for approximately 726,000 square feet of vacant space along the four corridors this year, down from 953,000 square feet in 2011a net absorption of 227,000 square feet.

A&P's Chapter 11 remained the biggest contributor to the region's big-box vacancies, with four Pathmark stores aggregating approximately 218,000 square feet still available since last year. The only location absorbed since the 2011 survey was a 59,700-square-foot former A&P in East Brunswick that was snapped up by Stop & Shop.

Among the other chains that shed multiple locations in the region, Office Depot's five stores totaling approximately 118,000 square feet are all still empty; three Linens 'n Things totaling 98,000 square feet remain available following the absorption of two locations aggregating 69,000 square feet on Route 35 to Best Market in Holmdel and Lord & Taylor Home in Shrewsbury; the long-vacant 82,000-square-foot Levitz on Route 35 in Wall is still unclaimed, while Ashley Furniture took the chain's 70,000-square-foot showroom in Eatontown; the former 126,000-square-foot Value City at Seaview Square on Route 35 is still available, but the bulk of the remaining 53,000 square feet in the chain's former building at the Manalapan Epicenter on Route 9 is now being subdivided for Sports Authority and a 6,000-square-foot tenant that's in negotiations, leaving just 5,300 square feet. These newcomers to Manalapan will join the PC Richard and Son that opened last year in a deal brokered by R.J. Brunelli, which is the exclusive leasing agent for the property. Meanwhile, the region's one remaining former Circuit City--a 32,000-square-foot space at Woodbridge Crossing on Route 1--remains available, while two Borders along the corridors totaling over 52,000 square feet are empty, as the West Windsor location closed in last year's survey was joined this past year by the site in Eatontown.

The other major bankruptcy contributing to the spike in 2011 vacancies, Blockbuster, continued to have an impact in 2012. Of the 13 locations aggregating 74,000 square feet that were closed along the corridors last year, just one on Route 35 in Ocean Township was leased to a 3,600-square-foot yogurt shop.

"The drop in central New Jersey's retail vacancy rate from 10.5% to 9.1% this year confirms that fact that the retail space market has 'bottomed out.' I believe its recovery will accelerate through 2013, especially if the national Presidential election results in business friendly regulations with no increase in taxes and if the financial crisis in Europe is solved," Mr. Brunelli said.

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Retail Vacancy Rate In Central NJ Drops To 9.1% Following Numerous 'Big Box' Absorptions, According To R.J. Brunelli ...

Planning Commission considers conversion of retail space to apartments

By Peggy Kelly Santa Paula News Published:May 30, 2012

Its back to the drawing board, but still closer to approval for 10 long-vacant commercial/retail storefronts on East Harvard Boulevard whose owner wants to convert to six live/work apartments.

At the May 22 meeting the Planning Commission asked that the plan - which includes the construction of a six-unit apartment complex on adjacent land - be fine tuned.

Deputy Planning Director Stratis Perros told commissioners that the owner of the property - located southeast of Isbell Middle School - wants to convert the retail/commercial spaces to live/work units. This is a somewhat complicated project that Perros said has been in the works for more than a decade since the complex, which includes 28 apartments as well as business storefronts, was completed about 14 years ago.

The conversion would create one- and two-bedroom apartments and the new apartment complex would be two and a half stories tall with 5,555 square feet. Perros said the retail/commercial units have been largely vacant, although rents were below market average.

New and converted apartments would have to meet the Inclusionary Housing Ordinance and offer some units for lower-income households. The plan ultimately would be decided by the City Council, which must approve the proposed zone change.

Commissioner John Wisda asked if the converted units could be solely residential, and Perros noted that people are already allowed to run certain businesses from their home.

Architect Mark Pettit of Lauterbach & Associates of Oxnard said the project underwent a commission concept review last year that included much input. We tried to be everything to everyone, he said, and although we have absolutely no problem if the wish is all residential, there has been interest from potential tenants who would prefer the live/work space.

Commissioners had several comments, ranging from window upgrades and coverings to offering a consistent view from the street to landscape improvements.

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Planning Commission considers conversion of retail space to apartments

On Garfield Street in Parkland, a row of aging business buildings stands across the street from a modern college bookstore and commons signs of a neighborhood in transition.

The eclectic, two-block stretch wedged between Pacific Lutheran University and Pacific Avenue South soon could see its biggest change yet, with the help of a state-approved tax break.

Construction on a $20 million project to build 104 apartments, plus office and retail space, a block away from PLU is expected to start late this year. The apartments would contrast sharply with the lower-end rental units along the Pacific Avenue strip.

The project aims to attract PLU professors, staff members and other professionals to live near campus instead of in downtown Tacoma or Seattle, said developer John Korsmo Jr.

It will be a great housing opportunity to keep the people that are working in the community living in the community, Korsmo told the Pierce County Council last month.

PLU officials are excited, too.

I just think its going to change the whole vibe on Garfield Street, the entrance to campus, and be a wonderful place to live and work, said Sheri Tonn, the universitys vice president of finance and operations. But the four-story project, called Garfield North, has drawn some criticism because of the tax break that will help drive it.

State lawmakers this year approved a 12-year property tax exemption on the value of new residential housing on Garfield. The legislation was designed specifically for this project.

Roxy Giddings, who lives nearby, told the County Council the exemption is a big fat tax loophole. She said she fears shell have to pay extra taxes because of it.

Graham resident Matt Hamilton also objected. When you lower somebodys tax, you have to raise somebody elses tax, he said.

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Changes coming to Parkland's Garfield Street