Published: Wednesday, January 7, 2015 at 5:22 p.m. Last Modified: Wednesday, January 7, 2015 at 5:24 p.m.

ALBERTVILLE Construction is underway at The Shoppes of Albertville, an $18 million, 135,000-sqaure-feet development that already is 92 percent leased.

GBT Realty Corporation, a commercial real estate development and net lease company based in Brentwood, Tenn., closed on the 13.2-acre site Dec. 29.

Tenants including PetSmart, T.J.Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports already are lined up to join the center. There is an additional space for a junior anchor and a little more than 11,000 square feet of small shop space.

We are extremely excited about this retail development and the opportunity that it will give our citizens, neighbors and visitors to shop in Albertville, Mayor Tracy Honea said. The retailers GBT has already recruited will fill a void in our market for those soft goods and services provided. Im confident they will experience great success here.

GBT entered into a development agreement with the city, which is selling bonds to provide $5 million of funding to offset predevelopment and development costs. A portion of the sales tax generated at the shopping center will pay off the bonds.

The Shoppes of Albertville is situated at the intersection of the primary north/south and east/west commercial corridors through Northeast Alabama, approximately halfway between Huntsville and Gadsden, ideal sites to support the expansion plans of our retail partners, said Thom Hickman, GBTs senior vice president for acquisitions and development.

Jeff Pape, managing director for GBTs shopping center division, said shoe retailers, fast casual dining options and service-oriented tenants are being sought.

Overall, GBT has $65 million of retail space totaling more than 300,000 square feet planned or under development throughout Alabama. The company has projects in 21 states, with $1 billion of commercial development totaling 5 million square feet in the pipeline and under construction.

We are honored to have the most active private developer in the country bringing its expertise to the Albertville community, Honea said. We can only hope that this is one of many more announcements to come from GBT for our community.

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Construction underway at new Albertville shopping center

SANTA BARBARA, Calif. -

The Entrada de Santa Barbara hotel and retail project has been in the planning stages for over 20 years, but now heavy equipment has arrived to begin some of the serious work.

Construction crews have been tearing down the last set of older buildings that once housed Hot Spots Coffee, a T-shirt shop and bike rentals on the corner of State St. at Mason St.

This site is one of three corners involved in the project.

Construction is planned for the next year and a half with completion set for summer of 2016. All three phases have to be done at the same time according to city requirements for the project.

The Entrada development and the nearby facelift in the "Funk Zone" recently are combined, the largest retail, restaurant, and hotel changes the city has seen since the early 1990's when the Paseo Nuevo Mall was built downtown.

The developer is known as 35 State Street Partners and the group involves Los Angeles businessman and developer Michael Rosenfeld who has been to Santa Barbara to usher the project through after several setbacks over the last 20 years involving other owners.

Once completed it will have 123 rooms, over 20, 000 square feet of retail space, paseos, and 243 parking spaces.

The historic Californian Hotel was partially preserved for this project. It dates back to the early 1920's and the facade remains in place and the rest of the building, torn down years ago, will be rebuilt in an area west of State St.

Nearby two creek projects and bridge replacements are also taking place, and MOXI The Wolf Museum of Exploration + Innovation, a children's museum is going to be built near the train station a block to the north.

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Entrada de Santa Barbara Project Site Demolition Underway

Las Vegas real estate market, after getting battered by the recession, had one of its busiest years in a while in 2014.

Investors built retail, apartment and office projects in the suburbs, the housing market stayed volatile and new projects were proposed and took shape along the Strip.

What lies ahead? Heres a rundown of what happened in 2014, and what insiders expect this year.

Housing

After hitting bottom, home prices rose at one of the fastest rates nationally in recent years as investors paid cash, sight unseen, for low-priced houses to turn into rentals.

But now, with fewer bargains out there, investors are pulling back. They triggered a valleywide slowdown last year as more listings went ignored, sales volume dropped and prices rose at a much slower pace.

Real estate pros expect things to keep cooling in 2015. But with the market relying more on regular, mom-and-pop buyers, that could turn a slowdown into a slump, as many locals cant get a mortgage because of tighter lending requirements and past bankruptcies, foreclosures or short sales.

Meanwhile, homebuilders had a topsy-turvy 2014.

Sales totals dropped hard as would-be buyers, saddled with financial woes and sticker shock, backed off. Through November, sales volume was down 20 percent year-over-year in Southern Nevada, prices were flat, and builders pulled fewer construction permits.

All told, theres little reason to feel warm and fuzzy about 2015, Home Builders Research President Dennis Smith recently said.

Continued here:
After a busy 2014, whats in store for Las Vegas real estate?

There are cranes hanging over downtown Long Beach, with work underway or soon to start on multiple, multimillion-dollar mixed-use developments.

City officials and business leaders say a sort of renaissance is taking place, with new housing and retail soon to be available in the citys urban center. Michael Conway, the citys director of Economic and Property Development, said he is encouraged seeing construction crews at work, calling it a sign of a strengthening downtown marketplace. He added that the planned new Civic Center is going to be yet another boon to downtown development.

Among those major developments underway today, Long Beachs Development Services Department lists three major projects: The Current, The Edison and The Parc Broadway.

But besides those, smaller new development projects and adaptive reuses also are under way with much more on the horizon, promised Conway and Downtown Long Beach Associates President and CEO Kraig Kojian.

Development of the Sixth Street Lofts, for example, is turning what was once a real estate site left for dead into 30 loft apartments at 431 E. Sixth St. That project could be complete in early 2015.

New developments still in the entitlement phase include a proposal for 207 Seaside Way that would accommodate a five-story, 113-unit residential component over a two-story parking garage, among other features.

A proposal for 442 Ocean Blvd. is working its way through the process to make way for another five-story complex with 95 residential units over a two-story parking garage, among other amenities.

The former AMC movie theater at Pine Square is being transformed through adaptive reuse into 69 residential units. Other proposed adaptive reuses include: plans to reuse the Ocean Center historic office building as residential and retail/restaurant space at Pine Avenue and Ocean Boulevard; adapting the former Security Pacific Tower at 110 Pine Ave. into 118 residential units; among other projects.

While the construction does create jobs short term, the even better long-term benefits, Conway said, are a collateral effect of having more people and a different demographic living downtown, ultimately bringing in other new developments and retailers that the city hasnt had before.

The real multiplier here is the additional residential density we are going to have downtown, he said. Its still a bit of a tough market, and downtown has a somewhat challenging demographic. Its been a long plan and a long road to bring the downtown to its current status as a very popular and lively downtown. Twenty years ago, I couldnt say the same thing, but I think it is an extraordinary downtown and this development is a testament to its economic vitality.

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New High-Rises Develop In Downtown Long Beach

U.S. shopping-center owners are starting 2015 on an optimistic note thanks to a solid holiday season and rising rents throughout 2014.

Yet, given that retail vacancies remain near historically elevated levels, more bullish news for retail landlords likely will come at a glacial pace.

All in, last year was a good one for mall and strip-center owners. The average strip-center vacancy last year was 10.2%, the lowest annual percentage since 2008, according to new data from real-estate research firm Reis Inc. Average rents increased 2%, the largest increase since 2007, said Reis, which tracks the largest 77 markets.

At malls, the vacancy rate ticked up slightly to 8% in the fourth quarter from 7.9% in the third, due mostly to closures by Sears Holdings Corp.But vacancy remains down from the recent high of 9.4% set in the third quarter of 2011. Mall rental rates, meanwhile, rose for the 14th consecutive quarter, albeit by tiny measures in each case, to $40.66 per square foot per year, Reis said.

For a property type that has really struggled over the past few years, things are getting better, said Ryan Severino, senior economist at Reis. That portends improvement in 2015 and beyond.

Retailers and their landlords alike have sunny outlooks for several reasons. Holiday sales were strong. Thomson Reuters projects that the 76 retailers it tracks will post an average fourth-quarter gain in same-store sales of 1.8%, up from 0.7% for the final quarter of 2013.

Job growth has gained significant momentum in recent months, and wage growth is picking up, too. A potential windfall recently arrived for merchants in the steep decline of oil prices, which has freed shoppers to spend less on gas and more on retail goods.

If 2015 sees any material rise in income, and if energy prices remain where they are, you could see a real bump in spending in 2015, said Gene Spiegelman, vice chairman and head of retail services in North America for commercial brokerage Cushman & Wakefield.

OConnor Capital Partners LLC, a closely held builder and owner with 14 million square feet of shopping centers in the U.S. and Mexico, anticipates that its tenants will post an average sales gain of 2% to 2.5% for the fourth quarter from the year-earlier period. Thatd be as good a fourth quarter as weve had since 2011, OConnor Chairman and Chief Executive Glenn Rufrano said.

Mr. Rufrano said he noticed sales gains last quarter from OConnors tenants in athletics, accessories, electronics and home goods. But he said some apparel stores were struggling. Several flagship apparel chains have been reporting weak sales lately,including Abercrombie & Fitch Co. and American Apparel Inc.

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Shopping-Center Owners Start Year With Optimism as 4th-Quarter Rents Rise

US retail mall vacancies rose in the fourth quarter from the third, mainly due to the closure of some Sears Holdings Corp stores, according to real estate research firm Reis Inc.

Asking and effective rents for shopping centers increased slightly faster than the previous quarter, Reis said in a report on Tuesday.

Retail mall vacancies rose to 8 per cent in the fourth quarter from 7.9 per cent in the third quarter, marking the first quarterly increase since the third quarter of 2011, the company said.

Retailer Sears said in December it planned to close 235 stores in 2014, nearly double the projection of 130 made in August, in an attempt to return to profitability.

Asking and effective rents for shopping centers grew by 0.5 per cent this quarter. Asking rent had risen 0.4 per cent in the third quarter, while effective rents rose 0.5 per cent.

"Demand continues to rebound from a weak 2013, though it also remains at relatively low levels... (This) provides more evidence that the recovery is not yet accelerating," Severino said.

The national vacancy rate for neighborhood and community shopping centers declined by 10 basis points to 10.2 per cent during the fourth quarter, slightly improving from the third quarter, when the rate was unchanged.

Construction activity remained limited with only 1,752,000 square feet of new shopping center space completed during the fourth quarter. Shopping center space completed during the third quarter was 1,272,000 square feet.

Reis said accelerating pace of job creation, wage growth, and cheaper energy prices portend better times ahead.

"While we are still a number of years away from characterizing the retail real estate environment as 'strong', 2015 could certainly be a year of transition to a healthier market environment," Severino said.

Continued here:
US retail mall vacancies rise in fourth quarter: Reis

Work has started on a multi-million pound residential scheme in Liverpools Baltic Triangle creating three blocks housing 324 apartments as well as retail and leisure space.

Neptune Developments has put together a 24m funding packing to start work on the project next to the Baltic Fleet pub and just outside the city centre.

A previous developer, Windsor, had started work on the site in 2006. But the scheme collapsed in 2007 with debts of 46m, becoming one of the biggest property failures in the city.

The site was abandoned with some concrete structures still in place, including foundations and lift shafts, and basement car parking.

Now Neptune, which already has a strong track record for delivering projects in Merseyside, has started work on the site with completion due between June and September next year.

Neptune will be committing a substantial amount of its own funds into the project and has secured funding from HSBC.

The company told the ECHO: The funding package, worth 24m, will assist with the cost of developing the scheme that will provide an important option for those looking for accommodation in this part of Liverpool, which is not only a convenient position to live, but also a prestigious one in context of the Liverpool city centre market.

The Baltic area has undergone a major transformation in recent years and is now an established hub for hundred of businesses in the creative and digital sector.

Balfour Beatty Construction is the main contractor and Jon Adams, the firms delivery unit managing director, added: Balfour Beatty has extensive experience in delivering high-end residential schemes, and of working in Liverpool where we have constructed the Liverpool One development and the recent successful completion of the Aloft Hotel.

We have a long established relationship going back over 15 years with Neptune and we look forward to working with Neptune Investments to deliver this exciting new development in the heart of the Liverpool docklands.

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Neptune Developments starts work on multi-million pound residential scheme in Liverpool's Baltic Triangle

Published: Sunday, January 4, 2015 at 5:34 p.m. Last Modified: Sunday, January 4, 2015 at 8:19 p.m.

DELAND As cleanup work at the site of a former golf course wraps up, developers are hoping to start construction on a new shopping center on the site in the southern part of city next month.

Country Club Corners could host shoppers as early as next fall, said attorney Mark Watts of Cobb Cole, a representative for Lake Mary-based Tailwinds Development.

The 14.5-acre shopping center is one piece of a roughly 105-acre mixed-use development planned for the site of what was once the DeLand Country Club. The centerpiece of the shopping center will be a 53,785-square-foot Publix supermarket.

The new grocery store will replace an existing Publix directly across the street, anchoring the Southpointe Commons shopping center.

The Publix building will have another 8,400 square feet of retail space attached to it. Another 31,300-square-foot junior anchor retail building is planned just north of the Publix. Combined with smaller outparcels, the center will offer 104,033 square feet of retail and restaurant space in total.

The new Publix will be significantly larger than the old one, which is 42,000 square feet, said Dwaine Stevens, a Publix spokesman.

The developers are working with the Florida Department of Environmental Protection to clean up dieldrin pesticide contamination on the property. The pesticide was used on the golf course decades ago before it was found to be toxic and banned in the 1980s.

In 2011, contamination was discovered in the soil and groundwater of several neighborhoods near the golf course. There is work going on on the property now, said Watts. Most of that is related to the remedial action plan that was approved by the DEP. On the commercial side I think well be wrapped up in January (with the remediation work) and well be starting with the infrastructure part of the commercial side.

Watts said the cleanup work has progressed well and without any surprises. Similar work on the residential side of the project is set to begin in April.

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New shopping center on track for southern DeLand

Increasing consumer confidence, a recovering housing market and tourism growth are paving the way for a bright 2015 in retail, industry experts say.

"As the economy becomes more stable, businesspeople will feel more confident starting new businesses," said Samantha Stratton, spokeswoman for the Florida Retail Federation. "It's easier to rally a loyal customer base during these times."

Retailers are now more willing to invest in the opening of additional shops because they believe they can count on "more reliable customers" who will stay in South Florida and not put their houses on the market and move to a new region looking for jobs, Stratton said.

"Consumer confidence is still on the rise as we are coming out of the recession," she said.

Tourists from Latin America, Canada, Europe and elsewhere also are continuing to flock to Florida and, fortunately for retailers, they bring empty suitcases to fill them up with merchandise found at bargain prices, Stratton said.

Broward and Palm Beach counties are poised for growth as available retail space becomes harder to find and more expensive to obtain in Miami-Dade County, said Russell Bornstein, a senior vice president at CBRE, a global real estate services firm.

"You are going to see Broward and Palm Beach counties catch fire like Miami did," Bornstein said.

Vacancy rates in Miami-Dade are around 3 percent, while Broward and Palm Beach are around 7 percent to 8 percent, he said. Asking rates for retail spaces in Miami-Dade are about $40 per square feet, compared with $18 to $20 in Broward and Palm Beach counties, according to Bornstein.

"Retailers that did not get into Miami-Dade County will push into Broward and Palm where there's still some opportunities," Bornstein said.

Developers of several major projects are likely to continue approval processes and construction.

Originally posted here:
Consumers ready to shop in 2015

Bethlehem

The Windsor Development Group in Clifton Park is planning to build a new apartment complex in Slingerlands that would also include space for retail stores or offices.

The company, which built the Slingerlands Price Chopper plaza and The Hamlet apartments next door, wants to build the newest project on a portion of the Slingerlands Bypass just northeast of the Vista Technology Campus.

The project would include two buildings, including a 26-unit apartment building that would have 3,500 square feet of "flex" space on the ground floor for retail or office tenants that would face Route 85. A second building would have eight apartments that would be set back from the road.

The Bethlehem Zoning Board of Appeals is holding a public hearing on Wednesday to consider a variance for the height of the pitched-roof of the larger building, which would be 50 feet at the peak.

If approved, the new Windsor Development project would be the first construction on the Slingerlands Bypass since the Vista tech campus was built, a move that could spur other development along that section of the highway, which brings motorists behind the Price Chopper and to Vista.

Vista itself has been growing. The tech park is home to a ShopRite supermarket, as well as several banks and restaurants. Its first high-tech tenant, Monolith Solar, is planning a large office and manufacturing site, in addition to a large solar farm.

By opening up land to motorists with the bypass, the town has sought a mix of retail, office and residential developments. Designs submitted to the town for the new apartments in Slingerlands have gabled roofs that are similar to the design of The Hamlet apartments that Windsor Development also owns next to the Price Chopper. Balzer + Tuck in Saratoga Springs is the architect on the project.

Windsor Development also owns The Shops at Village Plaza in Clifton Park, as well as a 50-acre site in Malta. It also has projects in Florida.

lrulison@timesunion.com 518-454-5504 @larryrulison

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Apartments, stores planned in Slingerlands