Curt Gunsbury wants to replace a vacant parking lot and auto repair shop in northeast Minneapolis with a seven-story apartment building.

City zoning rules say that because the site is in a commercial zone hes required to devote a portion of the building to storefronts. Gunsbury says prospects to fill that space are dim.

Nobody wants it, and nobody is willing to pay for it, he said.

While such requirements are well-intentioned, he said, there are rows of empty storefronts near his proposed project that have had For Lease signs in the windows for years. He worries there will be more.

So Gunsbury plans to ask the city for permission to replace some of that required commercial space with walk-up apartments, which are easier to fill than retail, he said. If denied, Gunsbury said the apartment tenants will end up subsidizing the cost of any vacant retail through higher rents.

If were talking about affordable housing, this [retail rule] is absolutely the wrong thing to do, Gunsbury said, saying it can jack up rents on the tiniest units by $20 per month.

With rising commercial vacancy rates in the Twin Cities, developers are imploring city planners to let them build more apartment units on the street level where commercial space is now required. While planning departments try to make cities more livable with such mixed-use projects, developers argue vacant commercial space increases rents at a time when renters can least afford it. Plus lenders are less willing to finance such projects.

The situation is putting community planners and developers at odds over a popular, long-standing planning concept thats been credited with creating more vibrant, walkable communities in urban and suburban areas alike.

Minneapolis City Council Member Andrew Johnson said developers have a responsibility to make neighborhoods more active and said he regularly gets calls from small businesses seeking affordable spaces. So he said he often pushes back when apartment developers complain they cant find retail tenants.

Developers can make a profit, he said, suggesting that they need to re-examine their commercial rent levels and work harder to find small local businesses that would benefit the community. He also suggested they forgo luxury lobbies that go largely unused and invest instead in a little coffee shop.

Jeffrey Herman, president of Urban Anthology Commercial Real Estate in Minneapolis, said COVID-19 has essentially destroyed the inner-city commercial market and the prospects for a recovery are uncertain. And while developers would love to land a neighborhood coffee shop or locally owned service business, many of those merchants cant afford the kind of new space thats getting built. If you put in a neighborhood florist you almost have to pay them to be there because they dont make any money, he said.

Mixed-use zoning is a long-standing concept thats aimed at incorporating a variety of uses into a single development. Its supposed to enable people to live, work and shop in high-density areas. Its seen by cities as a more efficient use of land and resources.

But Gunsbury and other developers say such requirements often have unintended consequences. With demand for commercial space waning and demand for rental apartments raging, they want more flexibility.

Ted Abramson, senior vice president of multifamily investment properties for CBRE Inc., said he recently sold a 118-unit apartment building in St. Paul where 70% of its apartments rented within seven months of opening in November. But the first-floor retail space is empty.

He said its increasingly difficult to get such projects financed because lenders understand the growing demand for housing but remain leery of retail especially because its hard to land those sure-bet anchor stores such as Target, Cub Foods or Aldi.

The underwriting and the credit that a lender is willing to give toward the retail component on those mixed-use developments is heavily scrutinized, Abramson said. Even pre-COVID-19.

David Daly, a CBRE senior vice president of retail properties, said city rules can create a big risk for builders even if the deal gets financing. A housing developer could build out its first floor for a restaurant only to wind up with a fitness center tenant instead and a significant renovation bill.

Drew Johnson, senior vice president of development at Oppidan Investment Co., said mixing restaurants with housing is particularly costly because developers have to install industrial kitchen odor scrubbers or grease exhaust vents that can add $250,000 in costs.

Oppidan thought it had a home run of a plan for the city to approve when it presented its 2018 plan for 150 market-rate apartments upstairs, anchored by a Cub Foods on the first floor of its Hiawatha Avenue and 46th Street project in Minneapolis. The city, however, wanted more. It asked for small storefronts along the 46th Street side instead of just a solid wall or a window into Cubs meat section.

Oppidan complied and built a series of storefronts. But 20 months later, the 4,000-square-foot commercial space, which cost $1.2 million to build, has never had a renter. If occupied, the space could have generated $100,000 a year in rent.

The irony of it is that the citys whole policy was to help activate the street with storefronts, said Johnson. Now its a mini black eye on an otherwise successful project.

Developers often ask planning commissions for exceptions to such requirements, a process that can be time-consuming and expensive with no promise of success.

When the Minneapolis Planning Commission approved Lupe Development Partners plans to build two apartment buildings on Lake Street near Lyndale in May, the approval came with strings.

Lupe was required to include 10,000 square feet of retail on the first floor. That didnt sit right with Lupes vice president, Steve Minn, who complained to the city that its retail mandate was too great, especially when a whopping 25,000 square feet worth of storefronts sat vacant nearby.

Minn wanted to use his first floor for more affordable apartments, a community room and a fitness room. He won an appeal in June. Now construction crews are set to begin work this month on the $32 million, seven-story Lago building. It will have 132 apartments and 2,000 square feet of retail.

The purpose and the good intentions for which the retail [mandate] was originally to be a part of [apartment builds] are no longer true in the marketplace, Minn said. What you ultimately get is empty storefronts.

Minn and other developers say theyll plead with cities to let them swap retail for community rooms, fitness centers and party rooms that can be used by renters and sometimes the community. Alex Gese is taking that approach to help secure approvals to build an apartment building in south Minneapolis that would replace a longtime neighborhood restaurant. During a recent presentation to a committee of the citys planning commission, some members suggested adding commercial space to the building.

Gese, who owns other commercial properties in the area, is reluctant to revise his plans. Retailers and restaurants in the area are already struggling and hes had to lower rents, he said. If the city persists, Youre going to see empty storefronts all over the city, and I dont want to add to the glut.

Correction: A previous version misidentified Urban Anthology Commercial Real Estate.

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'Nobody wants it.' Twin Cities developers push back on mandated storefronts in apartment buidings - Minneapolis Star Tribune

Construction is underway on a new development in Macomb.

Neighboring businesses said this brings potential for more foot traffic.

There's now a construction site in front of Farm King on East Jackson Street in Macomb.

"We are expecting to see at least maybe three new businesses, retail, commercial investments there," Macomb Area Economic Development Corporation Executive Director Kim Pierce said.

She said while they're not ready to announce what businesses plan to move in, it's an exciting time for the community.

"I know that everyone involved in it is excited to see it's finally getting some dirt moving and we'll be able to see some new construction," Pierce said.

Down the street, Brown's Shoe Fit owner Jimmie Koller said it's always nice to see new businesses pop up in the area.

"The more options that come to town is good for everybody," Koller said.

Koller has been in the east part of town for 16 years now. He said it's exciting to see the area grow.

"It means that we're moving forward as a community," Koller said. "We've got more stuff coming to town, which is going to increase everybody's foot traffic."

He said the new development also has the potential to bring over a new and younger crowd of shoppers.

"With where our population is set up, when the students come in, if it's something that benefits them, they'll start shopping more on this side of town and stay in Macomb when they spend their dollars," Koller said.

Pierce said every time a new business comes to town, the hope is that more follow suit.

"Anytime you can get new investment in the community, especially when times are really uncertain, it's a tremendous boost," Pierce said. "You know, sales tax is a good thing too, so hopefully that increase will help."

Pierce said they plan to announce what businesses plan to move into the new space in the next couple of days.

She said there's no set time line on it, but construction will continue for several months and businesses plan to move in as soon as possible.

See the rest here:
Construction starts on new development in Macomb - WGEM

(Eds: Disclaimer: The following press release comes to you under an arrangement with NewsVoir. PTI takes no editorial responsibility for the same.) To design and deploy future-ready, post-pandemic retail spaces in IndiaMumbai, Maharashtra, India (NewsVoir)ANAROCK Retail today announced a strategic partnership with international retail design and delivery specialist Vindico to offer comprehensive services to ensure the success of retail stores in the post-pandemic world. Innovations in construction and project delivery will play a major role in this highly disrupted industry.Anuj Kejriwal, MD & CEO - ANAROCK Retail says, "The ANAROCK-Vindico partnership will deliver scientific, success-oriented design solutions coupled with proven leasing and tenant representation services. Mall developers and retailers will benefit from cutting-edge architecture and store design that specifically address the new compulsions and realities of a post-COVID-19 retail market. Simultaneously, our mall and store designs will fully reflect combined and individual brand values. These end-to-end services lay the ground for success in a retail landscape significantly transformed by the COVID-19 pandemic. With a typical contract lifecycle of 1.5 years, the new design services bouquet sits atop cutting-edge tenant coordination solutions. The combined services will include brands and location evaluation, cost estimation and architectural design reviews. Richard Kim, CEO & MD Vindico says, We are extremely enthusiastic about this collaboration, which is most aptly timed for Indias organized retail industry. On the canvas of a uniquely rebooted post-COVID-19 landscape, we will design for success while meeting both mall owners requirements and tenants'' expectations. Our radar is trained on malls which will deploy in the next 1-2 years, for which Vindico and ANAROCK Retail will ensure successful launches and brand integrations. 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ANANROCK Retail has been consistently delivering optimal results for leading retailers and mall owners in India and internationally. Merging specialised retail deployment capabilities and best-in-class leasing, transaction and management expertise, this partnership will be a gamechanger for Indian retail. In Indias pandemic-rebooted retail industry, mall and store designs are now critical from the perspective of social distancing and touchless retail imperatives. In an industry wherein COVID-19 has rendered most previous design templates redundant, this partnership delivers both the know-how and implementation of extremely effective space configurations, and design elements to overcome concerns and ensure footfall and conversions. About VindicoVindico is a global leader in retail design and delivery, having opened over 10,000 shops and restaurants across four continents. Launch in 2002, Vindico has worked with the worlds leading retail real estate developers to coordinate the deals, spaces and tenants that come together to open industry defining airport and shopping centre developments. With sister businesses Pop Retail and Volstrukt, Vindico is at the forefront of meeting the changing ways brands connect with buildings and spaces through the reinvention of the retail real estate industry. Vindicos innovative approach to giving developers opening day certainty is based on a move away from traditional, resource-heavy consulting to tackle the volatility, complexity, and dependency of todays retail development with agile, risk-aligned project solutions. Please visit: http://www.vindico.global or http://www.retailmomentum.com/india About ANAROCKANAROCK is Indias leading independent real estate services company with a presence across India and the Middle East. The Company has diversified interests across the real estate lifecycle and deploys its proprietary technology platform to accelerate marketing and sales. ANAROCK''s services include Residential Broking and Technology, Retail, Commercial, Investment Banking, Hospitality (via HVS ANAROCK), Land Services, Warehousing and Logistics, Investment Management, Research and Strategic Advisory & Valuations. The Company has a unique business model, which is an amalgamation of traditional product sales supported by a modern technology platform with automated analytical and reporting tools. This offers timely solutions to its clients, while delivering financially favourable and efficient results. ANAROCK has a team of over 2000 certified and experienced real estate professionals who operate across all major Indian (Mumbai, Navi Mumbai, Pune, Ahmedabad, NCR - Delhi, Gurugram, Noida, Ghaziabad, Chennai, Bangalore, Hyderabad, Kolkata, Lucknow) and GCC markets, and within a period of two years, has successfully completed over 400 exclusive project mandates. ANAROCK also manages over 80,000 established channel partners to ensure global business coverage. Our assurance of consistent ethical dealing with clients and partners reflects our motto - Values Over Value. Please visit http://www.anarock.com. About ANAROCK RetailANAROCK Retail is the retail advisory and consulting arm of ANAROCK Group, Indias leading independent real estate services company with a presence across India and the Middle East. ANAROCK Retail through its team of 90+ experts, offers comprehensive Retail Consulting and Transaction Advisory & Management Services across Fashion, Home needs, Utilities, F&B, Entertainment and many more. The team has successfully advised, managed and executed 4000+ retail transactions across 90 cities, and ensures complete transparency in their dealings with landlords, retailers and investors. Based on the clients requirements, retail landscape and market dynamics, the team offers customized solutions across general, mid-market and luxury categories. Our experts provide strategic inputs on the Indian market and help them with the implementation of their expansion plans. The dynamic, new age retail market demands customized solutions that are in line with the trends. At ANAROCK, we align our intelligence, insights and technological proficiency to overcome challenges and attain maximum ROI. 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Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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ANAROCK Retail Partners with UAE''s Vindico for Post-COVID-19 Store Designs, Integrated Leasing and Tenant Coordination - Outlook India

Developers hope to break ground in 2021

| Published: 2020-08-11 16:00

An illustration of the central park proposed for the Twinbrook Quarter development in Rockville.

Courtesy Saul Holdings

Developers hope to break ground next year on a major building project along Rockville Pike that will include a Wegmans grocery store.

Last week, after more than a year of often tense public debates, the Rockville Planning Commission gave unanimous approval to the first of six phases of development.

The project is intended to transform a seven-block stretch of Rockville Pike into a world-class, mixed-use area, according to developers from Saul Holdings, the company leading the project.

Plans call for demolishing 240,756 square feet of existing commercial property and replacing it with 11 mixed-use buildings with office, retail and entertainment space and up to 1,865 apartments.

Developers have also proposed a 1-acre park in the center of the property to serve as public gathering space, dog parks, three new roads to accommodate traffic through the area and bike lanes.

The first phase includes a 92,000-square-foot Wegmans at the corner of Halpine Road and Rockville Pike, up to 460 apartments and a parking garage.

A 176-foot-tall office building is expected to be built once Saul Holdings has procured a tenant, according to Planning Commission documents. Construction on the first phase is expected to be completed in 2024.

Later phases include more housing, retail, restaurant, a possible child care facility and a 9,000-square-foot entertainment venue. In total, the project encompasses more than 2.8 million square feet of development

Construction on the complete project is expected to span about 30 years.

The multimillion-dollar project drew attention last year when information surfaced that new residences could strain already crowded Richard Montgomery and Walter Johnson high schools.

Enrollment at the schools is anticipated to be pushed over the maximum capacity generally allowed before residential building projects are put on hold.

The Rockville City Council in February 2019, however, voted to allow certain champion development projects to be granted an exemption from the school capacity rules test, which calculates the number of students a new residential development project would have.

If capacity at any school affected by the project exceeds 120 percent, development applications are generally denied.The Twinbrook Quarter project meets qualifications outlined by the council to receive an exemption

It is the first project to receive the exemption.

Caitlynn Peetz can be reached at caitlynn.peetz@bethesdamagazine.com

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Twinbrook Quarter development, with Wegmans, approved in Rockville - BethesdaMagazine.com

After 18 months on the market, the U.S. Bank Tower at 633 W. Fifth Street, Downtown, has been sold.

Five months after announcing the project, developer Mitsui Fudosan America, a subsidiary of the Japanese conglomerate Mitsui Fudosan, has initiated the construction of a high-rise apartment tower at 8th & Figueroa in the heart of Downtowns resurgent Financial District. Mitsui Fudosan America has owned the property at 8th and Figueroa since the 1980s.

Earthmovers and heavy equipment recently began clearing the asphalt site, where the city of Los Angeles has approved the construction of the tower, a 530-foot and 42-story building containing 438 studios and one- and two-bedroom apartments, above a parking podium, lined with 7,500 square feet of ground-floor retail space. This tower will be Mitsui Fudosan Americas second residential building in the Greater Los Angeles Area and fifth in California, as it continues to expand its West Coast presence.

The tower is designed by the award-winning Scott Johnson, AIA of Johnson Fain Architects.

It fills in a parking lot, with a modern design that will provide a pedestrian promenade down Figueroa Street, lined with sidewalk cafes and shade trees, reinforcing the goals of the citys recently completed MyFigueroa improvements.

The towers design references some of Downtowns architecture by relating to the larger scale with prominent banding up the facade, and culminating in a dramatic, illuminated cornice at the top of the building.

Furthermore, the design includes a glass facade inlaid with LED lights, leading to an illuminated crown. The glass encloses the towers parking podium.

The construction is expected to be completed in 2023.

We are pleased to commence the next phase of this project and make our contribution to the renewed vitality and dynamism of Figueroa Street and the Financial District. The beginning of construction marks Mitsui Fudosan Americas continued commitment to the revitalization of Downtown and the next phase of our investment that began more than 30 years ago, said Stuart Morkun, The Mitsui Fudosan Americas vice president.

Lendlease Construction has been retained to build the project.

Lendlease is honored to have been selected as the general contractor for the Eighth and Figueroa project for Mitsui Fudosan America, said Caleigh Raymer, operations director and vice president of construction, Lendlease.

The Eighth and Figueroa residential tower will be a notable architectural gem added to the Los Angeles skyline, right in the heart of bustling Figueroa Street. Lendlease has been working with Mitsui Fudosan and their consultant team over the past three years and we are very excited to see this project break ground. We are committed to delivering a successful project, safely and sustainably.

Lendlease has operations in Australia, Asia, Europe and the Americas. Its vision is to create the best places that inspire and enrich the lives of people around the world. As listed on the Australian Securities Exchange, Lendlease has approximately 13,000 employees internationally.

Its core capabilities are reflected in its operating segments of development, construction and investments. The combination of these three segments provides Lendlease with a sustainable competitive advantage, which allows it to provide innovative integrated solutions for customers.

In the United States, Lendlease has more than 100 years of experience in the construction industry. In the past decade, Lendlease has provided construction services on over 2,500 projects for 1,100 clients nationwide. Lendlease provides a full range of construction services including construction management, general contracting, program management, project management, design/build and consulting services.

Along with the tower, Mitsui Fudosan America intends to install a new midblock crosswalk, which will connect the tower site to the Figat7th Shopping Mall across the street. The Figat7th Shopping Mall landlord Brookfield is constructing its own residential high-rise on a property located immediately west of the sunken shopping center.

Mitsui Fudosan America also owns a separate property two blocks east at 8th and Hope streets, which is slated for the construction of a similar residential high rise.

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Site preparation begins for 8th and Figueroa Tower - LA Downtown News Online

ABOVE IS a rendering for a proposed development of the former Makray Manufacturing site at the northwest corner of Harlem and Montrose avenues in the Village of Norridge. The Norridge Zoning Board of Appeals recently recommended the project to the village board. Plans call for a grocery store, a 7-Eleven gas station, a Starbucks, a dental office and a restaurant with a drive-through lane.(Rendering provided by the Village of Norridge)

by JASON MEREL

A well-known local grocery store, a 7-Eleven gas station, a Starbucks coffee shop and an Aspen Dental office are among the potential tenants for a proposed development on the former Makray Manufacturing site at 4400 N. Harlem Ave. in Norridge.

The Norridge Zoning Board of Appeals at its Aug. 3 meeting unanimously approved the project and recommended several variations and special uses to the Norridge Board of Trustees for possible approval. The village board is expected to vote on the matter at its Aug. 26 meeting.

GW Properties principal developer Mitch Goltz said the 4.3 acre site would be subdivided into four parcels and that the development would feature retail stores, restaurants with drive-through lanes and a medical office. He added that there would be approximately 260 parking spaces available.

GW Properties is developing several other projects on the Northwest Side including the former Peoples Gas site at Irving Park Road and Kilpatrick Avenue and the former Maywood Racetrack at 8600 W. North Ave. in Melrose Park.

Were excited to bring a new project to the market, bring new business to Norridge and work collaboratively with the village, Goltz said.

He said plans include a 30,000 square-foot grocery store at the northwest corner of the development but negotiations are still pending and he expects that the grocery store would announce its opening in the fall. Goltz said that he was not at liberty to disclose the name of the store but hinted that the name is well known in the neighborhood after a board member asked if he would know it.

Goltz said the proposed 4,600 square-foot 7-Eleven store and gas station, which would be located at the southeast corner of the development, would be unlike other area locations, which he said are mostly converted White Hen pantries. The station would be open 24-hours a day.

A 10,000 square-foot multi-tenant building would be located on the northeast corner of the property, along Harlem Avenue, and Goltz said both Aspen Dental and Starbucks Coffee have been identified as potential tenants.

A 7,000 square-foot building would be located at the southwest corner of the development, along Montrose Avenue. Goltz said that tenants have not been identified for the space yet but plans include drive-through access for a restaurant.

During the meeting members pointed out that the drive-through would be across the street from residences and placed a restriction on hours of operation so that the drive-through would only be allowed to operate between 6 a.m. and 11 p.m.

A presentation from GW Properties said that the developer expects $35 million in retail sales to be generated annually, with an estimated sales tax return of $875,000.

In addition, GW Properties estimates that property taxes for the site will increase from the current $65,000 to $300,000 per year upon completion. The developer pointed out that between sales and property taxes, Norridge stands to gain more than $1 million in annual revenue from the project.

In addition to the revenue, GW Properties highlighted that the development would create hundreds of local construction jobs, more than 200 permanent part- and full-time jobs and the site would also feature upgraded utility infrastructure.

Our goal would be to start demo in late summer or early fall so the project could be live by next summer, Goltz said.

Read the rest here:
Well-known NW Side grocer, 7-Eleven gas station proposed at Harlem-Montrose in Village of Norridge - Nadig Newspapers

By the BF StaffFrom the July/August 2020 Issue

When first introduced, federal Qualified Opportunity Zones (QOZ) provided a new hope for economically distressed neighborhoods in the U.S. The federal program was created under the 2017 Tax Cuts and Jobs Act (TCJA) to stimulate the economic development and job creation in low-income neighborhoods through the use of long-term private investments.

There are now designated QOZs in each of the 50 states, the District of Columbia and the five U.S. territories based on blocks of low-income areas by census tract that were submitted by each state or territory and certified by the Secretary of the U.S. Treasury.

The goal of the program is two-fold: (1) investment in a QOZ will revitalize the impoverished areas economy and, (2) if a taxpayer invests eligible gain into a Qualified Opportunity Fund (QOF), and meets several other requirements regarding the type of assets held by such QOF in the Opportunity Zone, then the taxpayer will be eligible for preferential tax treatment. The preferential tax treatment for taxpayers who invest in QOZs can include deferral on the initial gain invested in the QOF, partial reduction in deferred gain and exclusion of gain from investment in the QOF.

While the QOF program got off to a fast start, several issues had started to appear before the COVID-19 pandemic became wide-spread in the U.S. The Internal Revenue Service (IRS) released several revenue rulings and final regulations in December; however, many questions remained causing some investors to remain cautious about investing in QOFs.

When the COVID-19 pandemic caused major shutdowns in March, many investors turned their focus away from QOFs and back to making sure that their primary businesses and assets would survive in a volatile economy. Since March, there has been a sharp drop in the equity market, a freeze of commercial real estate investment and also a decline in asset values and capital gains which could have otherwise been invested in QOZs. Novogradac has reported that QOZ vehicles have raised about $10 billion; initial estimates had projected that QOZs would tap into nearly $6 trillion of capital gains.

While COVID-19 effectively slowed down the momentum of QOZs, the IRS is providing relief for investors and renewing hope through Notice 2020-39, which was issued on June 4. Part III of the notice extends deadlines for QOZ investors. Heres an overview of the requirements that have been relaxed, and how this may impact the QOZ program:

While COVID-19 is having a substantial impact on the economy and most businesses, it has also provided some unique opportunities with respect to QOFs. During the pandemic, many investors chose to sell assets to maintain their business operations or their personal lifestyle. Such sales are likely to have caused the realization of long-and short-term capital gains.

If a client has sold assets to provide liquidity, they may be able to invest the built-in gains into a QOF to alleviate some of the tax impact of the sale. In addition to reducing the built-in gain realized from the sale of capital assets, a properly vetted QOF may provide a better return for investors given the current economic environment. If invested properly and left in the QOF for a certain period of time, investors could see as much as a 15 percent increase in basis and tax-free growth within the QOF. Even if the growth never materializes, a 15-percent ROI through the increase in basis is not an insignificant return.

The sale of assets in order to survive the impact of COVID-19 will likely present unique opportunities in the real estate marketespecially those in and surrounding QOZs. With many businesses forced to shut down and real estate markets on the edge of a pullback, properties available for redevelopment within QOZs may start to become more accessible. If properties within the QOZs are bought and redeveloped by a QOF as required by the program, the goal of the programto revitalize certain economically distressed areasmay become a reality even faster. QOFs may ultimately be a great way for investors to help rebuild the areas hard hit from COVID-19 related issues. [By Christopher Steele and Jasmin Severino Hernandez, Chamberlain Hrdlickas Trust and Estates Practice.]

Gilbert celebrates its 100th birthday this year and has grown from a small farming community to the 5th largest city in Arizona. With a population over 265,000, Gilbert is larger than Salt Lake City, UT; Boise, ID; Tacoma, WA; and Richmond, VA. Located near the original Town site, Gilberts Opportunity Zone is one square mile and encompasses the communitys Northwest Growth Area and the downtown Heritage District. Two key community growth areas with focused revitalization efforts underway, both have a unified vision of making strategic infrastructure improvements, encouraging reinvestment, attracting new development, increasing property values and improving the quality of life.

On a typical night in Gilberts vibrant downtown Heritage District, music can be heard from the street, restaurant patios are filled with the laughter of family and friends, theater patrons are scurrying to take their seats and colorful art benches line the sidewalks. Over the past 10 years, Gilberts Heritage District has undergone a renaissance, transforming it into a premier entertainment and employment destination within metro Phoenix. Now home to over 140 businesses, ranging from restaurants to retailers to higher education institutions, the Heritage District has received over $60 million in public investment and attracted over $80 million in private investment since 2012. The district has also seen a 110 percent increase in sales tax revenue in the last five years.

This growth can partially be attributed to it being designated as a redevelopment area in 1989. Through revitalization efforts, this area continues to attract investment from industry leaders like ETix and is now home to Park University and the University of Arizona. Several other exciting projects are currently in the planning phase and will combine transit-oriented development with a mix of office, retail, restaurant, multifamily and hospitality amenities.

The Northwest Growth Area is Gilberts densest employment area, with 20.7 percent of the Towns job base concentrated here, and is home to 2.3 percent, or more than 7,500 of Gilberts residents. In Fiscal Year 2019, Gilbert kicked off a focused revitalization effort within the Northwest Growth Area, which includes a designation of a redevelopment area. The beneficiary of over $20 million in public investment, and over $130 million in private investment since 2012, this area continues to attract a portfolio of industrial, office, housing and retail uses with industry-leading anchor institutions and companies. These companies are primarily associated with Science, Technology, Engineering and Math (STEM) related occupations in aerospace, manufacturing and professional services industries. Notable employers in the Northwest Growth Area include GoDaddy, Lockheed Martin, Northrop Grumman, MOOG Broad Reach and Curry Supply Company. Ideal investment projects for the Northwest Growth Area could include manufacturing, distribution, research and development, office, hotel, breweries/tap houses and live/work residential.

Both the Northwest Growth Area and the Heritage District present unique and different opportunities for investors. A few of the current developments in Gilberts Opportunity Zone include:

North Anchor. In 2019, the Gilbert Town Council unanimously approved the development of this 9.1-acre site. This development will consist of a minimum of 500,000 gross square feet and is planned to include Class A office, retail, hotel, multifamily housing, an urban park, a pedestrian paseo and two parking structures.

South Anchor. Serving as a gateway entrance to the Heritage District, the South Anchor development will strengthen adjacent commercial uses and spur development of nearby vacant parcels. Gilbert is currently in negotiations with developers for the 2.18-acre site.

The Paseo. This north-south, car-free pedestrian and bicycle route will link existing Heritage District neighborhoods with key redevelopment areas. A common thread of distinctive landscape, paving, furniture and signing elements will create a joyful and memorable setting.

Vaughn Ventilator. A new alternative route that will provide new vehicular access through the Heritage District from the west. The slow-speed, human-scaled road will be designed to provide a setting for strolling and window-shopping in the District Core.

The Collab. The Collab is a four-story, mixed-use project that recently finished construction and is now available for lease. The 40,500-square-foot building brings new office, shopping and dining opportunities to the Heritage District.

University Building. Gilberts University Building is home to two higher education institutionsPark University and the University of Arizona.

Park University began offering classes in the fall of 2018 and grew to over 300 students in just one year. The University of Arizona College of Nursing began offering a Bachelor of Science in Nursing (BSN-IH) at the University Building in Fall 2019. This is the first program in the nation to incorporate integrative health knowledge and interventions into a BSN program.

The Town of Hamden is a diverse community of over 60,000 residents located in south central Connecticut, just north of New Haven. It is close to rail, public transportation, major highways and Tweed New Haven Airport.

Hamdens Economic and Neighborhood Development Dept. offers a comprehensive Business Incentive Program, provides hands-on services to small businesses and values the importance of workforce development. Hamden offers property tax abatements and waivers of building permit fees in its expansive QOZ, which includes BOROUGH496, a business center in the historic Highwood neighborhood.

The Economic Development Commission has developed a long-range Economic Development Plan which promotes programs for business retention and expansion. These initiatives include neighborhood revitalization projects, streetscape improvements, Town-wide energy strategy, a Business Assistance Center, workforce readiness initiatives and assistance to its nine local industry clusters, including retail, health care, financial services, insurance and manufacturing. Redevelopment and brownfield initiatives are managed through the Hamden Economic Development Corp.

The total increase over the last several years in tax base resulting directly from construction, expansions and relocations included more than $75 million in investment and over $2.5 million annually in net tax revenue attributed to the Business Incentive Program as well as larger project development investment.

Hamdens public school system offers great opportunities to prepare young people for good paying jobs and satisfying careers. The high school offers a new Hamden Engineering Careers Academy (HECA). Hamden High School also offers among the most Advanced Placement (AP) courses in the State of Connecticut. Hamden has numerous affordable housing options to meet the needs of all households.

The local economy remains diverse with a mix of manufacturing, retail and growing health care sector. The Town has a strong partnership between the business community, Town government and the Hamden Economic Development Corporation. The Towns Economic and Neighborhood Development Director has been the Director since 1999, facilitating the consistency needed for long-term projects and initiatives.

Some important recent economic development projects include the following:

An investment in one of Manchesters two opportunity zones is an investment in a vibrant, financially stable, diverse and growing community. Manchester is a dynamic municipality of nearly 60,000, ten miles east of Hartford. The commerce hub of the east-of-the-river region, Manchester boasts a wide variety of development opportunities. Our two OZs, surrounded by stable neighborhoods and a multitude of natural, cultural and recreational resources, provide safe investment opportunities with impressive upside.

Manchesters historic Downtown has seen a renaissance over the past five years as both the Town and the private sector have actively strengthened the districts status as a regional destination. The zone, including Downtown and the Spruce Street neighborhood, includes hundreds of local businesses and a population of 4,356 immediately adjacent to the commercial core. Since 2016, the Downtown area has seen millions of dollars worth of new investment and the rehabilitation of over a dozen existing buildings. These projects include several new or expanded restaurants; long-anticipated local business staples like a coffee shop, ice cream shop and local brewery; and an art studio/caf. Other major recent initiatives include the reconstruction of the primary municipal parking lot and the launch of WORK_SPACE, the Town-owned co-working and meeting center, which serves as a business development and entrepreneurship driver for both Manchester and the wider region. As a home to various small businesses, remote workers and creatives, WORK_SPACEs location within this opportunity zone presents a unique location opportunity for startups and entrepreneurs. Projects within this zone may also be eligible for other incentives, including: Manchesters Downtown 2020 Loan program for transformative projects, historic tax credits, tax agreements and tipping fee rebates.

The Broad Street area, in the geographic center of town and once its commercial center, is on the cusp of tremendous growth with continued public and private attention and investment. The Broad Street Redevelopment Area, a 148 acre mixed-use district, has been a primary focus over the past decade and is currently the Towns top economic development priority.

In 2009, Manchester voters approved an $8 million bond referendum to fund revitalization efforts in the district. Since that time, the Town has moved intentionally to implement the plan, purchasing and clearing key sites for development, reconstructing Broad Street and related infrastructure, remediating environmental contamination, connecting the district to the towns park and trail system, and adopting a flexible form-based zoning code, which allows significant development density and a range of allowed uses. The private sector has responded. The Town recently reached an agreement with a private Connecticut developer to construct a $100+ million mixed-use project on 24 acres in the district, including housing, office and entertainment uses. There are many other development opportunities available within Broad Street and this QOZ.

The Town of Mansfield is the home of the University of Connecticut (UConn), the states flagship university. Mansfield offers a skilled work force, excellent public school system and a unique mix of urban and rural amenities. The Opportunity Zone is located in the northern section of Mansfield, adjacent to the UConn campus. It encompasses the major northern and western gateways to UConn and the Town of Mansfield.

Building upon the success of the collaborative efforts to redevelop Downtown Storrs, Mansfield and UConn have turned their focus to four specific areas within the Opportunity Zone that have been identified as not only prime for development but also consistent with, and supportive of, the Towns Plan of Conservation and Development and the Universitys Master Plan:

The City of Meriden is in the midst of an economic rebirth following impressive public and private infrastructure investments. Catering to more than 129 major employers, Meridens economy is robust and is home to the expanding Hartford Healthcare MidState Medical Center.

With wide-open spaces and some of the best hiking in Connecticut, the City also boasts 3,200 acres of park space. Business properties in the citys Opportunity Zone are positioned in our historic Transit-Oriented Development District (TOD) area that hosts an award-winning 14-acre green with walking trails, pedestrian bridge and amphitheater.

The TOD District encourages mixed-use commercial and residential development and is poised for continued economic growth. Properties in the district are conveniently located near rapid rail connections to Hartford, New Haven, Boston and New York via our new train station and offer convenient highway access to I-691, I-91 and Rte. 15. Available properties in Meridens QOZ include: 132 West Main Street, an 8,454-square-foot corner lot in a building with expansive windows that allow for natural lighting, including office/retail space with a built-in kitchen; 61 Colony Street, a three-story building within walking distance of the Amtrak station; and 75 Cook Avenue, a 12,990-square-foot corner lot on over 1.2 acres with more than 360 feet of frontage. The Cook Avenue property is located close to downtown Meriden and the proposed Bridgewater Village project, and all three of its buildings have overhead doors.

Located in Connecticut in the heart of Fairfield County, the City of Norwalk is the states sixth-largest city and a diverse community rich in culture and personality. Uniquely situated on Long Island Sound, Norwalk features a vibrant Urban Core that overlaps Opportunity Zones, remarkable schools and beautiful beaches and parks, making it a wonderful place to live, work, play and invest.

Investors have called Norwalk the hottest city on the East Coast due to our proximity to New York City without break-the-bank real estate prices. Unique neighborhoods sprawling across half-an-acre prove to be a wonderful place to raise a family, and downtown apartments are completely booked with those starting their careers, looking to downsize, or who wish to be within walking distance of award-winning restaurants and shops.

Tech companies, entrepreneurs, artists, large-scale office ventures and traditional retail are all flocking to Norwalk. In fact, while shopping malls are struggling across the country, Brookfield Properties decided Norwalk was the ideal place to invest $600 million into the recently opened SoNo Collection. The SoNo Collection has contributed millions of dollars in annual tax revenue to Norwalk, created thousands of good-paying jobs and has become a regional go-to destination.

Norwalk is a thriving place to be. Developers believe in Norwalk. Forgotten parcels of land and old factories have been transformed into state-of-the-art apartments and mixed-use developments. The Pearl has elevated Washington StreetSoNofrom strictly a restaurant scene to a thriving downtown block. Nearby, The Waypoint is bringing high-end living at affordable prices. Below stylish apartments are restaurants and bars that bring people in from up the stairs and across the state.

COVID-19 has certainly made everyone rethink how businesses operate. Norwalk continues to prove its business-friendly attitude to help support local businesses. With Norwalks plethora of economic development tools, such as the Enterprise Zone and Opportunity Zone, it is well positioned to attract businesses, developers and new residents alike. This year alone Norwalk saw a significant spike in startup tech industries and boutique manufacturers. Since COVID-19 we have not seen the trend slowwith new companies like Scholastic moving in, and steadfast startups like Datto continuing to be on top.

Additionally, Norwalks QOZs overlap with other special investment areas and the Urban Core neighborhoods. These geographies have seen substantial growth since 2010 and continue to see attraction focused around Metro North Train stations. This trend is on track to continue, with over 1,000 new apartments planned in Norwalks Opportunity Zones for construction within the next year. This development attraction has leveraged millions of local, state and federal investment dollars which has supported streetscape improvements that include fiber optic infrastructure, lighting, sidewalks improvements and flood mitigation programs.

Ansonias QOZ runs the entire length of Main Street from Bridge Street to Division Street. Everything on Main Street is considered to be located in the QOZ.

Ansonia is seeing a revitalization of its downtown, a campaign known as Ansonia Recharged. The city is renovating a 65,000-square-foot building at 65 Main Street to include a new police station, community center and senior center. Ansonia recently transferred ownership of three city-owned buildings on Main Street to Shaw Growth Ventures, who just received approval for the first phase of what will be upwards of 300 apartments in the downtown, along with retail and commercial space.

The City of Ansonia has taken measurable steps to incentivize development in its QOZ; the QOZ is also a designated Enterprise Zone and is within the City Center Zone and TOD Zoning district. The TOD zone is made possible by the proximity (one block) to the Metro North Waterbury Branch line Commuter Rail station, and the tract is served by frequent fixed-route commuter bus service connecting to New Haven and Bridgeport.

These regulations have increased the permissible residential density; relaxed, and in some cases eliminated, the standard parking requirements; and maintain business opportunities on the first floor for retail and commercial development. The QOZ is concurrently in the low-to-moderate income tracts, according to the U.S. Housing and Urban Development guidelines for eligible Community Development Block Grants.

Available parcels that offer dynamic opportunities to become a part of Ansonias Recharged efforts include two commercial/residential buildings located at 158 Main Street and 200 Main Street, with pre-approved site plans to create 40 units of residential development with retail/commercial space; 218 Main Street, an approved commercial/residential lot available for sale; 403-495 Main Street, with 65,000 square feet of space (the former home of BigY supermarkets); and 420 Main Street, which shares an entrance with a Target store.

The Ansonia Shopping Centerhome to Marshalls, Home Goods, Bobs and Rite Aidhas more than 177,000 square feet available. The site is more than 15 acres, and it provides ample parking and the opportunity to develop an additional pad of approximately 3,500 square feet.

Windsor is strategically located between Hartford, CT and Springfield, MA on Interstate I-91 and adjoining Bradley International Airport. Major employers include The Hartford, VOYA, Amazon, SCA Pharmaceuticals and SS&C Technologies.

With a large, growing employment base, stable taxes, an AAA bond rating and an expeditious development review process, Windsor is a great place for investment.

The Tract 4738 QOZ (Wilson neighborhood) is located in the southeastern portion of Windsor. This neighborhood has easy access to I-91 and I-291. Additionally, the area is served by four different CT Transit bus routes. Commercial values in this tract exceed $28 million; nearly 25 percent of the area is zoned for commercial or industrial use. Residential development takes the form of compact, affordable single-family homes, duplexes and triplexes. Also featured in this neighborhood is a public library, a community center and three large public parks.

Recent construction activity in Windsor has totaled over $1.9 million, including relocation of a DSS office and demolition/remediation of a former gas station.

Current listings for lease include 3,200 square feet of office/retail space. Current listings for sale include multiple parcels ranging from 1.8 acres to 14 acres in size. Available sites for investment include the Town-owned redevelopment parcel (5.68 acres), the former Wolcott school and the privately owned, 14-acre former Flamingo Inn site.

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Theres Still Time To Invest In Qualified Opportunity Zones - Business Facilities Magazine

A mid-rise student housing development is set to be constructed near California State University, Sacramento (Sacramento State) in US. This is after AECOM-Canyon Partners (ACP), in a joint venture with The Martin Group announced the closing of a US $73.3m senior construction loan from Pacific Western Bank to begin the transit-oriented project of Wexler on 65th.

The property is located less than a 5-minute walk from the universitys Hornet Crossing entrance and adjacent to several retail and dining options. It is directly adjacent to Sacramento Regional Transit Authoritys (SacRT) University/65th St. Gold Line light rail station, providing direct service to downtownSacramentoin approximately 11 minutes. InMarch 2020, the joint venture began the reconstruction and modernization of bus stops for the SacRT on 67th and Q streets, as part of the Wexlers off-site improvement plan.

The 223-unit project will offer a mix of studio, two-, three-, four-, and five-bedroom units, featuring bedroom-bathroom parity, in addition to numerous tenant amenities, ample parking, and approximately 7,400 square feet of commercial space. Construction of the project is scheduled to commence in June 2020, bringing hundreds of job opportunities to the community, and is scheduled to reach completion by Fall 2022.

Also Read: Construction of The Grant mixed-use scheme in US begins

With a total enrollment of over 31,000, Sacramento State is the sixth largest university in the California State University (CSU) system, which is the largest four-year public university system in the United States. Over US $260m of projects have been recently completed or are underway at Sacramento State, including a new science center and student activity center.

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Student housing development to be constructed near California State University Sacramento, US - Construction Review

Cannabis Facility Construction (CFC), a full-service cannabis design-build construction firm based in Northbrook, Ill., has begun construction on a new recreational and medical cannabis dispensary for Greenhouse. The project, which is located at 755 Skokie Boulevard in Northbrook, will be a national flagship location for the brand.

Comprising 10,000 sf, the wood and masonry structure will have a modern, industrial design that will represent a new look for the Greenhouse brand. The space will have an open floor plan with vaulted ceilings, skylights and abundant natural light, and easy-to-browse product displays. The project was designed with social distancing in mind, ensuring all points of sale are six feet apart.

See also:The coming bonanza in marijuana facilities

Retail space in the front of the building will be complemented by back office space for processing. A secure, oversized vault for substantial inventory storage and an advanced security system are also included. The facilitys exterior will feature natural landscaping, a retention pond, and a large parking lot, all revitalizing a location that has sat vacant for a long time.

Construction on the project, which will be Greenhouses largest dispensary to date, began in May.

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New cannabis dispensary under construction in Northbrook, Ill. - Building Design + Construction

SACRAMENTO, CA - AECOM-Canyon Partners, in a joint venture with The Martin Group, announced the closing of a$73.3 millionsenior construction loan from Pacific Western Bank to begin the transit-oriented development of Wexler on 65th, a mid-rise student housing project nearCalifornia State University, Sacramento. The development will bring much needed housing to Sacramento State. Construction of the project is scheduled to commence inJune 2020, bringing hundreds of job opportunities to the community, and is scheduled to reach completion by Fall 2022.

The property is located less than a 5-minute walk from the university's Hornet Crossing entrance and adjacent to several retail and dining options. It is directly adjacent to Sacramento Regional Transit Authority's ("SacRT") University/65th St. Gold Line light rail station, providing direct service to downtownSacramentoin approximately 11 minutes. InMarch 2020, the joint venture began the reconstruction and modernization of bus stops for the SacRT on 67th and Q streets, as part of the Wexler's off-site improvement plan.

The 223-unit project will offer a mix of studio, two-, three-, four-, and five-bedroom units, featuring bedroom-bathroom parity, in addition to numerous tenant amenities, ample parking, and approximately 7,400 square feet of commercial space.

With a total enrollment of over 31,000, Sacramento State is the sixth largest university in theCalifornia State University system, which is the largest four-year public university system inthe United States. Over$260 millionof projects have been recently completed or are underway at Sacramento State, including a new science center and student activity center.

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AECOM-Canyon Partners and The Martin Group Secure Construction Loan for Sacramento State Student Housing Development Project - MultifamilyBiz.com