February 20, 2015

Deal Watch Today

The developer building a downtown Hartford ballpark says it needs $20 million in public funding to include affordable apartments in its next development phase that also envisions a supermarket and parking garage.

Officials with developer DoNo LLC appeared at Thursday night's regular meeting of the Capital Region Development Authority and outlined its plan for the proposed $105 million project directly across Main Street from the ballpark now under construction.

The yet-unnamed project would include 328 one- and two-bedroom apartments situated atop street-level retail space that would include a 62,430-square-foot supermarket, plus another 33,000 square feet of extra retail space, and a 705-space parking garage. Twenty percent, or about 65 units, would be earmarked "affordable'' and offer below-market rents; the rest would be priced to the market.

Yves-Georges Joseph II, vice president of development for Centerplan Development LLC, a partner in DoNo LLC, told CRDA board members that preliminary talks have been held between DoNo LLC and staff of the qausi-public agency about what form their financial partnership might take.

Originally, the mixed-use project was conceived to be built with private financing, Joseph said. However, feedback the developer got about the entire DoNo development project from city officials, residents and other "stakeholders'' insisted that some of the apartments have rents tied to the median income of city residents, he said.

To do that, DoNo LLC calculated that injecting an affordability feature into the apartment project would create a private "funding gap'' of $20 million that CRDA could fill, Joseph said. DoNo assumes a monthly affordable rent of about $650 a month for the units, based on city residents' median income of $35,000 annually. The gap reflects the "funding hurdle,'' Joseph said, that the developer would have to cross to sway investors skeptical about the lengthened recovery period for their investment from having some apartments rent for less than others

The CRDA made no specific commitment to DoNo LLC's proposal that the two partner in financing the mixed-use development but both sides indicated their discussions will continue.

However, Joseph reminded the panel that DoNo LLC's develpment contract with the city requires ground for the mixed-use project be broken by November, which means financing must be completed by Sept. 30 to meet that timetable.

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$20M sought to make DoNo apts. 'affordable'

For 17 years, the Sears Crosstown building has sat vacant, casting its gloomy shadow over the historic Midtown neighborhoods surrounding the 1.4-million-square-foot former Sears warehouse and retail store.

But on Saturday, February 21st, a community groundbreaking party will celebrate the construction that officially began on January 1st to transform the former Sears headquarters into a lively "vertical urban village" of medical offices, arts amenities, residential housing, and retail space.

And with a new focus for the building comes a new name. The partners in the Crosstown redevelopment project will be dropping Sears from the building's name and announcing a new name at the groundbreaking party.

"Everyone referred to the building as Sears Crosstown, but Sears is long gone," said Todd Richardson, associate professor at the University of Memphis and co-leader of the redevelopment project. "We wanted the building to have its own identity and branding based on what's going to be happening there."

When Richardson and his partners started planning for the building's redevelopment five years ago, the neighborhood around the building, which was called Crosstown in Sears' heyday, had all but lost that identity.

"The name Crosstown had fallen off the map for most Memphians, and people didn't even know where the neighborhood was," Richardson said. "All of the events [put on by Crosstown Arts] the lectures, the concerts, the MEMFeasts, the exhibitions were a way to draw people back to the area and recognize its true potential."

Since Crosstown Arts launched in 2010, Richardson said it has been successful in rebranding the neighborhood as Crosstown and rebuilding the community.

He says the block party, which will run from 11 a.m. to 2 p.m. in and around the triangle park between North Watkins and Cleveland, is intended as a way to thank the Crosstown community and the building's founding partners and financial backers.

Besides the name-change announcement, the party will include an iron pour by the Metal Museum. They'll be on-site melting down iron from old radiators taken out of the Crosstown building. Additionally, there will be live music, beer, and food trucks.

The founding partners Church Health Center, Crosstown Arts, Gestalt Community Schools, Memphis Teacher Residency, Methodist Le Bonheur Healthcare, and ALSAC/St. Jude are moving all or part of their offices into the building when it's complete in early 2017.

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Crosstown Building Project Kicks Off with Block Party

The Corners, a large retail development planned for the Town of Brookfield that ran into delays, is now proceeding toward a spring construction start, the developers announced late Wednesday night.

The Corners, which will be anchored by a 140,000-square-foot Von Maur department store, is expected to open in fall 2016, acccording to Milwaukee-based Marcus Corp., Chicago-based Bradford Real Estate and IM Properties Plc, based in the United Kingdom.

IM Properties and Bradford are part of a newly announced joint venture with Marcus on The Corners. Marcus started the project, and will retain a minority interest in Brookfield Corners LLC, the group that will own and operate the development.

The next step will be to begin demolition of a former Menards store at the project site. That work is expected to begin next week, said Megan Hakes, a spokeswoman for the developers.

The announcement came after the Brookfield Town Board voted 4-1 to approve a development agreement with Brookfield Corners LLC. That comes one year after the board approved a plan to help finance the project.

Link:
Von Maur-anchored development to begin construction in spring

By Bette Alburger DCNN Correspondent

Middletown Council, at its Feb. 9 meeting, learned that demolition of the distressed Granite Run Mall, except for the Boscovs and Sears anchor stores, could begin this fall. Thats the estimate of attorney Joseph Riper, representing BET Investments. The Horsham-based firm intends redeveloping the mall site as an upscale town center with residential, retail, restaurant and entertainment components.

Postponed twice, a status report on the proposed project was presented to council by Riper and BET President Michael Markman. It drew no negative comments.

Markman, who will develop the project with business partner Bruce Toll, has said it probably would take two years from start to finish. Development would take place in stages. The initial phase would be the mall tear-down, which he said would be a first for the Philadelphia area. At the same time, construction would begin on a high-end, 175-unit apartment building on the former Chi Chis Mexican restaurant site fronting route 352.

A second four-story apartment building is targeted for land abutting Oriole Avenue, near the current site of an AMC movie theater. This building would have some retail shops on the first floor. Both apartment buildings would have structured interior parking, whereby access to an apartment would be directly from the car. Each building would have a swimming pool, gym and other amenities. Average monthly rental would be $1,500, depending on whether the unit has one or two bedrooms.

Markman again emphasized that the second phase of development construction of a second apartment building and the retail component would not get underway until the first apartment building is leased at a threshold satisfactory to council. He stressed that residential use will drive the retail/restaurant/entertainment uses. He said Starbucks is expected to be one of the tenants in the town center, and at least half of the retail space has generated interest from other prospective tenants. Among them are a bank and a pizza shop.

Also, three different movie operators want to be here, said Markman, about a theater complex to be developed on the site of the Penneys store that will be closing in April and demolished.

Asked by township resident Nancy Geisel if a hotel could be developed instead of one of the apartment buildings, Markman said no major hotel has indicated an interest in being part of the project. Resident Timothy Sullivan pointed out that the malls name has a negative connotation. Responding, Markman said the town center will have a new name.

We really would like to get moving on this, Riper told council.

To move the proposed project forward, council unanimously introduced an ordinance that would revise several of the townships storm water management regulations dealing with redevelopment of sites. It would bring the townships regulations in line with the countys regulations, which are slightly less stringent. Adoption of the ordinance would allow the site to be redeveloped as proposed.

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Demolition of Granite Run Mall could begin this fall

The mega-shopping centre that will change the face of retail in the Lower Mainland is steadily taking shape at the Tsawwassen First Nation.

Located at the northwest corner of Highway 17 and 52nd Street, Ivanho Cambridge's Tsawwassen Mills will include 1.2 million square feet of retail, while the adjacent Tsawwassen Commons, a Property Development Group project also under construction, will have 550,000-square-feet of outdoor retail.

Both are scheduled to open in May of next year.

A spokesperson for Tsawwassen Mills said in the next few months construction will include structural steel work continuing from the east side of the building to the west side, installation of exterior walls, installation of the roof, which will include energy-efficient skylights, and installation of underground utilities.

Tsawwassen Mills is expected to have 16 anchor stores, a mix of premium fashion brands and factory outlets as well as a 1,100-seat food court. The mall is modeled on the successful CrossIron Mills in Calgary and Vaughan Mills in Greater Toronto.

The first Bass Pro Shops in B.C. is the only confirmed tenant thus far, but a Tsawwassen Mills spokesperson said more tenant announcements are expected in the coming months. Tsawwassen Commons will include a blend of national, regional and independent retailers, big-box outlets, restaurants and financial services. PDG Investments is managing the leasing of its project with FORM Retail Advisors, a Vancouver-based retail broker.

Tsawwassen Commons' only announced tenants thus far are Walmart and

Rona, however the project is already 50 per cent preleased, with 78 per cent of the retail area under letter of intent or offers to lease, according to GVest Private Equity LP, which has come on board as a 50 per cent shareholder in the project.

When completed, Tsawwassen Mills and Tsawwassen Commons will combine to be the secondlargest shopping centre complex in B.C., slightly smaller in leaseable retail space than Metropolis Metrotown in Burnaby.

Meanwhile, work continues on Highway 17 to widen the highway from east of 56th Street to Tsawwassen Drive. Upgrades are also being made at the 52nd Street and 56th Street intersections.

Excerpt from:
Malls taking shape for 2016 opening

The mega-shopping centre that will change the face of retail in the Lower Mainland is steadily taking shape at the Tsawwassen First Nation.

Located at the northwest corner of Highway 17 and 52nd Street, Ivanho Cambridges Tsawwassen Mills will include 1.2 million square feet of retail, while the adjacent Tsawwassen Commons, a Property Development Group project also under construction, will have 550,000-square-feet of outdoor retail.

Both are scheduled to open in May of next year.

A spokesperson for Tsawwassen Mills said in the next few months construction will include structural steel work continuing from the east side of the building to the west side, installation of exterior walls, installation of the roof, which will include energy-efficient skylights, and installation of underground utilities.

Tsawwassen Mills is expected to have 16 anchor stores, a mix of premium fashion brands and factory outlets as well as a 1,100-seat food court. The mall is modeled on the successful CrossIron Mills in Calgary and Vaughan Mills in Greater Toronto. The first Bass Pro Shops in B.C. is the only confirmed tenant thus far, but a Tsawwassen Mills spokesperson said more tenant announcements are expected in the coming months.

Tsawwassen Commons will include a blend of national, regional and independent retailers, big-box outlets, restaurants and financial services. PDG Investments is managing the leasing of its project with FORM Retail Advisors, a Vancouver-based retail broker.

Tsawwassen Commons only announced tenants thus far are Walmart and Rona, however the project is already 50 per cent pre-leased, with 78 per cent of the retail area under letter of intent or offers to lease, according to GVest Private Equity LP, which has come on board as a 50 per cent shareholder in the project.

When completed, Tsawwassen Mills and Tsawwassen Commons will combine to be the second-largest shopping centre complex in B.C., slightly smaller in leaseable retail space than Metropolis Metrotown in Burnaby.

Meanwhile, work continues on Highway 17 to widen the highway from east of 56th Street to Tsawwassen Drive. Upgrades are also being made at the 52nd Street and 56th Street intersections.

As the roadwork continues, Delta is seeing what, if anything, can be done to alleviate noise concerns by residents across the highway in Imperial Village. Delta council recently discussed a petition asking for a berm to help block out the noise.

Continued here:
Tsawwassen First Nations malls taking shape for 2016 opening

Thursday, February 12, 2015, 12:10pm

By Steve Adams

Banker & Tradesman Staff

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Assembly Row Close To Signing Second Tech Tenant

For nearly a decade the dream was nothing more than a ghostly expanse of dirt lots. Empty roads, sidewalks and a lonely clock tower were the only testament to the city's grand vision of a vibrant downtown area.

It was an ambition that struggled to take flight.

Officials' hopes of an urban center bringing new energy to this city of 160,000 Broward County's second largest were derailed over the years by reluctant developers, a housing slump and a stalled economy.

But now the City Center dream has returned.

Groundbreaking is scheduled next month on a $58 million civic center, the centerpiece of the city's resurrected ambitions. There will also be entertainment venues, office and retail space, restaurants, a hotel and other amenities on 80 city-owned acres near the intersection of Pines Boulevard and Palm Avenue.

"It's taken much longer than I wanted, much longer, but I am happy to say that we are at a point right now where everything is going forward," said Mayor Frank Ortis.

The City Center plan dates to the late 1990s. But work was limited. Roads, sidewalks and a clock tower, along with a seating area and series of fountains, were built on the site in 2006.

Then the recession came and stalled further construction. Thirty five acres of undeveloped land still sit shovel ready.

The civic center will contain a 3,500 seat auditorium and conference space suited for trade shows or conventions. City Hall will also relocate to the civic center, which Stiles Construction has been hired to build. The Broward County Commission approved Tuesday a $462,000 grant for the civic center.

The groundbreaking signals a significant step for the City Center. While about 450 apartment units have already been built and housing construction continues on the site, this is the first imminent construction of a commercial space.

More:
After years of struggle, Pines City Center ready to rise

Habhegger is gone, and the redevelopment of the riverfront land near Brady and Water is underway.

Published Feb. 11, 2015 at 8:12 a.m.

The old Habhegger Wheel and Axle building at 1701 N. Water St., near Brady, is completely down now and Wangard's project to bring residences and retail to the space is underway, albeit a bit late.

The plan was to begin construction in 2014, with completion on the roughly 160 apartments and 6,600 square feet of retail space slated for later this year. There's been nothing so far to suggest it won't be finished on time.

Workers are on the site which Wangard has called "one of the most desirable sites in Milwaukee right on the Milwaukee River" today clearing and excavating.

Here's what Wangard's website for the project says about the development:

"The project sits at the convergence of two showcase urban corridors North Water Street and East Brady Street. As the visual terminus to Brady Streets west end, the property has the ability to become a major landmark building in the neighborhood and enhances Brady Street as one of the most successful retail and entertainment streets in the City."

A stretch of riverwalk is planned for the development, too.

The Wangard site continues: "By providing high-quality rental housing and retail amenities to the neighborhood, this development helps to improve the connectivity between the Water Street District and the Lower East Side, develops a pedestrian walkway along the south side of the underutilized Milwaukee River, and further enhances this area as one of the most dynamic urban neighborhoods of the City."

The rest is here:
Wangard's Brady and Water project moves forward

Rendering shows the corner of Hennepin Avenue and Lourdes Place in Minneapolis. (Courtesy of Minneapolis Heritage Preservation Commission and Schafer Richardson Construction)

A plan calling for a 29-story apartment tower with thousands of square feet of retail space is in the works for what is now Nye's Polonaise Room in Northeast Minneapolis, though a nearby church is opposing the plans.

The 29-story, 189-unit apartment tower with several levels of parking and about 6,500 square feet of ground-floor retail space would require the demolition of two buildings, but two of the oldest structures, including the "Harness Shop" built in 1905, would be preserved, according to city documents.

The plans still need to move through the Minneapolis city approval process and win backing from the city's Heritage Preservation Commission, which is slated to discuss the proposal Tuesday.

The proposed plan isn't without resistance. Located on the same block as Nye's, Our Lady of Lourdes Catholic Church issued a statement to parishioners Sunday that outlined the church's resistance to the development.

The letter said experts have advised that the church will be harmed by a construction project of the proposed scope -- a risk the church's foundation, laid in 1857, can't take. The letter also listed obstructed views of the church, a 30-foot stone wall, shadows and density concerns as reasons for the church's opposition.

A Facebook group called "Save Nye's Polonaise," formed shortly after the Minneapolis institution announced plans to close in September, has nearly 9,000 likes.

Events are in the works to celebrate Nye's 65-year history, but nothing is official yet.

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29-story apartment tower in works for Nye's Polonaise Room site