Morrisville, NC (PRWEB) March 19, 2012

CASTO, one of the countrys leading real estate organizations, announced today that Phase II construction of the mixed-use lifestyle center, Park West Village, will begin. Park West Village is located at the southwest corner of Cary Parkway and NC-54/Chapel Hill Road.

Another 200,000 square feet of retail space will commence this month, stated Shannon Dixon, VP of Development, Leasing & Asset Management for CASTOs Southeast operations.

Joining Park West Village is a 55,000 square foot, state-of-the-art 14-screen cinema, operated by Stone Theatres, formerly Consolidated Theatres. This location will be one of several new theatres opened by the founder of Consolidated Theatres, Herman Stone. Mr. Stone commented on his choice of this location by saying, The Raleigh market has always been a strong market and when it came time to choose one of our first locations after the sale of Consolidated, it was key for us to find the best site with great demographics, upward movement in population and a strong developer. Park West hit on all three for us. The architecture of the project will lend itself to unique design for the theatre with a prominent water feature at the entrance; a signature item consistent with Stone Theatres throughout the eastern United States.

Additionally joining the project includes Gander Mountain and The Wine Guy Bistro. Gander Mountain, the outdoor superstore, will occupy 52,000 square feet. The Wine Guy Bistro, based out of Columbus, Ohio, will be 6,000 square feet and plans to offer wine samplings with a retail wine shop and great, savory food selections.

About Park West Village Ideally situated at the heart of one of the most desirable locations in the country, Park West Village is a new 100-acre mixed-use development that includes a town center district, a community center with sought-after major retail anchors, upscale casual restaurants and a movie theater, all of which will be mixed with residential, office and hospitality. For more information, please visit http://www.parkwestvillage.net.

About CASTO CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. CASTOs growing portfolio currently includes over 23 million square feet of commercial property and nearly 4,000 residential units located primarily throughout the Midwestern and southeastern United States and Puerto Rico. CASTO currently has more than three million square feet of retail in development. To learn more about CASTO call (888) 400-0878 or visit http://www.castoinfo.com.

Originally posted here:
CASTO Announces Phases II and III to Commence Construction at Park West Village

South Market District, the proposed apartment and retail project near the future Loyola Avenue streetcar line, will appear before the Industrial Development Board Tuesday to ask for a property tax abatement to help the project get off the ground. The project is coming together a little more slowly than expected, but it has grown in scope since it was announced in December 2010.

The developer, the New York- and New Orleans-based Domain Cos., had originally hoped to build 450 apartments with 125,000 square feet of retail space in a sea of parking lots downtown. But Domain was able to acquire additional land in the area, so it now plans to develop 559 apartments and 178,213 square feet of retail space that it hopes will provide more traction to a burgeoning area of downtown.

Matt Schwartz, a principal in the Domain Cos., said that Domain hopes to close the financing and begin construction this summer on the first phase of the $69.1 million South Market District project. Schwartz hopes to announce the first-phase retailers early in the summer.

The timing for later phases of the project will depend on how solid a response the retailers get. "The demand is certainly there on the multi-family side. I think the demand is there on the retail side. Project timing will really be determined by the pace at which we get retailers to commit to the leases," Schwartz said.

Today's Industrial Development Board meeting is the opening shot for discussion about possible incentives from the city on the project, and evaluating the impact of the project -- and any tax breaks -- on the city's finances.

According to a project summary provided by the IDB, Domain has asked the city to make a payment in lieu of property taxes, or "PILOT," of $114,000 a year for 15 years, for a total of payment of $1,710,000 to the city. The $114,000 per year is slightly higher than the property taxes that are paid on the undeveloped land.

Schwartz said that Domain's actual proposal calls for annual increases in the PILOT of 3 percent or the change in the consumer price index, whichever is greater. That means the amount that Domain is proposing to pay the city is higher than what the summary sheet depicts.

The first phase of the project will be funded with about $8.4 million in equity contributions from the owners, about $55 million in loans, $4.9 million in equity investments from the federal new markets tax credits program, and $806,626 in Louisiana Enterprise Zone rebates.

Domain has also applied to the state for money that could help cover the costs of widening sidewalks along Girod Street to create a more pedestrian-friendly environment. Domain got permission from the city to close a lane of traffic along Girod and make other streetscape changes in the area.

South Market District LLC is 32 percent owned by CKL Associates LLC, which is wholly owned by business man Paul Flower, whose company, Woodward Design Build, will be the general contractor on the project.

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South Market District proposal will appear before Industrial Development Board Tuesday

Posted: 3:38 pm Mon, March 19, 2012 By DanEmerson Tags: David Frank, Jim McComb, Norman Bjornnes, Sherman Group

One of the most successful transit-related retail developments in the nation is Trolley Square in the San Diego suburb of Santee, Calif., said Minneapolis-based retail consultant Jim McComb, who traveled there for a Hennepin County study. The city of Santee acquired land where the San Diego light rail transit line terminates and developed a shopping center with big-box retailers such as Target, PetSmart and Bed, Bath & Beyond. (Submitted photo: city of Santee, Calif.)

Developing successful retail businesses along light rail transit lines is not a matter of build it and they will come. City planners and developers wish it were that simple.

To succeed, any retail location needs a certain amount of traffic passing by plus visibility and convenient access. Those elements are not always present along rail lines, experts say. Planners also preach the message that transit-related retail development doesnt happen overnight.

Its complicated, said Minneapolis-based retail consultant Jim McComb, who has studied transit-oriented retail development nationwide. He has traveled LRT lines in about a dozen cities, including Salt Lake City, Los Angeles, San Diego, Phoenix, Denver, Dallas, Houston and St. Louis.

McComb, president of the McComb Group, points out that a number of LRT lines in those cities were developed along railroad right of way, which tends to be more industrial than residential.

Retail is not going to thrive in those areas, he said.

Those who plan and develop station areas, McComb said, often dont understand the dynamics of what makes a good retail location, which can result in poor performance.

Light rail is not like commuter rail, which typically runs between cities rather than within cities, McComb said. The people who use LRT lines generally live nearby, so those riders do not represent new potential customers. Also, there generally arent large groups of people boarding at each station throughout the day.

But retail associated with light rail can be successful if it is done correctly, McComb said.

Read the original here:
Retail along light rail lines isn’t automatic fit

There is a lot happening on Cazenovias main drag these days.

Recently, jewelry-design shop Dragonfly Beads and local tack store The Show Trunk joined forces and merged retail space to form the boutique Wishlist, at 53 Albany St. Another unique boutique, Lillie Bean, has moved from its location in the McLaughlin building into the vacant retail space at 57 Albany St., which was created by The Show Trunks move.

Across the street, construction continues on 52-54 Albany Street, and the familiar restaurant/bar is being transformed into a dance/fitness studio. Although its owners dont yet have an opening date, the fact that the space wont sit stagnant is advantageous for tax-paying residents.

Increasing Cazenovias tax base has been an important issue, as local officials continue to see costs increase and business waver. Recently, the village board has considered reviewing zoning regulations for certain aspects of the Comprehensive Plan, which was adopted in 2008. This has been met with apprehension, as innumerable hours of work had been put into finalizing the document.

We at the Cazenovia Republican understand the immense amount of time and consideration put into developing the Comprehensive Plan, but fully support its careful reexamination, if Cazenovias residents and tax base could benefit.

We also applaud the businesses of Albany Street and this community, for their continued operation through tough economic times. They are a large factor of Cazenovias charm, and one of the reasons visitors return time and again.

With hopes that all future development is in keeping with Cazenovias character and enhances the community, we look forward to seeing Albany Street and area businesses continue to prosper and grow.

Originally posted here:
Movin’ and shakin’

As part of the topping-off ceremony, construction workers guide a cupola into place as it is lowered onto the roof of The Springs mixed-use building on Weibel Avenue in Saratoga Springs. (ERICA MILLER, emiller@saratogian.com)

SARATOGA SPRINGS Bonacio Construction hosted Friday a cupola raising and topping off ceremony at The Springs apartment complex at 60 Weibel Ave., signaling the first phase of the project is moving closer to completion.

The First 59 phase of the new, mixed-use development is scheduled to be done by the summer. In this phase, 59 apartments and 12,000 square feet of commercial space are being constructed.

The firm broke ground on the project in fall 2011. When the project is finished, The Springs will house 178 apartments and extensive retail space.

Phase two will add another 70 apartments, and phase three will add 49 apartments and 12,000 square feet of commercial space. The development will have one-, two- and three-bedroom apartments.

For information about the project, call Julie Bonacio at 584-9007 or go to http://www.springssaratoga.com.

Continued here:
Bonacio Construction tops off The Springs mixed-use complex on Weibel Avenue

JENNIFER HUFFMAN Napa Valley Register | Posted: Friday, March 16, 2012 12:30 am |

Some Napans might like a Best Buy or Costco to open in Napa County. But theres one major problem with that wish.

There are no sites to point them to, Napas Economic Development Manager Jennifer LaLibert said.

Napa just doesnt have the space for such larger tenants, according to a recent shopping center vacancy report from Terranomics, a retail brokerage firm.

At the close of the fourth quarter 2011, shopping center vacancy in Napa County stood at 3.1 percent, up slightly from the 2.8 percent mark recorded three months earlier, the report said.

With occupancy levels now approaching 97 percent, the Napa marketplace has reached a point at which vacancy levels are so low that they now threaten growth, especially for larger space users, the report noted. There are few options for tenants looking for larger blocks of premium retail space in the market.

That doesnt surprise me, LaLibert said. Larger stores such as Costco, Best Buy, TJ Maxx or Linens n Things often need acres of property to open, she said.

Best Buy has been looking in Napa for a number of years. Costco has shown an interest, LaLibert said. Without the space, would-be shoppers of these businesses are out of luck.

LaLibert noted that while the next phase of the Gasser Foundation plan for the riverfront behind South Napa Marketplace will have additional retail space, We just dont have large vacant parcels sitting around.

A large retailer would have to assemble parcels and thats not an easy feat, she said.

Link:
Lack of sites keeping popular large stores out of Napa

Montclair officials received a site plan for CentroVerde at Montclair, which is the name now bestowed on the three-building redevelopment set for the DCH property, on Thursday.

STAFF PHOTO BY GEORGE WIRT

The site plan for CentroVerde at Montclair, the new name for the DCH redevelopment project, includes three buildings with retail, commercial and office space. The development will also have a 25-foot atrium, a plaza and a courtyard.

STAFF PHOTO BY GEORGE WIRT

The street-level floor of CentroVerde's buildings will be retail space, and above that will be residential units.

The plans depict Phase 1 and 2 of what the township calls the Montclair Center Gateway, a mixed-use project with residential, retail and office space slated for the former DCH dealership site on Bloomfield Avenue, between Valley and Orange roads. The project is considered critical to the township's future, a source of new ratables and tax revenue on a four-acre slice of what's currently empty land with vacant buildings.

The site plans shows three six-story buildings, with their ground floors mainly dedicated to retail space, with storefronts adorned with fabric awnings and metal canopies. Residential units are perched above the retail-filled ground level. The plan also calls for a sprucing up of the Church Street circle.

The Montclair Center Gateway plans include a 25-foot, two-story atrium in Building 3, at the corner of Bloomfield Avenue and Orange Road, as well as a plaza that would face Bloomfield Avenue. Building 2, precisely on the old DCH dealership space at the corner of Bloomfield Avenue and Valley Road, has an open courtyard behind it.

Building 1 is past Building 2 on Valley Road, and will be built next to the Montclair Board of Education Building.

The group developing the DCH property, Montclair Acquisition Partners LLC, filed its site plans with Janice Talley, director of the Township Department of Planning and Community Development.

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Montclair developer submits site plans for 'CentroVerde,' better known as DCH site

MARINA, Calif.--(BUSINESS WIRE)--

Shea Properties and Cinemark Holdings, Inc., parent company of Century Theatres, announced today a deal that will bring a state-of-the-art, 10-screen, digital cinema to the Dunes on Monterey Bay Shopping center in the City of Marina at Highway 1 and Imjin Parkway. The theater will kick off phase two of The Dunes on Monterey Bay that will also include specialty retail space and restaurant pads for lease. The second phase, called 10th Street, will eventually become the heart of the master-planned community with a village square that connects to the beach, neighborhood parks, and surrounding homes and retail.

For Marina Community Partners, who oversees the master-planned community, the addition of Century Theatres is an important next step in its retail expansion as it furthers the goal of making Marina an entertainment destination for the Peninsula.

The new 35,000-square-foot Century Theatres will open in 2013, seat 1,650 moviegoers, and feature the companys XD (Extreme Digital) technology in one of the 10 screening rooms. The Cinemark XD entertainment environment features an oversize, wall-to-wall and ceiling-to-floor screen, brand-new plush seating, a custom JBL sound system featuring crisp, clear digital sound, and the brightest digital images delivered by a Doremi server and a Barco digital projector.

Phase one of The Dunes on Monterey Bay is an existing 375,000-square-foot regional center anchored by Target with Kohls, REI, Best Buy, Old Navy, Michaels and Bed Bath & Beyond rounding things out. Famous Footwear was recently added to the center and will open to the public on March 14th, with its official grand opening on the 24th.

For leasing opportunities, please call 831-886-7800. For information visit TheDunesOnMontereyBay.com.

Site plan and renderings are available upon request.

About Cinemark Holdings, Inc.

Cinemark is a leading domestic and international motion picture exhibitor, operating 456 theatres with 5,152 screens in 39 U.S. states, Brazil, Mexico and 11 other Latin American countries as of December 31, 2011. For more information, visit http://www.cinemark.com.

About Shea Properties

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Century Theatres to Open 10-Screen Complex at The Dunes on Monterey Bay

By Alan Thomas athomas@mainlinemedianews.com

While Eli Kahn talked, the demolition equipment was already at work on East King Street. Malvern is moving forward that rapidly.

Kahn is a local developer with a plan to transform Malvern Boroughs tired post-industrial east side into a vibrant residential and retail swath that he calls a walkable environment [and] a better environment to work in. On Wednesday morning he told a packed borough hall all about it at a Malvern Business and Professional Association meeting.

Kahn, who said he had gotten the idea 12 years ago, called East King the largest construction project ever in the borough, a five-year venture that in 18 months will produce 25,000 sq. feet of retail space with quality residential space planned above it along with expanded parking under and outside.

Kahns announcement that the Whip Tavern, a traditional English pub located in Unionville, is planning to open its second location on East King seemed to draw the interest of the crowd as much as any other detail. Kahn said he was close with a few other spots, which he could not yet name, but that one would be a spectacular addition.

I think the retail will fill in quite nicely, Kahn said.

Demolition of buildings from the Malvern Design Center east to Rusticraft Fence Co., just into Willistown Township, should be complete by next Friday, Kahn said. With all construction contracts signed, storm-water management on the Willistown side will head the list of projects with excavation, foundation pours and the lower-level parking structure following shortly. Bozzuto Construction of Baltimore will do the work.

The project will also include a 5,000 sq. foot office building.

Kahn praised the newly refurbished Malvern train station area with its improved parking arrangement as spectacular, and said that it made Malvern accessible for businesses.

In answer to a question, Kahn said that he will be creating a lot of parking on the north side of King, with 17 to 20 parallel parking spaces planned along with 10- to 20-foot-wide sidewalks. Answering another question, he said the faade will be varied in appearance and in the materials used -- brick, stucco, stone -- to give the long building front the feel of individual buildings.

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Kahn updates Malvern on E. King progress

NEW YORK--(BUSINESS WIRE)--

CIM Group announced today that it has closed on its majority investment in the high-rise residential tower and retail development site located at 303 East 51st Street in Midtown Manhattan. Construction at the .39-acre property at the northeast corner of 51st Street and 2nd Avenue is expected to begin later this year. The existing capital partners in the development, ACRO Real Estate and Polar Investments, will remain as minority equity investors in the project, and affiliates of CIM Group and HFZ Capital Group will co-develop the property.

The project, designed by SLCE Architects, will comprise a 32-story, approximately 273,750 square foot tower and base design containing 123 units averaging 1,568 square feet per unit. The base of building, floors 1 through 7, will include the building lobby and approximately 9,000 square feet of ground floor retail space. The building will also contain up to 32 parking spaces in the sub-cellar level.

Located in the heart of Midtown East, 303 East 51st Street offers excellent access to mass transit, some of the Manhattans finest restaurants and retail destinations, as well as the Citys largest central business district.

About CIM Group

CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesdaand New York, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas; Stabilized/Core or well-positioned operating properties in transitional districts; and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit http://www.cimgroup.com.

About HFZ Capital Group

HFZ Capital Group is a Manhattan-based real estate investment and development company founded by Ziel Feldman. With expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development and asset management, HFZ Capital Group has built an excellent reputation based on its breadth of talent, creative approach to deal structuring and unique ability to manage risk. The companys depth of experience ensures strong returns for both partners and investors. For more information, please visit http://www.hfzcap.com

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CIM Group Closes on Investment in Residential and Retail Development at 303 East 51st Street