Redevelopment of the historic Blass Building in downtown Little Rock will begin in June to convert the former retail property into 100,000 SF of office space, 20 loft-style apartments and more.

The developers, Doyle Rogers Co. and Moses Tucker Real Estate, described it as a $20 million project.

Accompanying the project will be 200 employees from the Office of Child Support Enforcement, which will lease space in the building. A 300-car parking garage will be built at the northeast corner of Fourth and Louisiana streets as part of the project.

Construction is expected to be completed in mid-2013, according to the developers.

Officials at the two companies on Wednesday announced their plans for the 105-year-old building at 317 Main St. The development encompasses the seven-story building, once the flagship of Blass Department Stores, and its adjoining three-level annex.

New Market Tax Credits through the Heartland Renaissance Fund of Little Rock are an important component of the financial package backing the deal.

Doyle Rogers, the famed Batesville developer behind the Peabody Hotel, Stephens Building and Statehouse Convention Center, has owned the property for more than 12 years, awaiting a redevelopment opportunity.

"The time has now come," said Tommy Lasiter, CEO and president of the Doyle Rogers Co.

The redevelopment is owned by Blass Property LLC, which includes Lasiter, Jimmy Moses, Rett Tucker and Rogers' son and daughter, Doyle "Rog" Rogers Jr. and Barbara Hoover.

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Moses Tucker, Doyle Rogers to Put New Office, Loft Space in Blass Building

DANBURY -- The city's west side is already home to condominiums and apartment projects. Building has resumed at the long-dormant Rivington project.

And if things fall into place for Greenwich developer Paul Foley, there will be a new mixed-use center -- with a two-screen movie theater, a rehearsal space, retail shops, cafes, offices and dozens of loft apartments -- on Old Ridgebury Road.

"The people who live in Rivington won't have to drive down to Mill Plain Road," Foley said Wednesday of the busy, strip-mall-line thoroughfare that is the lifeline of the west side. "They'll be able to just stop here."

On Tuesday, Foley's project moved forward when the City Council voted 17-4 to approve selling 13 acres of city-owned land off Old Ridgebury Road for $3.2 million to Foley and his company, Greenwich Development Group.

Foley said he hopes to close on the property by June, and begin construction in the spring of 2013.

Foley told the council Tuesday that the project will be a mixed-use "lifestyle center," with each use complementing the others.

"There's nothing like it in the city," he said.

Foley said Wednesday the development will have a movie theater showing independent films. One part will have about 250 seats, a second will have 300 to 400 seats.

It will also have a rehearsal/performance space that could also be used for film production. Foley said while the developers will own this space, the city will have full use of it for free.

There will also be retail space for boutiques, offices, restaurants, and loft apartments that would appeal to young adults or couples or empty-nesters, rather than families. Foley said he was not sure how many of these units there will be in the development.

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Theater, lofts slated for city's west side

Some big changes are coming to two of San Luis Obispo's major retail areas: downtown and the Madonna Plaza shopping center.

Sports Authority, the Denver-based sporting goods company that fills nearly a block on Chorro Street, between Higuera and Marsh, is leaving downtown, according to Sports Authority Operations Manager Sara Jones.

Jones confirmed the store on Chorro is preparing to move into the spot where Borders Books and Music had been in Madonna Plaza, and will also take over spaces formerly occupied by the All That Glitters jewelry store and The Bed Store.

Those retail spaces are undergoing major construction to change them from three separate stores into one 35,000 square-foot retail space.

Jones said the move should be complete sometime in mid-May.

As for what might go into the downtown space now occupied by Sports Authority, it remains to be seen.

We are working on finding a replacement tenant, according to Therese Cron, tenant coordinator for Copeland Properties.

The lease agreement between Sports Authority and Copeland is not up until the end of the year, Cron added.

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Changes coming to major San Luis Obispo retail centers

FOUNTAIN VALLEY A project near the Civic Center with a 127-room hotel, 27 single-family detached homes, 61 townhomes and 2,300 square feet of retail space has gotten its final approval from the City Council despite concerns from residents about increased traffic.

The City Council chamber was filled Tuesday night with residents and community members, with about 25 people standing outside. Nearly 20 residents spoke out against the project - on Brookhurst Street and Slater Avenue - by the Ayres Hotel and Olson Co.

Project rendering of the 127-room Ayres Hotel to be built if approved by the Fountain Valley City Council on March 6.

PHOTO COURTESY OF OLSON CO.

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Most of the speakers cited concerns about increased traffic in an already congested intersection and others were concerned about potential construction issues.

The City Council approved the project 4-0, with Councilman Mark McCurdy, who lives within 500 feet of the project area, abstaining from the vote.

City officials say the hotel would bring in transient occupancy tax for the city and the townhomes would create housing for families and young people who can't afford single-family homes.

Construction for the Fountain Valley Civic Center Specific Plan Project is tentatively set for July 1, Planning and Building Director Andy Perea said after the meeting. The project includes demolition of a vacant SAFECO Insurance building, a building used by Coastline Community College and elimination of storage units used by the police department.

Construction of the hotel is expected to be completed within a year from when construction starts, said Don Ayres, hotel principal in an interview.

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Fountain Valley council OKs hotel, homes

DANBURY -- The city's west side is already home to condominiums and apartment projects. They're now building at the long-dormant Rivington project.

And if things fall into place for Greenwich developer Paul Foley, there will be a new mixed-use center -- with a two-screen movie theater, a rehearsal space, retail shops, cafes, office and dozens of loft apartments -- to serve them all on Old Ridgebury Road.

"The people who live in Rivington won't have to drive down to Mill Plain Road,'' Foley said Wednesday of the busy, strip-mall-line thoroughfare that is the life line of the west side. "They'll be able to just stop here.''

On Tuesday night, Foley's project moved forward when the City Council voted 17-4 to approve selling 13 acres of city-owned land off Old Ridgebury Road for $3.2 million to Foley and his company, Greenwich Development Group.

Foley said he hopes to close on the property by June, and begin construction in the spring of 2013.

Foley told the council Tuesday that the project will be a mixed-use "lifestyle center'' with each use complementing the others.

"There's nothing like it in the city,'' he said.

Foley said Wednesday the development will have a movie theater showing independent films, with two screens: one with about 250 seats, a second with about 300 to 400 seats.

It will also have a rehearsal/performance space that could also be used for film production. Foley said that while the developers will own this space, the city will have full use of it for free.

There will also be retail space for boutiques, offices, restaurants and loft apartments that would appeal to young adults or couples, or empty-nesters, rather than families. Foley was not sure of how many of these units there will be in the development.

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Theaters, lofts, slated for city's westside

CORPUS CHRISTI More trees, a boardwalk and a central place for food and retail vendors along the waterfront in downtown are part of a design that could be an economic catalyst for Corpus Christi.

About 250 people had a first look Tuesday night at two design concepts for a 27-acre public site. San Francisco-based firm Hargreaves Associates is leading a team to come up with a master plan for Destination Bayfront a group of local business leaders spearheading an effort to redevelop the city-owned space.

"This is a game-changer for the future of this city," Mayor Joe Adame said at the start of the meeting. "We have to be committed as a community that we are going to get this done."

One option divides the public space into five "rooms" with parking in between and along Shoreline Boulevard for better access. The rooms include a children's play area near McGee Beach, a family area for lawn games, picnics and birthday parties, an open lawn area to host festivals, Sherrill Park and an art plaza near the Corpus Christi Art Center at Coopers Alley.

A second option incorporates the same five areas for public use, but blends them into a continuous space without interruptions for parking areas. Parking for this concept would extend along Shoreline Boulevard on the edge of the park.

Tuesday night was the first of four public meetings during the eight-month planning process, which began in January. It's a chance for the design team to gauge what the public likes and dislikes about the concepts.

"We are still very much in a listening mode," Hargreaves Associates Senior Principal Mary Margaret Jones said.

Hargreaves is working with a team of architects, engineers, economic development analysts, real estate brokers and a public relations firm to write a plan for a public-private partnership of the park space. Their work will include costs for design, building, operating and maintaining the park, and how it could work as an economic spark plug for the city.

Jones has compared Corpus Christi's bayfront to the firm's Discovery Green park, which before it was redeveloped, was an empty 12-acre space in downtown Houston. Discovery Green, which includes water features and retail buildings, cost about $31 million to build.

The first year Discovery Green was open, it attracted more than 1 million visitors, and it has generated about $1 billion in private investment in that area, she said. Local chambers of commerce are planning a visit to the site April 21.

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About 250 residents have first look Tuesday night at two design concepts for Destination Bayfront

Company Release - 3/6/12

SAN DIEGO - American Assets Trust, Inc. (NYSE: AAT - News) (the "Company") today reported financial results for its fourth quarter and year-end December31,2011 and provided full year guidance for the fiscal year ending December 31, 2012.

Financial Results and Recent Developments

During the fourth quarter of 2011, the Company generated funds from operations ("FFO") for common stockholders and unitholders of $16.3 million, or $0.28 per diluted share/unit. For the year ended December31,2011, the Company generated FFO for common stockholders and unitholders of $57.3 million, or $1.05 per diluted share/unit, and FFO As Adjusted for common stockholders and unitholders of $60.3 million, or $1.11per diluted share/unit. FFO As Adjusted reflects adjustments to FFO for nonoperational items directly related to the Company`s initial public offering ("IPO") on January 19, 2011. Unitholders refers to holders of units of our operating partnership.

Net income attributable to common stockholders was $0.3 million, or $0.01 per basic and diluted share, for the three months ended December31,2011. For the year ended December31,2011, net income attributable to common stockholders was $2.9 million, or $0.08 per basic and diluted share.

FFO and FFO As Adjusted are non-GAAP supplemental earnings measures which the Company considers meaningful in measuring its operating performance.Reconciliations of FFO and FFO As Adjusted to net income are attached to this press release.

Portfolio Results

The portfolio leased status as of the end of the indicated quarter was as follows:

During the fourth quarter of 2011, the Company signed 44 leases for approximately 186,900 square feet of retail and office space, as well as 112 multifamily apartment leases. Renewals accounted for 79.2%of the comparable retail leases, 100% of the comparable office leases and 53.6% of the residential leases.

Retail

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American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2011 Financial Results

Published: Monday, March 5, 2012 at 11:17 p.m. Last Modified: Monday, March 5, 2012 at 11:17 p.m.

LAKELAND | Lakeland city commissioners voted 5-1 Monday to move forward with a new downtown development that includes 21 lofts, 14 two- and three-story town homes and 5,000 square feet of retail space.

White Challis Redevelopment Co. ,of Daytona Beach, plans to develop the 53,000 square-foot parcel in the city-owned Bay Street parking lot off Kentucky Avenue. Construction on the first phase is expected to begin in 2014.

Commissioner Keith Merritt voted against the plans. He said the development will hurt parking for businesses in the area, such as the Purple Onion restaurant.

"I have lots of concerns about that impact," said Merritt, who has a law office on Kentucky Avenue near the proposed development.

About 142 parking spaces will be lost.

The vote means the city will give a parcel that has been valued at $318,000 to White Challis. Tamara Sakagawa, Lakeland Community Redevelopment Manager, said the city should recoup its investment in about six years through property taxes and revenue from the economic development created by the new residences.

The new development will be called New Southern Square.

Mitch Harvey, who owns nearby Mitchell's Coffeehouse, said no one has given him anything during his 15 years of owning a business.

"It's a concern if we are giving land away," Harvey said. "I hope it doesn't become a practice."

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Commission Approves Use of Downtown Lot for Development

San Diego ranks fourth this year in economic and retail real estate fundamentals, according to Marcus & Millichap real estate investment services.

The area is likely to strengthen as jobs grow, construction declines and rents rise.

"San Diego's retail sector will once again outperform other Southern California markets in 2012," the firm said in its 2012 national retail report.

In 2011 San Diego ranked third behind Washington, D.C., and New York. But this year those markets have slipped a few notches on weaker employment growth and been replaced by San Francisco, San Jose and Seattle. The Top 3 benefit from "strong ties to technology and tourism, solid prospects for employment and population gains, and significant improvement in space fundamentals."

The firm's National Retail Index is based on cumulative weighted-average scores covering employment, vacancy, construction and rents.

In its analysis, Marcus & Millichap said San Diego will have the second lowest retail vacancy rate nationally, 4.2 percent, trailing No. 1 San Francisco at 3.1 percent. The national rate is projected 9.2 percent.

Prospects look good this year locally for discounter and grocer expansion in blue-collar neighborhoods. Increased tourist and business travel and office users will mean higher "hospitality-related space demand," from downtown into North County.

Key statistics include:

For investors, the best prospects lie in grocery-anchored centers and corporate-backed, single-tenant assets. Facing rising demand for the best projects, the company predicts growing interest "tertiary areas" with "acceptable" demographics and lease terms.

roger.showley@utsandiego.com; (619) 293-1286; Twitter: rmshowley; Facebook: SDUTshowley

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San Diego retail vacancy 2nd lowest in U.S.

By Katie Nowak Roberts The Record

City and County officials L-R Rensselaer County Chamber President, Lynn Kopka Troy City Council President, Kris Thompson representative for Senator Roy McDonald, Elizabeth Young of the Troy BID, Troy Mayor Lou Rosamilia, County Exec Kathy Jimino, Michael Uccellini President and CEO United Group of Companies, Nigham Sheikh Subway oencer cut the ribbon at the at City Station West, second from right. (Mike McMahon /The Record)

TROY The first business to occupy the retail space at City Station West opened its doors Monday, as the Subway sandwich shop held a ribbon cutting attended by a host of local officials.

Subway, which has another downtown Troy location in Monument Square, became the latest member of the Downtown Troy Business Improvement District, and BID Executive Director Elizabeth Young said it was exciting to finally welcome City Stations first commercial tenant.

"Projects like City Station have proven to be an economic booster to the citys businesses, adding to the growing vitality of Troy and solidifying the connection between the citys colleges and its downtown," Young said. "We are overjoyed to be cutting the ribbon on the first new business in a new building, on a whole new block here in our downtown."

The City Station project received stimulus funding through the American Reinvestment and Recovery Act, which spurred a $7 million road and infrastructure reconstruction project along the Congress-Ferry corridor that was finished in November 2010. City Station, located on Sixth Avenue between Congress and Ferry streets, was completed during a whirlwind six-month construction schedule last year. It has 48 apartments that are reserved for Rensselaer Polytechnic Institute graduate students, and the buildings first floor has 17,000 square feet of retail space, with future tenants Paesans Pizza, Supercuts and Mamora Caf set to move in soon.

Another identical complex, City Station South, is currently under construction across the street, Young said, and is scheduled to be completed sometime in August. The success of the current complex and speed with which the second is coming together is exciting, she said.

"As we stood there today cutting the ribbon, you could hear the large pile-driver that was at work across the street (and) it kind of made me realize that we really have come full circle, but a whole new stage has started," Young said.

Subway owner Nigham Sheikh, who participated in the ribbon-cutting, said it felt "very good" to finally open the business.

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Subway sandwich shop opens at City Station West