Corporate News

Posted on December 28, 2014 09:57:00 PM

The expansion of Festival Supermall in Alabang and the soft launch of four other projects will bring the real estate developers gross leasable area to 219,195 sq.m. next year.

The company had said in November it wants to increase its gross leasable area to around 995,000 sq.m. within five years.

Festival Supermall, the companys flagship mall located in Alabang and managed by its wholly owned subsidiary Festival Supermalls, Inc., will add 46,705 sq.m. in 2015 to the current 134,090 sq.m. of leasable space, Filinvest Land Corporate Communications Manager Christine A. Gaylican said in a mobile phone reply on Sunday.

Meanwhile, the developers retail and commercial centers in Cebu and Laguna will be operational in 2015, according to Filinvest Land Senior Vice-President for Commercial Center and Retail Management Joy Polloso.

Construction is ongoing for Il Corso, the companys lifestyle, retail and dining strips in Cebu. The project will have 11 connected buildings with a gross floor area of 55,000 sq.m. and a gross leasable area of 36,000 sq.m.

The Central Piazza where the main entrance and amphitheater are located will be ready to welcome guests early next year, Ms. Polloso said.

The companys 4.4-hectare project in Laguna, The Village Front, is planned to be the commercial area for the Brentville International community in Bian.

Fora, Filinvest Lands mixed-use development at the Tagaytay Rotunda, will be complete by 2016 and will house 32,000 sq.m. of retail and mall space.

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Filinvest Land to boost leasable space by 58%

The reopening of The Edgewater Hotel marked one of the biggest stories of 2014 but it also was a year that saw additions in the grocery market and expansions in retail.

The Edgewater Hotel: After years of debate, two years of construction and a $100 million renovation and expansion, owner Robert Dunn reopened The Edgewater Hotel on Lake Mendotas east shore and on the west end of Wisconsin Avenue.

The 202-room property, with 356,220 square feet of space, includes four restaurants, a ballroom, private roof-top event spaces, a spa and a digital gallery that celebrates Madison. Construction began in November 2012 and included closing the hotel, building a 15-story tower and removing parts of the 1970s addition and renovating what remained of the original structure that opened in 1948. This spring, construction will begin on a 150-foot permanent pier that will include two floating piers with 38 boat slips.

Grocers continue to expand: One of the most competitive grocery markets in the Midwest continued to add aisles, although one long-time grocery store closed its doors.

Shortly after Roundys opened its 58,000-square-foot Metro Market at 6010 Cottage Grove Road in June, Tammy and Joe Wirag announced they would close their 25,000-square-foot Sentry store just blocks away after 40 years in business.

Willy Street Co-op completed a $4 million renovation to its flagship store at 1221 Williamson St. The project added higher shelving, an expanded courtyard, a pizza oven and storage. The co-op could announce this year a site for a third store.

Other new grocery store openings in 2014 included a Hy-Vee in Fitchburg, the $7 million Lake Mills Market in Lake Mills and, for the college students, a Kwik Trip store but without gas pumps on the ground level of Varsity Quarters, a six-story, 129-bed apartment building at 1423 Monroe St. In the 800 block of East Washington Avenue, Gebhardt Development of Madison broke ground on a $65 million multi-use development that will include a 75,000-square-foot grocery store from Onalaska-based Skogen Festival Foods

Retail happenings: To the relief of businesses, homeowners and commuters, the reconstruction of East Johnson Street was finalized this fall while the Verona Road project continued on schedule but still has two years of work remaining. Hilldale Shopping Center in September began a $15 million redevelopment that covers 53,000 square feet. The project, scheduled for completion this spring, is designed to create more open spaces and revitalize the backside of the mall.

The Shoppes at Prairie Lakes in Sun Prairie continues to expand. Major projects underway at the 110-acre development include the construction of an 86,000-square-foot Cabelas that began in June and a 100,000-square-foot, 12-screen cinema by Marcus Theatres that broke ground in May.

The Habitat ReStore East moved to a larger space at 4207 Monona Drive; Webers Bakery in Lodi closed in March after 92 years in business and Robert Blain, president, CEO and co-owner of Blain Supply and Blains Farm & Fleet, announced in June his retirement from the Janesville-based company. His sister, Jane Blain Gilbertson, has assumed his role.

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Landmark hotel reopens and grocers expand

The new year should bring some new businesses to Skibo Road.

But what will they be? For the most part, that remains to be seen.

There's lots of activity at different locations along the busy commercial corridor, including the continuing makeover of Marketfair Mall and clearing work at three sites along the road.

Marketfair Mall reps haven't announced who's slated to join Carmike Cinemas, Gander Mountain and HH Gregg in the shopping center once its redevelopment is complete. But a few of the future tenants have indicated their plans to come. They include hardwood flooring retailer Lumber Liquidators, the sandwich shop chain Which Wich, and Planet Fitness.

South of Marketfair, the land between Verizon Wireless and Casual Jack's restaurant has been cleared. Charlotte-based Providence Group has been marketing the site for months as a future shopping center. A flier at Providence Group's website shows a plan for a strip center with eight units containing nearly 19,000 square feet with some named tenants - McAlister's Deli, Wing Stop, Mission BBQ, Total Nutrition, MOD Pizza and World of Beer. But are they coming there for sure? All are mum for now on the subject although McAlister's Deli has said it definitely plans to open a store in Fayetteville.

A little bit farther down the road, just past Cliffdale Road, the 48-acre site that used to be home to the Leisure Living mobile home park is now empty and awaiting its new fate. The land was rezoned commercial last spring and its owners have said a shopping center is planned. Warehouse club Costco has been said to be looking at the site but nothing's confirmed.

Down near Skibo's intersection with Raeford Road, behind the Hardee's, is another cleared patch of land destined for shopping. Owner Jurgen Stanley said it will be a small strip center with five units in about 6,500 square feet total. He said one tenant will be a mail-delivery business and another a sandwich shop. The other three tenants are still being lined up.

Stanley expects the center to be up and running by late spring.

Elsewhere in town, what's going to happen with the former Wynnsong cinema space at the Boone Trail shopping center?

Something.

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Retail Therapy: What will new year bring to Skibo Road?

Altoona is on the edge of a commercial development explosion, some of which is on the books and some lurking around the fringes.

Construction will begin next spring on the much-anticipated outlet mall at the Shoppes at Prairie Crossing, a 175-acre retail, entertainment, residential and commercial center south of Bass Pro Shops along the U.S. Highway 65 bypass.

And within the next few months, work should begin on a 12-screen movie theater on 15 acres across from Prairie Meadows Racetrack and Casino on Altoonas northwest side.

The two highly visible projects are attracting attention from businesses interested in joining the development wave.

Everybodys very secretive about what they want to do, but we have development questions coming into our office all the time, said Jeff Mark, Altoonas city administrator. And when both projects are under construction, there will be even more interest.

The city has long been a draw for visitors seeking entertainment at Prairie Meadows, Adventureland amusement park, and the nearby Iowa State Fairgrounds. And the new $300 million Facebook data center on the north side of Interstate Highway 80 has helped put the city in the spotlight.

This is only the tip of the retail iceberg, Mark said.

The Shoppes at Prairie Crossing is being developed by Quad Cities businessman Mike Whalen and his Heart of America Group. The site has been primed for several years with $10 million in streets, water, sanitary sewer, storm sewer, street lighting and grading provided by the city. Last summer, Heart of America opened the developments first tenant, Johnnys Italian Steakhouse.

HOA announced last spring that New England Development of Newton, Mass., planned to build a 325,000-square-foot open-air outlet mall on the property starting in 2015. The project will include about 75 retailers in spaces ranging from 800 square feet to 20,000 square feet, said Michael Barelli, vice president of development for New England Development.

The project is on schedule although the price tag is growing. Construction costs are increasing because of all the construction activity in the market, Barelli said.

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Altoona plans for busy retail construction season

The Charlotte City Council has extended the retail contract with Paradies Shops LLC to manage stores inside Charlotte Douglas International Airport terminal.

The original contract, awarded in 2010, was set to expire in 2017. But council members voted in early December to grant Paradies a five-year extension that will keep it in Charlotte Douglas through 2022.

The city extended the contract because it is expanding two parts of the airports main terminal. The expansion will include new retail and restaurant space, including two new retail stores in the west terminal expansion and five new stores in an east terminal expansion.

Paradies also will operate those stores. The City Council said it will require a significant investment by Paradies.

Construction on a three-story, $10.5 million terminal expansion of the west side of the terminal started in 2013. The project is scheduled to be finished in early 2015. The new stores will total 2,650 square feet. The expansion will connect Security Checkpoint A with Concourse B.

The $9 million east-side terminal expansion started design work last spring. The two-story, 32,000-square-foot expansion will create a new food court and 2,700 square feet of retail space.

The airport also is planning a $32 million renovation of the terminal and concourses in 2015.

Atlanta-based Paradies today operates stores in Charlotte such as Lacoste, EA Sports and Brooks Brothers.

Terry Wimpy, the Paradies general manager for Charlotte, said the company doesnt have any firm commitments yet for the new space.

He said the new stores would likely be a combination of news and gifts and some nationally branded stores.

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Charlotte City Council extends Paradies airport retail contract

It is exciting to see that there is even a proposal to develop long-unused land in North Olean along Buffalo Street and near the Interstate 86 exit. Krog Corp., an Orchard Park-based development firm, plans a five-phase project for the almost 60-acre lot.

Major elements of the proposed project include the construction of a four-story hotel and neighboring restaurant and retail space. Overall development plans that have been revealed by Krog represent proposed investment of nearly $17 million.

If approved and assisted by the various city, county and state entities, the project would be the culmination of a long-held hope by city officials that the former industrial land could be repurposed for useful development. Decades ago, the land was home to industrial oil and fertilizer production operations, as well as several small businesses. Efforts to clean up contaminants, started by ExxonMobil in 2010 and taken over by a holding of Krog, are ongoing and are expected to be completed this spring.

Construction is targeted for a May start and would take most of the next year, should the project garner all the approvals it needs from authorities. The remaining four phases would be completed by 2020. Arnie Cubins, a senior project manager with Krog, told the Times Herald after an Olean Planning Board meeting that his company i taking with several retailers interested in leasing space.

Perhaps it is not by chance that one of the Krog holdings that will oversee construction and development of the retail component of the development is called Olean Gateway LLC, because not only would the project develop brownfield land, it would also provide a more inviting gateway to the city from I-86. Some planners have long noted that the citys two I-86 exits lack the inviting off-ramp appeal that can get travelers to decide to make a stop off the interstate.

The proposed project would create more of that appeal and, combined with the existing, outstanding retail centers, restaurants and other attractions in the greater Olean area, could result in the best shopping-day trip destination with the easiest access from an interstate between Big Flats/Horseheads and Erie, Pa.

We join Mayor Bill Aiello in encouraging the Olean Planning Board, the Cattaraugus County Industrial Development Agency and any state authority that might be involved to do whatever it takes to expedite this project and work hard to make this happen.

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Our View: Development would bring more 'off-ramp appeal'

New look: How a changed Forest Chase could look. Illustration: Supplied

More than $100 million is being spent on projects to lure global retailers into the Perth CBD, breathe new life into Cottesloe's beachfront and shake up Subiaco's shopping strip.

Plans have been lodged with the cities of Perth and Subiaco and the Town of Cottesloe for three projects that vary in scope but each aim to make their mark.

In Perth, Forrest Chase shopping complex is facing a redevelopment that would involve walkways linking the central shopping space to Northbridge and the cultural precinct and public transport redesigned in steel and glass. Shopfronts would also be brought forward to boost the overall retail space.

A development application lodged by owner ISPT put a $67 million cost on construction.

But ISPT development services general manager Chris McCluskey said the total investment would be more than $100 million.

Mr McCluskey said a key driver behind the redevelopment plan was to bring more "global flagship retailers" into the CBD.

He said it was also part of the overall revitalisation of the city.

"It's a revitalisation, a renewal, a refresh," he said. "It's about the creation of a really strong flagship retail space.

"We're going to create something really special."

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CBD revamp to lure global retailers

Englewood is renovating this Yard House Restaurant in Kansas City.

CHICAGOThe nationwide increase in job creation, coupled with the Feds recent decision to continue holding down interest rates, has many in commercial real estate looking toward 2015 with great anticipation. This includes those involved in retail and restaurant ground-up construction and shopping mall renovations.

Confident in the improving economy, national retailers and restaurant owners have been adding new locations this year, and we expect that activity to continue in 2015, says William Di Santo, president of Lemont, IL-based Englewood Construction. Shopping mall owners are also renovating their space to make trips to the mall more experiential.

In 2014, many retailers and restaurateurs added new venues as well as tore down existing stores and replaced them with new ones in order to meet brand standards, Di Santo adds. While there still is ample space for retrofits in empty storefronts, were seeing more focus on ground-up construction.

Englewood recently started three new ground-up projects, a Coopers Hawk Winery and Restaurant in Oak Lawn, IL, a suburb of Chicago, a Seasons 52 restaurant from Darden in Bridgewater, NJ, and a 55,000-square-foot Hobby Lobby at Seabrook Crossings in Seabrook, NH. In 2014, Englewood also completed a ground-up Goodwill store in the Chicago area.

Over the past few years, the majority of restaurant construction has been confined to upscale activity, Di Santo says. That has changed in recent months as consumers are returning in all categories, including fine dining, fast casual and fast food. As a result, we expect a very robust pipeline for restaurant work in 2015.

Englewood also recently began an expansion at white tablecloth restaurant The Purple Pig in Chicago, as well as the renovation of a Yard House in Kansas Citys Power and Light District. Englewood is also working with Red Robin and Buffalo Wild Wings in the fast casual arena to roll out several new restaurants in 2015.

Stratford Square Mall in suburban Bloomingdale, IL, has been a popular retail destination in its market for decades, but its owners recently tapped Englewood to manage the malls redesign, construction and tenant coordination, a good example of the recent trend to revitalize and revamp existing malls. The traditional mall has faced an uphill battle as competition from lifestyle centers and online shopping has only increased in recent years, says Di Santo. To draw shoppers to malls, investors will be adding entertainment venues, fine dining and other features that cannot be recreated online.

People are willing to go out and spend money on services they cannot get at home, he adds. Entertainment options, such as new theater and bowling concepts, are both trending for 2015.

And increased confidence among consumers has resulted in more foot traffic in malls, leading retail tenants to relocate from tucked-away corners to more expensive center-court locations. To offset the higher rent, many national retailers have decided to take smaller floor plates. And for shopping mall owners, this has meant reconfiguring areas with renovation projects.

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Retail Construction Set to Rise in 2015

A $38 million plan to put up a three-building complex of offices, storefronts and apartments along East Third Street in south Bethlehem got approval Thursday to receive tax benefits through the City Revitalization and Improvement Zone.

The centerpiece of the Greenway Commons would be a five-story building between Fillmore and Pierce streets that would have ground-floor retail space and 95 luxury apartments above.

To its east there would be a four-story building with more ground-floor retail and 15 apartments. To its west, there would be another four-story building with retail and 63,000 square feet of Class A office space.

With conditional approval from Bethlehem's CRIZ authority board, developer Bethlehem Renovations can take that to banks to help secure private financing for the project. The project received approval from the city Planning Commission in October.

Several lenders have expressed interest in investing in the project, not only because of its inclusion in the CRIZ but also because it represents another step in the "rebirth of south Bethlehem," said Rob DeBeer, a development director for Bethlehem Renovations.

Among the conditions attached to the approval is proof of private financing for the project. The developer and authority also must negotiate the "level of increment," or the percentage of tax deferment the project will be allowed to leverage.

The CRIZ covers 130 acres in Bethlehem, including large portions of former Bethlehem Steel land, and allows developers to use certain state and local taxes to offset construction costs, so long as new jobs are created.

According to the developer's CRIZ application, the project would create more than 200 temporary construction jobs, more than 200 office jobs and 300 retail jobs.

DeBeer told the authority some prospective tenants have expressed interest and that Bethlehem Renovations may have announcements regarding anchor lessees by the time construction begins in March. He anticipated construction would take nine to 12 months.

Bethlehem Renovations is a company of BethWorks Now, one of the original investors in the redevelopment of the Bethlehem Steel brownfield.

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Three-building multi-use complex gets approval from Bethlehem CRIZ authority

Something was missing Wednesday when city officials unveiled drawings of a Chinese developer's plans for a massive, mixed-use skyscraper along the Chicago River: the 89th floor.

As currently conceived, the building would be 88 stories tall not 89, as had been widely reported.

In China, eight is considered a lucky number. Many Chinese skyscrapers are 88 stories tall. The Beijing Summer Olympics began on August 8, 2008 8-8-08.

So the change could be product of superstition. Whatever the reason, plans for the $900 million, mixed-use mega-tower, called Wanda Vista, boast impressive numbers and beg the question about where the high-rise would rank among the giants of the Chicago skyline.

To be built on a riverfront site along East Wacker Drive, the $900 million tower would contain a five-star hotel with about 250 rooms, 390 condominium units and about 9,000 square feet of shops. Mayor Rahm Emanuel's administration characterized the project, which it said would generate 2,000 construction jobs, as the largest real estate investment by a Chinese firm in Chicago and one of the largest in the United States.

"This is huge," said a spokeswoman for the mayor. "The mayor has put a significant amount of time and energy into ensuring that we open our arms and make this city for international businesses and international visitors."

The timing of the announcement coincided with the onset of U.S.-China trade talks in Chicago.

The developers the Wanda Group, which is controlled by mainland China's richest man, Wang Jianlin, and Chicago-based Magellan Development Group want to break ground in 2016. With Wanda Group's investment, many expect that the project may not need pre-sales before starting construction.

But the developers' path is not without obstacles.

They confront a downtown market awash in new and planned hotel rooms, including a 290-room Conrad Hotel that local hotelier Laurence Geller wants to build inside a vacant office building at 101 E. Erie St.

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A look at plans for Chinese developer's massive skyscraper on Chicago River