SACO - On the other side of the Saco River, another long-awaited project is taking shape. Initial plans are to turn a vacant, 225,912-square-foot brick mill building on Saco Island into 150 market-rate apartments and retail space, according to Saco Mayor Don Pilon.

The 1841 building, referred to as the Saco Island West Building No. 4, has been empty for more than two decades, Pilon said. Its been eight years since plans were first discussed for the $100 million redevelopment of Saco Island. Several of its old buildings have since been renovated and rehabilitated, including Building No. 2, which houses the local Social Security Administration office and the popular Saco River Market.

Plans for the proposed apartment complex call for amenities such as an exercise room and a conference room, said Pilon, and a portion of it is being planned as commercial space for small, local entrepreneurs or local artisans to open up shops.

The building is under contract with Chinburg Properties Inc. of Newmarket, N.H., a development and construction firm that has more than 20 years of experience in New Hampshire and Maine, and specializes in single-family and multi-unit housing projects.

Eric Chinburg, the companys president, said Chinburg Properties has completed several mill renovations in New Hampshire communities and is now wrapping up a project in Amesbury, Mass.

There would not likely be a lot of retail (space), but there would be some on the east end near the main road, said Chinburg, of the Building No. 4 project. We would consider other uses for commercial in the lowest level, which could include artist space, and perhaps community space. The upper three floors would be 100 percent residential under our current vision.

According to Chinburg, the architecture of the mill itself and the general location near a river and downtown are the best amenities. We plan to do very nice apartments as weve done in other projects and take advantage of the high ceilings, beams and brick and large windows.

Chinburg said that Building No. 4 is a desirable piece of property because Saco and Biddeford seem to be growing and seem to be vital.

In addition, he has always had a passion for refurbishing old mill buildings.

You cannot recreate these structures today, Chinburg said. It would be cost prohibitive.

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Saco Island project progressing

BAY ST. LOUIS The new owners of the brick facade building at 111 Main St. will enhance the retail space on one side, open a coastal bistro on the other and rebrand the new development as The Shops at Magnolia Alley. Also in the plans is construction of exclusive apartments behind the building.

The Parrish family, who took over ownership last week, chose the name in honor of the Magnolia State Lumber Supply business that occupied the building from 1937 to the 1980s. The Phillips family created four retail spaces as part of the buildings post-Katrina makeover in 2008.

The current tenants Uptown Interiors, Bay Breeze, Biz-Zee Bee and Gourmet Galley all will remain under the new ownership.

Pass Christian architect Leah Watters is creating the Alley of Magnolia Alley on the side of the building where Uptown Interiors is. A new open air entrance off Main Street will lead to two side-by-side retail spaces running the length of the building, with a secure gated entry leading to the lobby of the planned three-story luxury apartments.

The two retail spots in the middle of the building where Gourmet Galley and Biz-Zee Bee are will be unchanged.

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New owners adding bistro to historic Bay St. Louis Main St. building

Construction is underway at the north end of Branson Landing where HCW Development, LLC, is adding new retail space.

HCW CEO Rick Huffman said its still uncertain what retailers may fill the space.

The tenants that we have, Im still under nondisclosure, he said. Theyre still working out various kinks.

The new 29,000 square feet of retail space will allow for an undetermined number of tenants, Huffman said. The amount of space each store requires will determine how many stores fill the three buildings.

Huffman said roughly 130 parking spots will also be added.

Huffman said there is good diversity of retail stores among interested parties, noting some restaurants could move in.

The estimated cost of construction is $1.5 million.

HCW was able to move ahead with further development after a lawsuit was settled over the ownership of the property.

HCW and the city of Branson has been involved in litigation with Douglas Coverdell and Coverdell Enterprises, Inc., since 2003.

The city and HCW also had lawsuits against insurance companies for their failure to cover legal costs protecting both entities claims to the land.

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North Landing set for May 2015 completion

Rick Kuhle (left) speaks about retail development as Kemper Freeman looks on.

SAN DIEGOWhile retail developers are busier than they were a few years ago, theyre still doing more redevelopment and repositioning of existing shopping centers than ground-up construction, said panelists at ICSC Western Division Conferences general session yesterday. The panel was titled, Development is Revving Up, but speakers said theres still too much available retail space on the market to warrant new ground-up development.

Moderator Kevin MacKenzie, senior managing director of HFF LP, said that on the spectrum of retail centers, outlet centers are the furthest along in the development cycle, while power centers are seeing the least amount of development nationally. Rick Kuhle, chairman and CEO of Vestar, noted that an increase in pension fund money going to real estatea new allotment from 6% to 10% among pension funds around the worldwhich will drive cap rates down. But, he added, pension funds will be the most aggressive buyers out there.

When asked which markets the panelists were focusing on in the West Coast and why, Kuhle said his firm targets markets where they can be the dominant center in that area in their subspecialty. He added, Our geographic diversity is that of our partnersthose are the areas in which they want to participate. Brad Geier, managing partner of Merlone Geier Patners, said his firm targets markets that are supply constrained with barriers of entry and infill locations within those markets.

Comparing this development cycle to the previous one, the panelists were cautious. Jeffrey Berkes, president, West Coast, of Federal Realty Investment Trust, said, Theres too much retail space in the US right now; its early on in the cycle, and Kemper Freeman, president/partner of Bellevue Square Managers Inc., added, We have a conservative standard for growth.

Kuhle said, Redevelopment has taken off over the last two years, and its in full swing, and other panelists agreed that redevelopment is strong, but ground-up development has not yet hit its stride because of the amount of space still available.

The panelists also agreed that mixed-use space is getting stronger for retail uses and that retail helps pull in apartment, hotel, theater, restaurant and even office users and drives up rents in most of those product types. The synergy of uses makes each of the components run better, said Geier.

Berkes said executing the ground floor of a mixed-use development correctly is the driver of its success. Above-retail space gets a 20% to 25% premium over what you would get down the street. He added since experts in most other property types dont know how to execute retail components, retail experts can have a leg up and create value in these developments.

In addition, the panelists agreed that todays retailers are finding a balance between online and bricks-and-mortar sales and using them in tandem rather than one fighting the other. Apple is the best retailer in the world, said Freeman, adding that on a recent Saturday afternoon at 2:00, he noticed a 1:1 employee-to-customer ratio in his local Apple store, which was hopping with customers.

Freeman noted that bricks-and-mortar retailers need to provide the customer with a great, emotionally fulfilling experience, and Berkes added, People are still social creatures. You must create some place people want to go, with ample parking, thats clean, exciting and different. Pick retailers that embrace that. Be a differentiated shopping experience; you cant be a commodity anymore.

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Development Still Looks Like Redevelopment

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 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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Keppel Land enters Phase Two of Saigon Centre office development

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

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

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.

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

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