Charles Mady says he will seek alternative financing for his downtown Barrie residential/commercial development after its major lender declined to fund the project's completion.

The Laurentian Bank of Canada, through a court-appointed monitor, made that decision public this week about Lakeview Condominiums and Collier Centre, which sits unfinished at 90 Collier/55 Mulcaster streets.

They (Laurentian) want to see if there is someone who will take over their debt, said Mady, CEO of Mady Development, and we're working with two people who have expressed an interest in doing so.

Not banks. Two private equity sources, he said. We're making a few calls. I have a few people working with me.

Jonathan Kreiger, of monitor Grant Thornton Ltd., said this means the project could go forward in one of two ways.

The options are that he (Mady) is going to secure some alternate financing to complete the project, or the project is going to be sold to another developer to complete, Kreiger said.

Laurentian has decided it's not going to fund the balance of construction to completion, but that doesn't mean that the project will not proceed. So what that means is the bank (Laurentian) will consider some further interim financing, to advance the project, but the ultimate full financing for the project is not going to come from Laurentian.

According to Ontario Superior Court of Justice documents, more than $50 million in debt is owed on this project.

Approximately $30 million is owed to Laurentian, $20 million to other creditors and there are $12 million in liens claims registered against the project.

Laurentian Bank could not be reached for comment by the Examiner.

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Construction of Barrie project remains in financial limbo

A prairie dog on the Bear Creek Trail in Lakewood on Dec. 29, 2012. (Seth A. McConnell, Your Hub file)

A pair of Castle Rock residents have been cleared to circulate a petition aimed at freezing construction of the Promenade at Castle Rock retail development.

Town Clerk Sally Misare on Tuesday certified the petition that was submitted to by residents Keith Lattimore-Walsh and Linda Van Nostrand. The petition, according to a town news release, seeks to overturn the Town Council's approval of the development plan and new zoning rules for the 166-acre Promenade property, located north of the Outlets at Castle Rock between Interstate 25 and U.S. 85.

The Town Council on March 3 unanimously approved plans that call for as much 1 million square feet of retail space and 350 housing units to be built on the property. A vast majority of people who spoke at that meeting, including Lattimore-Walsh and Van Nostrand, urged that the project be voted down, largely because its construction will lead to the extermination of a large prairie dog colony.

The clerk's approval of the petition language this week gives supporters until 5 p.m. on April 13 to gather enough signatures from registered Castle Rock voters to force council to either change its vote or push the issue to a referendum. The threshold is 5 percent of town voters as of Tuesday, or 1,945 people, according to town officials.

The Promenade project is being led by Greenwood Village-based Alberta Development Partners. The $177 million project broke ground in November.

Joe Rubino: 303-954-2953, jrubino@denverpost.com or twitter.com/RubinoJC

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Castle Rock OKs petition against Promenade project

Hundreds of jobs are set to be created after The Crown Estate was given the go ahead for a 30m extension of Silverlink Shopping Park.

North Tyneside Council has given a resolution to grant outline planning permission for the property giants plans to carry out major expansion plans at the complex one of 16 it owns across the UK.

The former Travelodge site opposite the park will now be converted into a new retail scheme, creating 175 construction jobs and around 300 retail jobs once it is up and running.

Four new retail units will take up 106,000sqft of space, with Next already confirming that it will relocate from its current store at the existing Silverlink Shopping Park to open a flagship Next Home and Garden store at the development, which is scheduled to complete in autumn 2016.

Other furniture and homeware retailers are being sought out for the remainder of the units, to join the lengthy list of tenants already at Silverlink including M&S, H&M, Next, New Look, River Island, JD Sports, Boots, Outfit, Argos and Currys/PC World.

With planning consent granted for the development, construction is set to begin this summer.

And The Crown Estate will work in partnership with the council to deliver two training packages, creating almost 50 new construction jobs for young people.

As well as new retail units, the plans include additional car parking facilities, enhanced landscaping, improvements to access routes into the park, and the widening of footpaths around the site.

Road improvements will also be made to provide a new access to the redeveloped site, the existing shopping park and Cobalt Business Park.

Hannah Milne, regional portfolio manager at The Crown Estate said: Were delighted with the committees decision and look forward to progressing our plans for regenerating this site.

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Jobs joy as Silverlink Shopping Park expansion plan by The Crown Estate is given green light

Written by John Charles Robbins on March 11, 2015

The Miami Marlins home opener of the 2015 season is Monday, April 6, the start of the fourth season at the 37,000-seat Major League Baseball facility. Meanwhile, the bulk of the Marlins Park garage retail space remains empty.

Most of the more than 50,000 square feet of retail space available for lease in three of the four parking garages built by the city remains unclaimed.

The Miami Parking Authority, by way of the Off-Street Parking Board, approved signing a rare lease for some of the retail space for a state drivers license office March 4, but most of the space goes unwanted.

As the county-owned stadium ages another year, the only commercial activity in the garage retail space has been a cigar shop and, one year ago this month, the long-awaited opening of a Subway sandwich shop.

The Subway opened March 20. The store is about 1,400 square feet at 1576 NW Seventh St.

The only other major tenant, Caf Rubio, finally signed an amended lease in November 2014 for 3,196 square feet along Seventh Street.

And while build-out work has begun on the interior of the restaurant, it is far from ready to open for business.

Caf Rubio is a Latin restaurant and sports bar. It first signed a lease for garage retail in January 2013 but then ran into budget issues and was close to walking away from the deal, according to parking authority officials.

But Caf Rubio came back to the authority seeking an amended contact.

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Retail roster weak as Miami Marlins set to open

WATERLOO | Goodwill Industries of Northeast Iowa has found another retail home in Waterloo, at least for the time being.

Goodwill announced Tuesday it will move into a 6,400-square-foot unit on the main level of Crossroads Center, opening April 9. The store will occupy Suite 148, adjacent to the soon-to-close JC Penney store.

It appears likely only a temporary solution to Goodwills quest to find a permanent store location in Waterloo, said David Boyd, president and CEO at Goodwill.

Boyd said his organization signed a 13-month lease with Crossroads. He was asked whether the store would remain there beyond that term.

Thats really dependent on if we can find another location, Boyd said.

The search goes on for a permanent stand-alone store building, where Goodwill can conduct retail, as well as other business operations, Boyd said.

That s our preference, he said.

The new location wont have accommodation for donation drop-offs, as the longtime former stand-alone store in Waterloo, at 4107 Hammond Ave., had.

All other local Goodwill locations accept donations between 9 a.m. and 6 p.m. Monday through Saturday. In addition, a new attended donations center is currently under construction at 3626 Kimball Ave. in Waterloo and is scheduled to open within the next 30 days, Boyd said.

Goodwill announced last summer it would be leaving that store and donation center for a new 10,000-square-foot building near the current BioLife and Best Buy locations in the Crossroads area.

Continued here:
Goodwill to open at Crossroads, but search still on for stand-alone building

These artists impressions show plans for a retail park in Speke which could create around 1,000 jobs.

Shoppers at The New Mersey Shopping Park were today asked for their views on proposals for a new cinema and six restaurants at the site.

The public exhibition continues tomorrow and allows residents to see the scheme and give feedback before a planning application is submitted.

Alun Hayes, a spokesman for development company British Land, told the ECHO the cinema and restaurants will be on the existing Currys site.

Currys will move to the vacant Comet unit. A map showing the plans for new development at New Mersey Retail Park

The existing retail space at the shopping park will be altered to provide smaller units for more shops.

Mr Hayes said: It will be more flexible space.

It is in response to what existing retailers and new retailers want. Theyve told us they want smaller units.

Mr Hayes said Cineworld had agreed to run the cinema but the occupants for the restaurant units and new shops would be agreed if and when planning approval is given.

If Liverpool council gives the proposals the go ahead British Land says up to 600 full and part time jobs in retail and another 390 construction jobs would be created.

Originally posted here:
Speke retail park development images show ambitious plans

Will Brick-and-Mortar Stores Still Dominate Sales Channel in Omnichannel Mix, or Does Industrial Property Stand to Reap Most Benefit from Trend?

All good news indeed for retail property investors.

However, the market shift brought on by mobile technology poses challenges for CRE investors. What are the best property types to target, in what locations, and how should they handle the properties they already own?

CoStar News examined a handful of investor strategies, including those from Deutsch Asset Wealth Management, Duke Realty, Menlo Equities, Monmouth Real Estate, UBS and USAA, to get a sense of the strategies among major investors.

That kind of growth has placed supply chain (i.e., industrial properties) firmly on the front line of retailers' growth strategies.

Individuals recently surveyed by the E&Y accounting firm seem to conclude that while brick-and-mortar is still the dominant sales channel for most retailers, the proportion is falling rapidly. In five years time, brick-and-mortar stores could account for just 81% of sales down from 93% this past year, E&Y projected.

And nearly 9 out of 10 consumer goods firms said they can no longer rely on traditional retail sales channels to drive growth.

So the key questions for investors sizing up the omnichannel strategy are: will brick-and-mortar stores still dominate as a sales channel in the omnichannel mix, or does industrial property stand to reap the most benefit from the trend?

Based on that question, here is how a variety of CRE investors are approaching opportunities presented by ecommerce growth.

Meanwhile, the firm said in its 2015 investment outlook, it expects retail will continue to be hampered by minimal income growth. Additionally, e-commerce is shifting some demand growth that would have previously gone to physical stores to the industrial sector. Furthermore, tenants are currently shifting toward smaller prototypical store plans, reducing demand for big-box properties.

The rest is here:
In New Omnichannel Era, Investors Wonder Whether Retail or Industrial is Better Play

An artist's impression of the Library and Woolworths development at Wynnum. Photo: Supplied

It's the $4.25 million public library that will cost the ratepayers nothing to build in the long-run, according to the Brisbane City Council.

Wynnum's new library, expected to be open by February 2016, will be built on the former Wynnum Central State School site. Construction begins this month.

The funding model for the library will see the city's so-called future fund, the City of Brisbane Investment Corporation, combine with Woolworths to deliver the project.

An artist's impression of the Library and Woolworths development at Wynnum. Photo: Supplied

The corporation will own the 3000 square metre retail space below the library, which will be leased by Woolworths on a long-term contract.

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The 2000 square metre library is three times bigger than Wynnum's existing library.

Lord Mayor Graham Quirk said he would support commercial-council funding models for future developments in the city.

Turning of the sod at the Woolworths and Library development at Wynnum. From left, De Luca Corporation General Manager Nic De Luca, Lord Mayor Graham Quirk, Cr Krista Adams and Woolworths Queensland manager Michael Lange. Photo: supplied Photo: Ron Goodman

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Construction to begin on Wynnum's self-funded library

Around 1,000 jobs will be created in Speke if plans for a retail park there are approved.

Bosses at The New Mersey Shopping Park are asking for views on proposals for a new cinema and restaurants at the site as well as more retail space.

A public exhibition will be held this week to allow shoppers to see the scheme and give feedback before a planning application is submitted.

If Liverpool council approve the plans, development company British Land says up to 600 full and part time jobs in retail and another 390 construction jobs would be created.

* You can read all our stories about Speke here

David Bloy, planning manager for British Land, said: Prior to submitting a planning application we are committed to consulting with local stakeholders, our retailers, residents and shoppers.

We are holding a public exhibition displaying the proposals and inviting interested parties, including local residents, to tell us their views.

A leaflet to residents, from Mr Bloy, says: We are hoping to make a number of enhancements, which will: improve the look and feel of the shopping park through much needed upgrade works; create a new cinema and restaurants, bringing new leisure facilities to the area; provide additional flexible retail space, to give existing retailers the space they need, as well as meeting the requirements of new retailers and significantly improve the car park layout.

British Land, which has been involved in owning the park since 2005, says it is already in talks with Liverpool council on how best to target jobs for local people.

New Mersey Shopping Park is owned by Speke Unit Trust, which British Land has a large stake in. British Land is also the property advisor for the shopping park.

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1,000 jobs may be created by Speke retail park plans

As retail nightmares go, road construction is a reliable bogeyman. Traffic snarls. Obstructed storefronts. Dust, noise and scaffolding keeping shoppers away.

But for some businesses on Chicago's historic Jewelers Row, Monday's closing of a stretch of Wabash Avenue for 18 months to construct a new "L" station may be more than a headache.

"I'm worried," said John Kurji, owner of Giovar Jewels, 21 N. Wabash Ave. "I'm considering just closing down."

Up and down the Wabash Avenue construction zone, jewelers and other businesses are bracing as work gets underway to replace two century-old stations with a modern "superstation" at Washington Street and Wabash Avenue a $75 million project many said will greatly benefit the area, provided they are around to enjoy it.

Some are optimistic that their reputations will keep customers coming. Others worry high-end customers accustomed to convenient valet service will avoid the drive downtown. And some smaller jewelers, such as Kurji, say this could be the final straw after what has already been a tough year.

Kurji, a third-generation jeweler who immigrated from Syria, started his business on a workbench crafting custom pieces and for the past seven years has been renting a prime booth space fronting the street in the Wabash Jewelers Mall. Business was good until recently.

Holiday sales at his shop were down 25 percent from the previous year, likely from competition from online jewelry retailers, he said. February, which typically gets a boost from Valentine's Day, was his worst ever, down 50 percent from a year earlier, which he blames in part on partial road closings on Wabash over the past month for electrical work.

"If that did this, what will happen when it's all shut down?" Kurji said.

The answer, of course, is no one knows.

Starting Monday, the block of Wabash between Madison and Washington streets closes to traffic for 18 months. Starting mid-April, the two blocks bracketing that stretch also will face strictures: Wabash will be reduced to one lane from Washington to Randolph and from Madison to Monroe streets.

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Jewelers fear Wabash Avenue work will pinch sales