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    Office-Using Firms Reshaping Retail Landscape - October 3, 2014 by Mr HomeBuilder

    Savvy investors are targeting properties in San Francisco that have expiring leases that can be re-tenanted at higher rents or buildings on hard corners that can be redeveloped.

    SAN FRANCISCOSan Francisco boasts one of the strongest retail markets in the country because of robust job growth in high-paying employment sectors and limited construction of retail space. That is according to a recent retail report from Marcus & Millichap. Tech firms continue to ink large deals for available office space in the market at a blistering pace.

    According to the report, Salesforce has been the largest catalyst for job growth in the South of Market area and recently agreed to occupy 750,000 square feet in the newly renamed Salesforce Tower. The company is committed to millions of square feet in the area, which will boost retail spending in the once-challenged submarket.

    But office-using firms are not alone in reshaping the retail landscape in the metro, the firm says. Multifamily builders are also pushing forward with projects to create additional housing options. At Market and Van Ness, for example, sites on all four corners are in the process of being permitted or sold to make way for thousands of housing units. Retailers will move into the area to support the influx of residents at the intersection that was once nearly void of housing.

    On the investment side of the market, retail properties in San Francisco is heated, largely reflecting the strength of the local economy and nearly empty development pipeline, the firm says. Capital preservation plays dominate in the single-tenant sector as foreign money flows into the market. Local buyers are also active, though current pricing makes value creation beyond appreciation challenging. Savvy investors are targeting properties with expiring leases that can be re-tenanted at higher rents or buildings on hard corners that can be redeveloped. Listings with upcoming lease expirations are also favored by multi-tenant investors, though these deals are trickling into the marketplace.

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    Office-Using Firms Reshaping Retail Landscape

    Keppel Land enters Phase Two of Saigon Centre office development - October 3, 2014 by Mr HomeBuilder

    Keppel Land says it is progressing into Phase Two of developing a 37-storey office tower in Saigon Centre, its landmark mixed-use development in Ho Chi Minh city.

    Meanwhile, its retail podium, which is currently under construction, has achieved a pre-commitment of about 40%.

    Anchor tenant, Takashimaya, will house its first department store in Vietnam in the retail podium, taking up about 15,000 sqm of retail space.

    Saigon Centre Phases One and Two are jointly owned by Keppel Land, Toshin Development Co., Ltd and Vietnamese partners, Southern Waterborne and Transportation Corporation and Saigon Real Estate Corporation.

    Keppel Land holds a 45.3% stake in the development.

    Standing at a total of 42 storeys, Saigon Centre Phase Two will comprise 40,000 sqm of premium Grade A office space, five levels of 50,000 sm retail space and about 200 units of luxury serviced apartments.

    The total investment cost for Phase Two will be about US$255 million ($324.5 million).

    Keppel Land closed 1.7% lower at $3.40.

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    Construction PMI hits eight-month high thanks to housebuilding - October 3, 2014 by Mr HomeBuilder

    The UK construction sector activity has hit a new eight-month high, thanks to the housebuilding sector, according to Markit's purchasing managers' index (PMI) reading for September. Beating analyst expectations of a 63.5 reading, PMI climbed to 64.2, up 0.2 points from August. A reading above 50 signals growth.

    Markit attributed the upturn to house building, but noted that once again construction firms reported rapid growth of commercial activity and civil engineering, indicating an increased level of investment in office space, industrial units, retail space and infrastructure.

    Markit's chief economist Chris William said: "After the manufacturing PMI signalled a disappointing slowing of factory growth in September, a near-record increase in activity registered by the construction PMI provides more encouraging news on the health of the UK economy at the end of the third quarter."

    The average reading for the third quarter was 63.5, compared to 61.1 in the second.

    "Although only representing around 6-7% of gross domestic product (GDP), the sheer pace of expansion signalled by the PMI suggests that the construction sector can provide a meaningful boost to economic growth in the third quarter," William continued.

    However, Markit also noted that economic growth may slow in the second half of the year, according to levels of optimism amongst construction firms in relation to the outlook.

    Levels have fallen to their lowest for nearly a year, hit by concerns over a slowing housing market, shortages of both skilled labour and suitable sub-contractors, higher interest rates and a general weakening of growth in the wider economy.

    "Combined with the weakening picture from manufacturing, this downturn in construction firms' optimism may mean the second quarter GDP expansion of 0.9% could represent a peak in the pace of economic growth this year," William explained.

    "We await [Friday's] services PMI numbers to get better steer on the economy's growth in the third quarter, though data available so far point to an expansion in the region of 0.7-0.8%."

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    Construction PMI hits eight-month high thanks to housebuilding

    Construction Begins On Temporary East Village Park - October 2, 2014 by Mr HomeBuilder

    Just over a year ago, a group of architecture students had an idea to temporarily lease a vacant lot and turn it into a park.

    On Wednesday, the students' idea took concrete form with a groundbreaking ceremony for their park at Park and Market streets in San Diego's East Village. The students have since graduated from the NewSchool of Architecture and Design and formed a company called RAD Lab. It works on this and other downtown projects.

    The lot just a few blocks north of Petco Park is owned by Civic San Diego, the nonprofit created to replace the city's dissolved redevelopment agency.

    Reese Jarrett, the new president of Civic San Diego, said his organization hopes to build housing, retail and commercial space on the site in the future.

    "But in the meantime, what happens to the space?" he said. "Well, RAD Lab has answered the question for us by creating this exciting opportunity of open space, public engagement and place making."

    David Loewenstein, chief operating officer of RAD Lab, said the temporary park fills a need in downtown.

    "In the middle of East Village, you see a lot of high-rises, a lot of residential, not a lot of public parks, or a lot of urban parks specifically," he said. "So our vision and goal was to create something new, something different, something for the community, and something we could all enjoy."

    The park, which RAD Lab named Quartyard, will include a dog run, event space and a beer garden. It will be made with reusable materials, including shipping containers, and was designed to be set up quickly, so it should be open by December.

    Loewenstein said when he and his student partners began looking for a space to build a park, they were "told no a million times." But they won the support of former Mayor Bob Filner, interim Mayor Todd Gloria and current Mayor Kevin Faulconer. The project raised $60,000 in 30 days on the website Kickstarter and got a major fundraising boost from Andrew Cantor, CEO of the investment firm Cantor Companies.

    Gloria said at the groundbreaking ceremony that it was a change for him to break ground on a project that would be completed in just a few months.

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    Construction Begins On Temporary East Village Park

    Renovations will begin soon on Palm Coast's oldest retail center - October 1, 2014 by Mr HomeBuilder

    The sprawling Palm Harbor Shopping Center, Palm Coasts oldest commercial center, is in line for a major makeover and the developer also intends to give the retail center a new name, Island Walk.

    PALM COAST After some final incentives were granted to the new developer Tuesday, the reconstruction project at Palm Harbor Shopping Center is only weeks away from commencing.

    The City Council voted 5-0 during a special meeting to ensure that Branch Properties of Atlanta will avoid paying thousands of dollars in transportation and water-wastewater impact fees.

    The move means more money can be spent on landscaping improvements, a critical component to the areas redevelopment, said City Manager Jim Landon.

    This was going to have a Palm Coast look, Landon said of the citys commitment to make sure all prospective developers are aware of the citys emphasis on landscape beautification.

    Branch Properties wont be billed for transportation impact fees as long as it does the required construction improvements along Florida Park Drive. Additionally, council members approved offsetting up to $52,000 in water and wastewater fees for the additional square footage thats being tacked on to the Publix-anchored retail center in the 200 block of Palm Coast Parkway between Old Kings Road to the west and Florida Park to the east.

    Setting aside those water and wastewater fees was an easy call to make considering the extent to which property and sales tax revenues will increase following the improvements, said Beau Falgout, the citys administration coordinator.

    That point was echoed both by Landon and Mayor Jon Netts during Tuesdays meeting.

    The return on the investments are there, said Netts.

    The shopping center has 173,000 square feet of retail space. After the renovations are completed, it will have 219,000 square feet of space plus two out-parcels. The sizes of those out-parcels still havent been determined, said Falgout.

    Continued here:
    Renovations will begin soon on Palm Coast's oldest retail center

    Developer plans $9.1M project on Fountain Square parking lot - October 1, 2014 by Mr HomeBuilder

    An Indianapolis developer plans to spend $9.1 million to build a five-story apartment-and-retail project on part of a surface parking lot in Fountain Square that had been owned by the city.

    The city has selected Deylen Realty from three proposals it received in November to redevelop the lot at 1202 S. Shelby St., Department of Metropolitan Development Director Adam Thies told IBJ on Monday.

    The 72-space parking lot, located about a block southwest of the Fountain Square Theatre Building, is ripe for redevelopment because it doesnt generate any taxes for the city, Thies said.

    Thats one of my goals, he said, to get properties that arent paying taxes on the tax rolls.

    Deylen Realty hopes to begin construction next summer and complete the project in about a year.

    Called Forte, the mixed-use development will include 4,000 square feet of retail space along Shelby Street and 64 market-rate apartment units above. A two-story parking garage, with one level underground, will provide 70 spaces for tenants.

    About 55 surface spaces would remain behind the apartment building for public parking.

    Deylen Realty bought the nearly one-acre parcel from the city for $332,500, an average of two appraisals done of the property, said Craig Von Deylen, a principal of the firm.

    We think Forte is an architecturally interesting project that follows up on the Hinge, he said. These will be high-quality, market-rate apartments.

    The Hinge apartment and retail development on Virginia Avenue in the nearby Fletcher Place neighborhood is just one of several projects Deylen Realty has undertaken southeast of downtown.

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    Developer plans $9.1M project on Fountain Square parking lot

    Construction boom continues uninterrupted in Tysons - September 29, 2014 by Mr HomeBuilder

    Construction cranes are popping up all over Tysons Corner, and will transform the urban centers skyline significantly in coming years.

    Three major buildings have been completed so far this year, and nine more projects will be finished by 2018, according to data released Sept. 25 by the Tysons Partnership.

    The pace of construction this year has been strong. Ovation Park Crest, a 359,000-square-foot residential building, was completed in February. Ascent Springhill, a 430,000-square-foot residential structure, was finished in March. Tysons Tower, featuring 552,000 square feet of office space, was completedn June.

    MRP Tysons Overlook, which will have 326,000 square feet of office space and 10,000 square feet of retail, will be finished in November.

    Two projects are slated for completion in January: VITA Tysons Corner Center will have 499,000 square feet of residential space and 13,000 of retail, and Hyatt Tysons Corner Center will have 267,000 square feet of hotel space and 4,500 of retail.

    The building boom continues into 2016, with three projects scheduled to come online. Nouvelle Arbor Row, with 510,000 square feet of residential space and 7,000 of retail, and 1775 Tysons Blvd., with 457,000 square feet of office space and 19,000 of retail, both are slated to be finished in January of that year. MITRE Building 4, a 340,000-square-foot residential building, has a target completion date of June 2016.

    2017 will see completion of two more major projects. Garfield Scotts Run, a 476,000-square-foot residential building, is planned for completion in January, and Elan Tysons West, with 412,000 square feet of residential space and 6,500 of retail, is planned for completion in March.

    The biggest project current on the books the Capital One headquarters building is slated for completion in 2018. It is planned to have 900,000 square feet of office space and 25,000 square feet of retail.

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    Construction boom continues uninterrupted in Tysons

    Green light for extension to Square in Tallaght - September 26, 2014 by Mr HomeBuilder

    Full planning permission has been granted for the extension of The Square shopping centre in Tallaght, which will create 300 construction jobs and 400 retail jobs when it is completed.

    The 40m project is being funded by Nama and will add 200,000 square feet of retail space to the centre.

    The management team of Indego, which is the holding company with majority ownership of The Square, welcomed An Bord Pleanlas decision.

    This very welcome decision from An Bord Pleanla is a huge boost locally to the Tallaght area, and an immense vote of confidence in the future of The Square as it continues to realise its status as a town centre, with the potential for hundreds of jobs to be created in the construction phase as well as sustainable long-term retail employment, said Indego CEO, Bernard Hamill.

    The development provides for flexible large retail floor space, currently lacking, and a department store. The implementation of this proposal will see The Square town centre completely rejuvenated.

    The decision follows the original decision to grant planning permission for the new development by South Dublin County Council earlier in April 2014.

    Indego said in a statement that discussions had already started with a number of interested parties for the anchor and medium-space retailer users. Moreover, with planning certainty, the strategy and timeline for implementation of this important retail development can be actively advanced, it added.

    The centre has been rejuvenated with the ongoing support of Nama in the past number of years; a new 13-screen cinema has opened, together with 25 new brands being added to the centres offering, enhancing significantly the tenant mix. These initiatives have been delivered under a new management team who have overseen a substantial footfall increase in the same period.

    Irish Examiner Ltd. All rights reserved

    Original post:
    Green light for extension to Square in Tallaght

    Economist: Downtown North Project To Create 1,000 Jobs - September 26, 2014 by Mr HomeBuilder

    HARTFORD A proposed $350 million development in the city's downtown north area that includes a minor league baseball stadium would create 1,000 to 1,300 permanent jobs throughout the state, most of those in Hartford County and more than a third in the city, a UConn economist told the city council Thursday.

    At the peak of construction in 2018, the jobs total would reach 2,000, said Fred Carstensen, an economist hired by the city council.

    The project would also raise overall personal incomes after taxes by $120 million in the peak year of 2018; the increase would fall, to about $100 million a year as construction winds down in 2020, before rising steadily for the next decade because of inflation.

    Carstensen noted that the projections are for the equivalent of full-time jobs positions that are direct, indirect and induced.

    The project would also generate $30 million to $40 million a year in added income tax revenue between 2018 and 2030.

    The figures from the Connecticut Center for Economic Analysis, which Carstensen directs, are not simply an attempt to add up the direct jobs created by the project itself, of people employed in construction and other activities at the Hartford development. Rather, the study looks at both the direct employment such as 80 stadium jobs combined with the effects of the flow of $350 million through the region's economy.

    The council hired Carstensen after he criticized the work of a previous city consultant hired to advise Mayor Pedro Segarra on the effects of the project and the baseball team in Hartford.

    Carstensen was paid $7,500 for his consulting work, council President Shawn Wooden said Thursday.

    Carstensen's job projections are strong for the city, reaching a peak of 592 to 676 added positions in 2018, in large part because the developer has promised to hire 35 percent of workers from within the city limits. He projects 380 to 439 permanent jobs for Hartford residents.

    "The additional economic activity attracts migration into Hartford or at least stems emigration," Carstensen wrote in a report to the council. "The core point is that population is higher with the development than without it. The development attracts population that would not otherwise have moved into Hartford.

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    Economist: Downtown North Project To Create 1,000 Jobs

    Expanding in Wahneta: Plaza Mexico Plans Expansion Project - September 25, 2014 by Mr HomeBuilder

    Published: Wednesday, September 24, 2014 at 11:33 p.m. Last Modified: Wednesday, September 24, 2014 at 11:33 p.m.

    WAHNETA | A project that will increase retail space in Wahneta can have wide-ranging impact on this unincorporated area south of Winter Haven that is home to many Latino families.

    The owners of Plaza Mexico, a grocery and taco stand on Rifle Range Road, plan to increase the size of the grocery, add retail outlets, and build apartments and other multi-use spaces for people wanting to start their own businesses.

    Remigio Gamez, 39, who owns Plaza Mexico with his brother, Carlos, 53, said construction of the first phase should begin in December. Plaza Mexico sits on a little more than 15 acres owned by the brothers, who immigrated from Mexico and became U.S. citizens.

    Carlos Gamez opened the store 13 years ago with his brother-in-law while Remigio Gamez was studying accounting at USF. In 2004, the brothers took over the business and decided to open a taco shop outside.

    Plans call for the construction of a new grocery and retail store more than triple the current 12,000 square feet. The 400-square-foot taco stand and picnic area located in front of the current store would move to the front of the new grocery location and a laundry facility would be added.

    The first phase of construction is expected to be complete in February 2016.

    "It is exciting to see us moving closer to the future," said Gamez. "It's a long process, but it will bring a lot of needed services to the area."

    Ana Martinez-Hubert, a planner for the county, said the project will have an impact on local residents.

    "The owners of the property want to create a living and working space that is accessible to the community of Wahneta," she said. "By increasing the size of the market, they will be able to carry more goods and offer more services. They will have a place to eat. They are planning to add a gas station, apartments and multi-use space for people who want to start a small business and need to have a place to do it. It's a very comprehensive project that will come in phases."

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    Expanding in Wahneta: Plaza Mexico Plans Expansion Project

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