A construction worker directs traffic in to the Cherry Creek Whole Foods parking lot off E.2nd Ave. and Josephine Street in July 2014. (Kathryn Scott Osler, The Denver Post)

If it's any consolation to motorists stuck in recent epic traffic jams in Cherry Creek, the neighborhood is paying it back to city coffers.

The tony commercial district collected $7.6 million in second-quarter sales taxes. That was a gain of 12.8 percent from the prior year, outpacing the city of Denver's overall 11.1 percent increase.

Retail in Cherry Creek has been an up-and-down prospect over the past decade, but 2014 clearly is an up year. Developers are capitalizing on favorable market conditions with a building boom of new office, retail and residential space.

"The best is yet to come in Cherry Creek," Mayor Michael Hancock said Friday at a meeting of the Cherry Creek Area Business Alliance. "What's happening in Cherry Creek is really setting the pace for what we hope will happen throughout the city of Denver."

Except for the traffic jams.

Building construction has tied up traffic sporadically. The mother of all jams, however, resulted from a 10-month-long project to replace a storm sewer along University Boulevard and Josephine Street.

The job is now finished, leaving shoppers and commuters free to return to an increasingly healthy commercial district.

Cherry Creek's retail vacancy rate of 1.8 percent is the lowest ever recorded, according to Development Research Partners and CoStar Realty Information. Lease rates for shopping space now average $36 per square foot, nearly twice as much as the citywide average.

The building boom's residential component is almost entirely apartments a result of Colorado's construction defects law that has limited development of condos.

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Cherry Creek retail sector booms after months of traffic jams

Although a slice of the project is already under construction, representatives from the town of Gilbert, Nationwide Realty and others broke ground on what will become the towns most sizable business plaza.

The officials unearthed dirt for the incoming Rivulon project during a ceremony in Gilbert on Nov. 12. The ceremonial shoveling came as the symbolic first step toward the completion of the 250-acre development located off of Gilbert Road by the Loop 202 Santan Freeway.

Youre looking at a $75million investment that will be made now through the end of 2015, said Nationwide Realty Investors president Brian Ellis.

Along with the monetary investment that includes $10 million for infrastructure completion, Ellis, whose company is based out of Columbus, Ohio, said the development should bring upward of 15,000 jobs to the area as well.

Construction is already well underway for one of the pieces of the complex an LA Fitness branch set to open in March 2015. What the ceremony marked though was the start of one of the major components to the project; the building that will house the new international headquarters of Isagenix International, LLC. Isagenix, which was based in Chandler, sells health products tied to skin care, diet and other health products.

Were going to bring some energy to Gilbert, some excitement, said Isagenix co-founder Kathy Coover.

Ellis has called Isagenix the catalyst for Rivulons construction, which is based in part on the companys fiscal heft the Isagenix website boasts $500million in revenue from April 2013 to April 2015 and for the size of the companys office. Isagenix will occupy a three-story, 150,000-square-foot building that is expected to open in December 2015.

The Isagenix headquarters wont be the first building to open at Rivulon though. Besides the LA Fitness franchise, Nationwide Realty is building a four-story, 125,000-square-foot speculative building it expects to wrap up by September 2015, along with a pair of two-story buildings with the same planned completion date as the four-story facility.

The Rivulon project extends beyond office space and will include 500,000 square feet of retail space and an anticipated 250 hotel rooms, but the office space might be the most important piece of the development. Thats because the totality of Rivulon is expected to more than double the amount of office space in Gilbert.

That is remarkable and that means something; that means something for Gilberts (future), said Gilbert Councilmember Jenn Daniels.

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Construction set to commence for Rivulon development in Gilbert

NEWTOWN TOWNSHIP The steel skeleton of the Promenade continues to take shape, rising above the intersection of Sycamore and Jefferson streets.

In the not too distant future, the site will be alive with activity, bringing new stores and living spaces to the street and taking a huge step forward in fulfilling the townships vision of Sycamore as a walkable downtown destination street for the township.

In the meantime, the sound of riveting fills the air as construction workers, perched precariously atop the steel rails, busily transform the site into the Promenade.

Built on the site of the former Acme, which served Newtowns grocery shopping needs for years, the Promenade will feature two new buildings a standalone, 2,000 square foot, one story retail building next to the Historic Newtown Presbyterian Church, and a three-story building fronting on Sycamore Street, housing 22,000 square feet of retail space on the first floor and 26 one bedroom apartments on the second and third.

Vince Keenan, president of NAC construction, said hes hoping to have the main building under roof by January and completed in the May-June time frame.

Right now were on schedule and doing well, reports Jim Worthington, owner of the Newtown Athletic Club and a partner in the Promenade project. Im excited. Its going to be a high-end, beautiful project when its all said and done.

The first floor retail space in the main building will be anchored by Philadelphia-based Anthropologie, which markets itself as an inspiring place to shop for women's clothing, accessories and home decor.

Founded in Wayne, Anthropologie caters to women wanting a curated mix of clothing, accessories, gifts and home dcor that reflects their personal style and fuels their passions, from fashion to art and entertaining. The chain boasts more than 185 stores throughout the United States, Canada and the United Kingdom.

Were virtually filled on the retail end, said Worthington. There are a few little spots left, but thats about it.

Worthington is holding the identities of his retail tenants close to his vest, although he did offer a few hints. Continued...

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PROMENADE ON THE RISE: Mixed-use, high-end retail, living space development begins to take shape on Sycamore Street in ...

The developers of 220 Riverside are moving ahead with the next phase. The plans call for 213 apartments along with 18,000 square feet of retail space.

NAI Hallmark Partners plans to build the project immediately east of 220 Riverside, on the land between that and the new Brooklyn Station on Riverside.

The new project is expected to cost $42 million, and the developer is asking City Council for about $7 million in property tax rebates over the next 20 years.

Its being called 200 Riverside at this point, but that could change, said David Auchter, executive vice president of NAI Hallmark Partners. He said he hopes to begin construction by the end of the year.

When 220 was designed, a second phase was envisioned and the project was designed accordingly, Auchter said. It will tie in with 220 and look like one seamless project.

Construction began in 2012 on 220 Riverside, which includes 294 apartments, 18,000 square feet of retail space and a public/private park called Unity Plaza.

The first residents are expected to move in by the end of the year, he said, with completion expected in March.

Pollack Shores Real Estate Group of Atlanta is building a 310-unit apartment complex called Brooklyn Riverside right behind Brooklyn Station on Riverside.

Meanwhile, NAI Hallmark Partners is still planning to put a hotel on its property on Forest Street. It could present a conceptual plan to the Downtown Investment Authority as soon as this month, Auchter said.

The plans call for about 150 rooms, he said, but no contract has been signed with a hotel chain.

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More apartments planned for Riverside Avenue project in Jacksonville

ST. PETERSBURG The iconic World Liquors sign that has marked the corner of Central Avenue and 16th Street for 53 years is coming down to make way for a new retail and residential development. World Plaza Shoppes will have 13,000 square feet of retail at street level and 14 loft apartments above.

World Liquors owner Paul Misiewicz and Pennsylvania-based DEPG Development Associates are partnering on the $5 million project. A newly constructed World Liquors will be the anchor tenant, taking up 3,000 square feet, about three times the size of the current store.

Construction is slated to start in early 2015 and be completed within about a year.

"Now the city of St. Petersburg is really expanding. New commercial space is being leased fairly easily, as you can tell by what's happening on Fourth Street," Misiewicz said.

He planned a smaller development of his own in 2009, but held off when the recession hit. Then last year, when his Keller Williams real estate agent met a Pennsylvania developer looking for Florida opportunities at a shopping center convention in Orlando, the timing was right.

"What we like about (the location) is it's going to be at the cutting edge. And others, including ourselves, will jump on the bandwagon as development continues spreading in a westward direction," said Jim DePetris, head of DEPG Development Associates.

Keller Williams agent Jean Kabore recalled the meeting with DePetris in Orlando. "Some of his investor friends had been telling him about how the Tampa-St. Pete area was growing so fast and he should take a look at the market," Kabore said.

DEPG, which includes four DePetris brothers, is a leading retail developer around the Pocono Mountains in northwestern Pennsylvania. "All the new things happening in St. Petersburg the changes, the young people moving in and new restaurants it's all very exciting," DePetris said.

While food and retail are thriving on Central Avenue, it's not considered a residential hub yet. Misiewicz points to the success of Fusion 1560 across the street. Its 253 apartments are 95 percent occupied, according to a leasing agent. Rents range from $955 to $1,850. Rental rates for the World Plaza apartments aren't set yet but will be in that range or lower.

The new World Liquors store will enable Misiewicz to grow the business his uncle started in 1956. Misiewicz has worked there 41 years.

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New apartments, retail coming to World Liquors corner on Central Avenue

The surface parking lot at Newport on the Levee will be closed for 2 years as an $80 million project is built on that space. (Photo: Enquirer file )

The surface parking lot east of Newport on the Levee is closing Tuesday in preparation for a two-year, $80 million construction project.

The project is expected to add 238 upscale apartments, an 800-space parking garage, a hotel and 8,200 square feet of retail space in Newport along Third Street. The development would serve as a second act for the 13-year-old retail, restaurant and entertainment destination.

BIG PLANS: Read why Levee officials are working on big development projects

Newport on the Levee officials said parking garage access will remain available and other nearby parking options remain available.

The Levee, which draws about 3.5 million visitors a year, has a 20-screen AMC Theater, Newport Aquarium, Axis Alley bowling lounge, GameWorks, and the Funny Bone Comedy Club. It also features national and regional restaurant brands such as Dick's Last Resort, Brio Tuscan Grille, Mitchell's Fish Market, Brothers Bar & Grill and Tom+Chee, office tenants i-wireless, Intrinzic, Constellation Brands and Comstock Valuation, and specialty shops and kiosks.

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Levee closing surface lot for $80M project construction

(PRWEB UK) 12 November 2014

One Airport Square is a 20,000 m2 mixed-use development currently under construction in the growing commercial district of Airport City in the Ghanaian capital Accra. This Landmark building comprises 2000 m2 of retail space and approximately 18,000 m2 Class A office space over ten floors. Elegant and contemporary, the building has been designed to the highest standards, by award winning sustainability designers; Mario Cucinella Architects, and will be the first green rated building, as well as the first Under Floor Air Conditioning installation in Ghana.

The Joint venture between equity investment company Actis, and Boston Investments is being managed by Laurus Development partners, a portfolio company of Actis. Construction commenced on site in 2012, with a major milestone achieved in February 2014 when workers celebrated topping out 26 days ahead of schedule. The compact design features an internal atrium which has the function of providing light and facilitating natural ventilation in the indoor space. To enhance the natural design, sophisticated mechanical, electrical, plumbing and lighting services were selected by M&E Consultants BDSP, and AET Flexible Space Under Floor Air Conditioning was chosen to provide the additional cooling.

The striking architectural design featuring large structural slabs that project beyond the facade outline, effectively provide horizontal solar shading. Extensive environmental analysis was undertaken to optimise the design and orientation of the overhangs with different glazed facade configurations, and adopting mixed-mode ventilation enables a total reduction of over 30% active cooling. MC Architects report a reduction of 48% of HVAC related CO2 emissions using their sustainable designs, and the New Build is the first project in Ghana to be awarded 4* Greenstar (SA) certification.

To supplement the natural ventilation within the building, an AET Flexible Space Under Floor Air Conditioning system provides cooling to the Class A office areas. This is a zonal CAM-V option which utilises the floor plenum beneath the raised access floor as the ventilation duct for the conditioned supply air. With a CAM-V system, used air travels back to the downflow unit for reconditioning via high level. Each floor was divided into four tenancy areas, each served by two AET CAM-V33 units. The air is introduced into the space via a fan terminal or Fantile unit, which has the added benefit of individual personal control of air flow and temperature via the integrated Fatronic controller, and this building is served by more than nine hundred standard TU4 fantile units.

The project is due for completion this year and AET Flexible Space engineers have travelled to Ghana for commissioning of the UFAC equipment. Flexible office space from 450m2 at Ghanas most prestigious address will be available. One Airport Square, Accra, the first building in Ghana to feature Under Floor Air Conditioning.

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Prestigious New Build in Ghana chooses Under Floor Air Conditioning by AET Flexible Space

CINCINNATIHFF recently secured $165 million in construction financing for Liberty Center, a 626,791-square-foot retail development located at the I-75 and SR 129 interchange just north of Cincinnati. The company worked on behalf of the developers, Bucksbaum Retail Properties, LLC and Steiner + Associates, along with financial partner Mount Kellett Capital Management LP, securing the loan through a single capital source.

Chicago-based Bucksbaum and Columbus-based Steiner have launched the regions largest on-going mixed-use development. In addition to retail, it will feature more than 75,000-square-feet of office space, 241 residential units and, as reported in GlobeSt.com, a 130-room AC Marriott hotel, all spanning about 65 acres. And Dillards will complete a two-story flagship department store with 200,000-square-feet to anchor the center. The project has already secured a number of national retailers including Dicks Sporting Goods, Kona Grill and Cheesecake Factory.

Along with its partners the Georgetown Co. and Limited Brands, Steiner also recently broke ground on Easton Gateway, a 54-acre addition to its Easton Town Center in Columbus, which will have more than 500,000-square-feet of retail and about 40,000-square-feet of office-above-retail space.

The HFF team was led by New York-based managing director Michael Gigliotti and Chicago-based director Daniel Kaufman.

This project represents possibly the most significant ground-up retail development of the current real estate cycle, anywhere in the US, Kaufman says. The sponsorship team came together to realize an incredible vision, combining the development and retail expertise of Steiner and Bucksbaum, with the capital markets strength of Mount Kellett. All signs point to a very successful project, and one that will be very important for Cincinnati.

The lender was able to provide a comprehensive construction financing solution for the development project, Gigliotti adds. The sponsors recognized this particular lenders ability to navigate through complex structuring issues, including a public financing component, several different retail buildings and parking structures, and the office, apartment, and hotel components, all of which are integrated but being developed separately.

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HFF Arranges $165M for Liberty Center

Courtesy LGE Design Build

Posted: Tuesday, November 11, 2014 9:45 am

Design for second phase of Heritage Marketplace in Gilbert underway Tribune East Valley Tribune

LGE Design Build has started the second phase for the design of the Heritage Marketplace located in downtown Gilbert.

The second phase of construction for the project will total 32,000 square feet with a ground floor restaurant and retail space, along with office space on the second floor. Construction for the phase is expected to end by September 2015.

Located at the corner of Gilbert Road and Vaughn Avenue, the Heritage Marketplace already includes Zinburger, which opened in October, and will add Lo-Los Chicken & Waffles on Dec. 1, Italian restaurant Pomo in December, and Barrio Queen next spring.

Posted in Gilbert, Local, Money on Tuesday, November 11, 2014 9:45 am. | Tags: Gilbert, Az, Pomo, Lo-lo's Chicken & Waffles, Barrio Queen, Zinburger

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Design for second phase of Heritage Marketplace in Gilbert underway

REUTERS/Rick Wilking

To offset losses in the retail department, the company is planning to ramp up e-commerce and make the most of its extensive real-estate properties.

Sears has been leasing store space to other retailers and is considering "spinning off hundreds of its properties as a real estate investment trust," reports Lauren Coleman-Lochner at Bloomberg News.

Selling and then leasing back retail space would be a way for Sears to generate some quick cash, analyststold Bloomberg.

The new Aventura mall project illustrates what Sears' new real-estate plan might look like.

Located in South Florida, the new development would be similar to an outdoor mall with retail stores (including Sears), parking, restaurants, a hotel, and offices.

Sears provided Business Insider with an image of what the development will look like:

Sears HoldingsThe Aventura, Florida, Sears store concept.

Sears has 1,800 locations. The new plan would mean that Sears would own 400 to 500 and lease the rest, Bloomberg writes.

It's unclear when the retailer will begin construction on the new mall.

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This Is What Sears Will Look Like In The Future