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 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

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.

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Green light for extension to Square in Tallaght

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

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

Berlin, Europes fastest-growing tourist destination, is taking a page from Dubais play book by expanding retail offerings for the hordes of visitors.

The Mall of Berlin, a 270-store complex that opened today in the city center, gives the growing numbers of tourists who visit the German capital a new place to spend their money. Within a year, its set to become the countrys largest shopping center as 30 percent more space is added.

Its not really a mall, but a whole new city quarter, said Andreas Kogge, head of Berlin retail leasing at Jones Lang LaSalle Inc. (JLL) The malls on the edge of the city will certainly suffer.

Berlin is expanding its retail offering after building dozens of hotels to keep pace with the influx of visitors. Like Dubai, the Persian Gulf sheikhdom that has the worlds biggest mall, Berlins growing reputation as a shopping destination is bolstering its economy.

The Mall of Berlin, located on the site of the former Wertheim department store a 5-minute walk from Potsdamer Platz, has about 100,000 square meters (1 million square feet) of shops in low-rise stone and glass townhouses that evoke the areas prewar architecture.

The developer, Harald Huth, plans to expand the mall by another 30,000 square meters next year and the complex will include 270 rental apartments centered around a running track and garden. The homes will be among Berlins most expensive, with rents as high as 25 euros a square meter.

This will be the most successful mall in Germany because we built something special at an extraordinary location, Huth said by phone. Tenants include Guess, Karl Lagerfeld and Lacoste.

Retail sales in the German capital climbed 4.7 percent in June from a year earlier, adjusted for inflation, according to the citys statistics office. That compared with a gain of 0.4 percent in the country as a whole.

Berlins economy expanded the most of all German states last year, after lagging behind the national average for more than a decade after reunification, helped by tourism, as overnight stays climbed 8.2 percent to 27 million. Visitors accounted for about a quarter of all retail spending, according to Berlins Retail Federation.

This is an investment for the future, Mayor Klaus Wowereit said last night at a gala event ahead of todays opening. The other mall operators are eyeing this one with concern. But this isnt about taking anything from anyone but about adding to Berlins growth.

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Berlin Super-Mall Traps Cash From Rising Tourist Trade

Saks Fifth Avenue agreed to anchor the retail portion of lower Manhattans Brookfield Place and its parent company, Canadian retailer Hudsons Bay Co. (HBC), will move its U.S. headquarters into office space at the complex.

Hudsons Bay signed leases totaling 485,000 square feet (45,000 square meters) at the property, landlord Brookfield Property Partners LP (BPY) said today in a statement. The agreements will bring the occupancy level at the 8.5 million-square-foot Brookfield Place to 95 percent, its New York-based owner said.

The deals further Brookfield Propertys twin goals of filling about 3 million square feet left behind last year when leases originated by Merrill Lynch & Co. ran out, and repositioning Brookfield Places retail concourse, where $250 million of improvements have been planned. With work on the adjacent World Trade Centers first phase approaching completion, the leases help show what downtown will look like once the construction fences come down.

The agreements speak to the allure of downtown as both a retail and office destination, Dennis Friedrich, chief executive officer of Brookfields global office division, said in the statement. Its another huge step forward for the area.

A three-level Saks store will occupy 85,000 square feet at Brookfield Place. Its Toronto-based owner will have 233,000 square feet of office space at 225 Liberty St. and 166,000 square feet at 250 Vesey St. Brookfield Places name was changed from the World Financial Center in an effort to play down the complexs historic role as a home to banks and investment firms.

The Saks store at the base of 225 Liberty, to open by mid-2016, will be the second New York store for the chain, joining the longtime location on Fifth Avenue between 49th and 50th streets, near St. Patricks Cathedral, Hudsons Bay said in a separate statement.

The new store will cater to what we believe is an underserved and rapidly growing downtown luxury market, CEO Richard Baker said in the statement. Leasing space in this key center in Manhattan will strengthen our foothold as the ultimate luxury shopping destination,

Hudsons Bay also is planning a 55,000-square-foot Saks Off 5th discount store at 1 Liberty Plaza, another Brookfield building, across Church Street from the World Trade Center. That store is scheduled to open in 2017, the company said.

Earlier this year, Time Inc., publisher of Time, Fortune and Sports Illustrated, signed a lease for 700,000 square feet at Brookfield Place, and Bank of New York Mellon Corp. took 350,000 square feet. Both agreements are for space at 225 Liberty, formerly known as 2 World Financial Center.

Conde Nast Publications Inc. and the Port Authority of New York and New Jersey, the main tenants of 1 World Trade Center and 4 World Trade Center respectively, are expected to move into those new towers before the end of the year, authority officials said earlier this month. A Santiago Calatrava-designed transit hub at the trade center is set to open by the end of 2015.

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Saks to Open in Lower Manhattan as Hudsons Bay Relocates

Wall Street Lofts developer Roger Gault announced at Tuesdays Midland City Council meeting that national sandwich shop Which Wich signed the first lease in the new buildings retail space.

Gault described Which Wich as a nationally credited tenant and said that the store would be a great amenity to downtown. Gault said that during the construction of the Lofts, he has had to pass on many potential lessees as he has tried to be very selective in his choice of retailers. He said his first choice for the retail space is food and beverage users.

The Lofts are still estimated to open in mid-November. Gault said that the opening date had been pushed back because Fire Marshal James Howard required that all of the sheet rock and fire detectors be installed before the building could be opened to residents. Howard said a fire in March that destroyed an apartment project under construction in Houston is the reason for the requirements.

The parking garage that is being built adjacent to the apartment complex is also due to open in mid-November. The garage will provide a total of 301 parking spots, with 160 in the top two floors allocated for tenants of the Lofts, and 141 in the bottom two floors for the public.

Gault told the council that he was excited about the project coming to fruition, and that he was in preliminary talks about a second phase of the Lofts. But one issue was made clear during the presentation: Without city support for the parking garage, a project like the Wall Street Lofts would not be possible. The developers told the council that the parking shortage in downtown was a major issue for development.

The Lofts have three more retail spaces left open that it intends to fill. Total retail space on the ground floor of the Lofts totals 10,000 square feet, which is split into four 2,500-square-foot areas.

Gault provided figures for the estimated economic stimulus that will be provided downtown. With 126 total tenants spending at least $75 a week, Gault estimated that over a 30-year period the Lofts will create more than $14.7 million of spending in the downtown area. Project incentives from the Midland Development Corp, the city of Midland and Tax Increment Reinvestment Zone board, according to a previous Reporter-Telegram article, were totaled at $6.2 million.

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Sandwich shop is first retail tenant at Wall Street Lofts

Conshohocken Borough Council approved borrowing $10,781,000 from two banks Sept. 17 to pay for the construction of the new Conshohocken Borough Hall, police station and retail space in the former Verizon building at West Fourth Avenue and Fayette Street.

Christopher Gibbons, a principal of Concord Public Finance, described the three 25-year bank loans, which will have fixed rates for seven years and variable rates for the balance of the loans.

Fulton Bank will lend $6,781,100 in tax-exempt funds at 2.86 percent interest for seven years and at a variable rate, from 3.5 percent to a maximum rate of 6 percent, for the remaining 18 years.

Phoenixville Federal Bank & Trust will lend $2,630,700 at 1.99 percent interest for seven years and at a variable rate, from 3.84 percent to a maximum rate of 4.75 percent, for the remaining 18 years.

Phoenixville Federal Bank & Trust will also lend $1,369,300 in taxable funds at 2.75 percent interest for seven years and at a variable rate, from 4.34 percent to a maximum rate of 5.99 percent, for the 18-year balance.

We are planning to use a bank financing to do it as inexpensively as possible, Gibbons said. We went out to 35 banks and got 30 proposals.

The total amount borrowed will be $10,709,600 with borrowing costs of $71,500, Gibbons said.

The annual debt service will start at $312,619 in 2015 and increase to $719,766 per year in the subsequent 24 years of the loans.

But borough officials said the $719,766 in annual debt service would be decreased by eliminating the annual $240,000 that the borough currently pays for its office rental at 1 W. First Ave. The borough also expects to receive about $225,000 per year when all of the 20,000 square feet of rental space is occupied in the new borough office building.

This proposal is a great opportunity, Gibons said. Continued...

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Conshohocken Borough Council borrows $10.8M for new borough hall

The former Allegheny County Health Department building in Oakland is coming down and a new retail and apartment development is going up.

City planning commission members unanimously approved plans Tuesday to demolish the health department building and to erect a 550,000-square-foot complex that will include 389 apartments and street-level retail space on Forbes and Fifth avenues.

Ambling University Development Group, the Georgia-based developer hired to undertake the project for property owner MWK Forbes LLC, hopes to begin construction of the 13-story building early next year with completion targeted for the end of 2016. Demolition of the health department building is expected to start next month.

The new building is part of a broader development that will include a 138-room hotel that is to be built on two adjacent lots. Two houses on those lots will be razed, with the commissions consent Tuesday.

Skyvue, as the residential tower will be called, will be built between Craft Avenue and Halket Street in Oakland. The complex will include a 286-space parking garage with another 70 set aside for future development.

Approval came despite concern about whether the amount of parking would be adequate given the 389 apartments to be built. Some also worried about the viability of the retail on Fifth, as it will be squeezed into a very tight section of sidewalk.

Ambling CEO Ryan Holmes said the parking should be enough. He said that in projects in Atlanta and Virginia only about 35 to 60 percent of the parking spaces set aside as part of residential projects were actually leased.

Its a concern everywhere you go. Parkings the No. 1 issue. We address it, obviously. The cities are asking for less and less parking. The neighborhoods are wanting more and more parking because they dont have any parking. Its kind of a double-edged sword, he said.

The development won the backing of the Oakland Planning and Development Corporation. Wanda Wilson, executive director, said it is consistent with the groups neighborhood plan and could have a positive impact on the neighborhoods tight housing market.

But she added that such a large-scale project required careful planning to avoid negative impacts to nearby residents. She urged the developer to try to find ways to discourage apartment dwellers and visitors from parking on nearby residential streets.

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Former Allegheny County Health Department building in Oakland to be replaced with apartments