Motorbikes parked outside City Mall in Phnom Penh yesterday. Photograph: Meng Kimlong/Phnom Penh Post

A Parkson Corporation Sdn Bhd shopping centre, one of two large-scale international retail developments in the country, would push that increase in retail supply.

If planned developments come to fruition, there could be as much as 312,000 square metres of retail venues in shopping centres by 2017, up from last months count of about 105,000 square metres, the CBRE report said.

Malaysias Parkson has started construction on a shopping centre in Phnom Penh, Sung Bonna, president of National Valuers Association of Cambodia, said yesterday, although he declined to give details on the project.

Japanese retail developer Aeon Co Ltd was also in the process of developing what would be one of the countrys largest retail shopping centres on the capitals Sothearos Boulevard.

A lack of world-class brand management in Cambodian malls is driving the demand for internationally developed shopping projects, Knight Frank country manager Sunny Soo said yesterday.

At malls here, you have two floors of people selling shoes sometimes the same shoes. Its not profitable for the retailer or the mall owners, he said.

Until today, the city doesnt have first class shopping malls ... All the shopping malls here are suffering from bad leasing management.

Shortfalls in funding have led to developers selling off retail space, which limits the control they have over brand placement, he said.

International developers such as Aeon and Parkson could alleviate layout problems that hinder sales and dissuade name brands from entering the country.

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Retail space to triple: report | Business | The Phnom Penh Post - Cambodia's Newspaper of Record

A nearly $50 million project will soon bring 143 new units of affordable housing to the Flushing community, as well as additional retail space.

A nearly $50 million project will soon bring 143 new units of affordable housing to the Flushing community, as well as additional retail space.

Last week, the citys Department of Housing Preservation and Development (HPD) Commissioner Mathew Wambua, the citys Housing Development Corporation (HDC) President Marc Jahr, project developer BRP Companies Managing Partner Meredith Marshall, and Macedonia AME Church Senior Pastor Reverend Richard McEachern announced they have closed on $49.6 million in construction financing for the Macedonia Plaza mixed-use development.

Located at 136-50 37th Avenue, Macedonia Plaza will add 143 newly-constructed units of affordable housing. This project, which will be developed by BRP Companies, will transform an underused municipal parking lot into a thriving community hub with affordable low-income apartments, community facility space and economic opportunity through the addition of new retail space.

Macedonia Plaza is part of Mayor Michael Bloombergs New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of Fiscal Year 2014. For every dollar invested by the city, the NHMP has leveraged $3.41 in private funding, amounting to a total commitment to date of more than $19.4 billion to fund the creation or preservation of over 130,700 units of affordable housing across the five boroughs. More than 12,519 units have been financed in Queens.

Financing the transaction that allows Macedonia Plaza to be built is another important step in fulfilling the Mayors New Housing Marketplace Plans goal of creating or preserving 165,000 home by the close of the 2014 fiscal year, said Wambua. To date weve financed the construction or preservation of more than 130,700 homes, and every one of those units represents a family in need. In BRP Companies and Macedonia AME Church we have dedicated partners who are helping to bring affordable, sustainable housing to the Flushing community, and an opportunity for stability to hardworking New York families.

Macedonia Plaza will be constructed on approximately 30,000 square-feet of the current municipal parking lot, which was conveyed to the developer at a nominal cost to help subsidize the affordability of this development.

When complete, Macedonia Plaza will be 14 stories tall with 143 affordable apartments;113 of the apartments will be available to low-income families earning not more than $48,140 for a family of four. Nearly 30 of the apartments will be available for low-income families earning not more than $31,540 for a family of four. There will be one apartment reserved for the buildings superintendent. The unit distribution will include 27 studios, 58 onebedroom apartments, 55 twobedroom apartments, and two threebedroom apartments. It is anticipated that construction will be complete in the spring of 2014.

The total development cost for the Macedonia Plaza project is $49.6 million. HDC is providing a $26.3 million first mortgage and $9.3 million in tax-exempt bond subsidy through its Low-Income Affordable Marketplace Program (LAMP). HPD is providing $5.1 million in city capital funding and $1.7 million in federal HOME funding. Hudson Housing Capital is providing $1.8 million in tax credit equity, and BRP Companies has allocated $5.4 million for this project.

In additional to the affordable residential component, the Macedonia Plaza development will include approximately 6,287 square-feet of new retail space, and 2,767 square-feet of community space. It will also incorporate green building practices and amenities consistent with the citys mission to produce affordable, healthy and sustainable housing.

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Flushing set to get affordable housing, retail space

Southwest Florida real estate briefs

Renovation completed

Stevens Construction Inc., with offices in Fort Myers and Orlando, has completed an interior renovation and addition for Suncoast Beverage Sales. The company remodeled the existing 114,460-square-foot warehouse and distribution center located at 2996 Hanson St. in Fort Myers. The project also featured the construction of a 5,625-square-foot, 34-degree keg cooler. The Stevens Construction team included project manager, Dan Adams; superintendent, Todd Welle and Sue Ziegenfus was the project administrator. Burt Hill/Pollock Krieg Architects Inc. provided the design.

Military Rewards Program

In a show of appreciation for the men and women who serve in the United States Armed Forces, Taylor Morrison has instituted a Military Rewards Program that offers special discounts and incentives for participants. Under the terms of this program, military members who qualify for a VA loan will pay zero closing costs and zero down payment. They will also receive up to $5,000 in free design options for their new home. The Military Rewards Program is honored in all Taylor Morrison communities and may not be combined with any other offers. Taylor Morrison allows enlisted employees to fulfill their service tours while maintaining job security and health insurance benefits. They also participate in Homes for Our Troops, a national non-profit organization that builds specially adapted homes at no cost for severely injured veterans. For more information, visit taylormorrison.com.

People First certification

Prudential Florida Realty, Real Estate Services completed its inaugural People First certification program in April to become the first real estate services company in the world to receive the certification. Company employees participated in an in-depth leadership development program, focusing on tapping into the human spirit to embrace the full talent and potential of individuals. Prudential Florida Realty is the No. 1 Prudential affiliate in Florida, with more than 40 locations and more than 1,800 real estate services sales professionals and team members throughout Florida.

Tennis complex under way

Stock Development has begun work on a new tennis complex at The Players Club & Spa at Lely Resort. According to Brian Stock, CEO of Stock Developoment, the new facility will nearly double the size of the existing one and is conveniently located adjacent to clubhouse and locker rooms. The new complex will include 13 Har-Tru tennis courts with a new private tennis pro shop and a maintenance building. It will be open for the 2013 winter season. The tennis complex is the latest project in a two-year long expansion of The Players Club & Spa, which provides a separate non-golf clubhouse in a casual, tropical atmosphere at Lely Resort. The sales center for Lely Resort is located at 8020 Grand Lely Drive, with entrances on U.S. 41 East and Collier Boulevard.

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Southwest Florida real estate briefs

After a four-year hiatus, developers have restarted construction of Green Lake Village, a closely watched apartment and retail project on the site of the old Vitamilk Dairy.

Lorig Associates stopped work in late 2007 when negotiations with a prospective grocery tenant fell through, leaving a 3-acre crater in the Green Lake neighborhood's center. The project came back to life a year ago when PCC Natural Markets agreed to lease half its 50,000 square feet of retail space.

But Lorig CEO Tom Fitzsimmons said the design needed to be updated before construction could resume.

"The project had gotten a little stale," he said.

Green Lake Village should be finished in January 2014, he said.

In addition to retail, the three-building, five-story project will have 297 apartments and 430 underground parking stalls. It will cover the entire block bounded by Woodlawn Avenue Northeast, Fifth Avenue Northeast and Northeast 71st and 72nd streets.

Michael Cornell, president of the Green Lake Community Council, said the neighborhood "is anxious to see this project move forward, especially the PCC market."

Green Lake has needed a grocery store since the Albertson's later replaced by an apartment and retail complex closed in 2006, he said. And that need was magnified when the QFC in nearby Roosevelt closed last month to make way for a light-rail station.

No other retail tenants have signed on at Green Lake Village yet, Fitzsimmons said, "but quite a few folks are looking at it," including restaurants and fitness centers.

The project also has a new part owner insurance giant Northwestern Mutual, which formed a joint venture late last year with the family that owned Vitamilk. In addition to its equity stake in Green Lake Village, Northwestern Mutual also has loaned the project $50 million, according to county records.

Read more from the original source:
Big hole near Green Lake starts to fill up; Esterline investor prompts takeover speculation

KANSAS CITY, Mo., June 1, 2012 (GLOBE NEWSWIRE) -- Hunt Midwest Real Estate Development, Inc. announces that the National Archives and Records Administration (NARA) has signed a lease for 102,000 s.f. of industrial warehouse and office space in Hunt Midwest SubTropolis, the world's largest underground business complex. The new lease also includes options for expansion up to 372,000 s.f.

The new facility in SubTropolis consolidates several non-NARA certified locations to enhance productivity. "NARA's decision to combine several operations into one at SubTropolis is a great example of best-value procurement," said Ora Reynolds, president of Hunt Midwest Real Estate Development. "Not only does the underground offer excellent value compared to surface buildings, SubTropolis offers the efficiency and desired contiguous space NARA needs for cost-effective growth."

SubTropolis, which recently earned the highest ENERGY STAR energy performance rating possible from the U.S. Environmental Protection Agency (EPA) and Department of Energy (DOE), is considered a NARA-certified location for a number of reasons including sustainability, constant temperature and humidity levels, security and energy efficiency.

NARA will join several other government tenants in SubTropolis. The Environmental Protection Agency (EPA) maintains a 43,200 s.f. emergency response operation in the underground. The United States Postal Service (USPS) Stamp Distribution Center, which distributes stamps and packaging products to post offices, operates in 217,114 s.f. The USPS also leases an additional 311,600 s.f. in SubTropolis for its Stamp Fulfillment Center that fulfills online orders for commemorative stamps, rst-day covers, Forever stamps and other postage products for the entire country.

"In total, federal government tenants will occupy nearly one million square feet of space in SubTropolis if NARA expands to the full 372,000 s.f. allowed for in this new lease," Reynolds said.

The NARA facility is the first project located in the newest phase of SubTropolis north of Derrough Drive. Access will be available from Parvin Road into SubTropolis via the new Derrough Drive entrance.

Hoefer-Wysocki Architects is the architect and Valor Construction is the general contractor for this project, which is set to be completed this fall. The initial phase includes two 45,000 s.f. storage pods with more than 1.6 million lbs. of steel shelving. NARA's facility will also include an additional 12,000 s.f. for office and staging areas.

About the National Archives and Records Administration (NARA)

The National Archives and Records Administration is an independent Federal agency that helps preserve our nation's history by overseeing the management of all Federal records. Our mission is to ensure ready access to the essential evidence that documents the rights of American citizens, the actions of Federal officials and the national experience.

About SubTropolis

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National Archives and Records Administration Leases Space in Hunt Midwest SubTropolis

SAVANNAH, GA (WTOC) -

A new multi-million dollar development complex is planned for the Georgia Power site on historic east River St.

A developer wants to build two hotels, a parking garage in excess of 500 parking spaces and retail complex on the waterfront property.

The Savannah Chatham Metropolitan Planning Commission approved a draft of the proposal during a special meeting Thursday.

Before the proposal is finalized, the developer will have to meet the historic district's height guidelines, which are set in place by the city to preserve the look of the historic district.

While the Georgia Power office building isn't a historic building, it will be preserved and not be demolished.

River Street may also be widened to accommodate additional traffic and pedestrians. Under the proposal, a pedestrian only access will be constructed that will connect Trustees Gardens and pedestrian traffic from Bay St. to River St. and the Savannah River Walk.

No public funding will be required for the project, but rather, all funds for the construction will be privately funded.

The Historic Board will go before the Metropolitan Planning Committee June 5 for further approval.

Copyright 2012WTOC. All rights reserved.

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Hotel, retail space planned on Georgia Power site on River St.

LOS ANGELES--(BUSINESS WIRE)--

Canyon-Johnson Urban Funds (CJUF) recently closed all-cash on the acquisition of a 32-acre parcel located in Miamis Flagler Corridor. CJUF plans to develop the property a dormant former golf course into a 235,000 square-foot neighborhood shopping center called Fontainebleau Park Plaza, which will be anchored by a Walmart supercenter with full service grocery and general merchandise.

The site, which enjoys an unusually high amount of frontage on the main thoroughfare of West Flagler Street at the intersection of SW 92nd Avenue, is located in the heart of a diverse neighborhood with extremely high density. Nearly 400,000 residents live within five miles of the site, and more than 250,000 employees work within the same radius.

The Fontainebleau site is one of the last remaining parcels in the Flagler Corridor that is entitled for retail development. The project will meet existing demand for services in a community that traditionally has been under-served from a retail perspective.

When you consider the population density and low retail vacancy rate in this corridor, its clear there is a significant supply and demand imbalance that needs to be addressed in this submarket, said Canyon-Johnson CEO and Managing Partner Bobby Turner. We believe in Miami and know the area well, and we are thrilled to contribute to the continued growth and revitalization of the area. Fontainebleau is exactly the kind of project we like to invest in.

Canyon-Johnson is focused on creating job opportunities and revitalizing urban America, said Canyon-Johnson Partner, Earvin Magic Johnson. We are thrilled to be back in Miami, and to breathe new life into a piece of land that has been underutilized for too long.

National and local retailers have shown significant interest in the remaining available space in the center. Leasing for the project is being handled by Rod Castan at the Courtelis Company. Construction for the development of the project is expected to commence in the second half of 2012.

The market fundamentals are currently very strong for retail investments in Miami, and the Fontainebleau project fits directly into our urban retail strategy, said CJUF Principal Jonathan Roth. I am confident that Miami-Dade will remain a target market for further CJUF investments.

About Canyon-Johnson Urban Funds

The Canyon-Johnson Urban Fund is one of the countrys largest private real estate funds focused on the development of urban properties in underserved neighborhoods. Canyon Capital Realty Advisors and Earvin Magic Johnsons Magic Johnson Enterprises joined forces to raise a series of funds to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. Fundamental to Canyon-Johnsons investment thesis is its commitment to a triple bottom line philosophy of achieving superior financial results, fostering opportunities within urban communities, and embracing environmental responsibility. With nearly $2 billion in committed equity capital, the funds are positioned to facilitate more than $8 billion in development and revitalization in major U.S. metropolitan areas. Canyon Capital Realty Advisors is the real estate direct investing arm of Canyon Partners. Canyon and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, California, with approximately $18.5 billion in assets under management. For more information, visit http://www.cjuf.com.

Original post:
Canyon-Johnson Urban Funds Invests in Miami Retail Development

Published: Wednesday, May 30, 2012 at 3:30 a.m. Last Modified: Wednesday, May 30, 2012 at 12:16 a.m.

TUSCALOOSA | An apartment and retail development for University Boulevard was approved unanimously Tuesday night by the Tuscaloosa City Council.

Planned for the current site of Broad Street Apartments, owner Phil Weaver intends to demolish the existing buildings and replace them with two buildings one will be four stories and the other will be three that will have commercial space on the bottom floors and living spaces above.

It's not like it's something new, Weaver said. You have 34 units already there, but this is going to be quite an upgrade for that area, and it's going to be a big plus for that area of town.

The new buildings will contain 85 bedrooms in one-, two- and three-bedroom units, and each of the two buildings will have three commercial spots each for a combined 7,500-square feet of retail space.

Weaver already had won approval in October to have the location at the corner of University Boulevard and 20th Avenue rezoned in order to accommodate the mixed-use development. Tuesday's vote was in order to comply with the rigors of the downtown overlay district, which regulates several areas of downtown construction including screened parking requirements and building material standards.

Councilman Bobby Howard, who represents this area as part of District 1, reiterated his opinion from last year that he believes this development will be a benefit for downtown as well as his entire district.

I think it's going to be great, Howard said, noting that it replaces blighted buildings with new ones while adding a retail component. It's a welcomed investment.

Weaver said he anticipates that the three-story building, which faces University Boulevard, will be complete within six months. The four-story structure facing 20th Avenue should be complete within 10 months.

I think it's going to be something very, very positive down there, Weaver said. And I think it will help retailers in that area by putting more people in that part of town.

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Council OKs downtown retail, apartment project

A THREE-deck car park and shopping space, underpinned by Target as an anchor tenant, will be built in Wangaratta within two years.

The $25million development will create 346 parking spots and 4000 square metres of retail and commercial space over a potholed car park adjacent to the Co-Store, on the corner of Reid and Ovens Streets.

The undercover parking will cost $1 an hour, double the present rate of ticketed parking in the citys CBD.

A new style of Target store, smaller than the Wodonga and Albury outlets, will occupy more than three quarters of the floor space.

It is expected to create 20 to 25 full-time jobs once open and 100 jobs during construction.

More than 600 square metres of floor space will be dedicated to a medical centre.

James Scremin, a partner in Prudential Commercial Investments, who owns the Co-Store, and one of the partners who promised a Wodonga cinema almost five years ago, said construction would start in October.

We hope to have it open for Easter 2014, he said.

This has been something we have been working on for the past four or five years.

We hope that with everything else we have in the Co-Store the cinema, shopping, bowling alley and plans for underground mini-golf this will become a shopping destination for the region, not just Wangaratta.

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Target to lead city’s $25m mall, car park

BY KENNYWALTER Staff Writer

The third and final phase of Pier Village, a mixed-use redevelopment along the Long Branch beachfront, is ready for construction.

The Long Branch City Council approved the plan during the May 22 meeting for the development that will include a hotel, retail, residential component and public space, including a play area, concert stage and carousel.

While the conceptual plans have been approved, the Long Branch Planning Board will vote on the site plan and the council then must approve a parking management plan.

We had a meeting yesterday, and we have people working on it as we speak, Business Administrator Howard Woolley Jr. said. Applied Development Co., Hoboken, is the developer for the 7-acre project bounded by Melrose Terrace to the north, Morris Avenue to the south, Ocean Avenue to the east and Ocean Boulevard to the west.

The council approved the preliminary design for the third phase of the project in 2010, and inApril the developers presented modified plans that include an expanded boardwalk and concert stage as new design elements.

At least one business owner gave mixed reviews to the plans during the meeting, expressing concerns about the viability of the project Dan Pinheiro, owner of Stewarts Root Beer in Pier Village, said he doubts the ability of the new phase to bring more people year-round into the area.

I love the concept, but in the past we were promised a lot of things, he said during the public hearing on the project. Ive been there for six, seven years now, and when I first came I was told Id be coming to a year-round community.

I ended up getting stuck with a store that has four months [of business], and there is not much else I can do, he added. It cant just be promised, it just has to be done.

According to landscape architect Tom Bauer, of Melillio and Bauer, the main difference in the plans presented in April is that a beach access point on Morris Avenue would be preserved.

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Final phase of Pier Village approved