(MENAFN - Muscat Daily) Majid al Futtaim has announced another major milestone for City Centre Muscat a retail expansion worth RO27mn to introduce up to 60 new shopping and dining option in 10000sqm of new retail space. The project which will commence later this year will provide a significant boost to the sultanate's emerging retail sector in addition to fuelling the nation's economic and tourism aspirations.

'City Centre Muscat is undergoing an exciting transformation and Majid al Futtaim is pleased to be a positive contributor to the local economy while fostering the growth of the sultanate's retail and entertainment landscapes' said Dimitri Vazelakis executive managing director for Shopping Malls at Majid al Futtaim - Properties.

City Centre Muscat will be expanding its main ground floor into the existing car park space to create a new retail corridor that will connect each end of the shopping mall creating seamless traffic flow and accessibility for visitors. A new car park structure currently under construction will accommodate 700 vehicles to provide more convenience to shoppers.

The new retail precinct will be comprised of 60 new stores featuring a diverse collection of lifestyle-oriented brands including some exciting new flagship stores making their debut in Oman. City Centre Muscat will also have a new dining zone with five new casual-dining restaurants featuring different international cuisine.

City Centre Muscat recently completed Phase 1 of its redevelopment an RO8.3mn project which saw the opening of a ten screen VOX Cinemas plus enhancements made to Magic Planet and its food court dining area. Phase 2 of City Centre Muscat's redevelopment is expected to be complete in 2015.

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Majid al Futtaim to invest RO27mn to expand City Centre Muscat

Construction has begun on the long-awaited Newtown Promenade project on the site of a closed Acme Market in Newtown Township.

Community and business officials broke ground on the project Thursday afternoon. Construction is expected to last between eight and 10 months.

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Newtown Promenade construction begins

CALGARY - The second phase of sales for retail space in the planned New Horizon Mall, in the Balzac area, will launch on September 13.

On Wednesday, real estate brokers and agents were receiving information at a northeast Calgary hotel about the sales push for the mega mall, which will house more than 500 retail stores, anchor tenants and about 25 food court vendors.

A weekend sales blitz last fall in four cities, including Calgary, resulted in more than $100 million in transactions for the mall and between 80 to 85 per cent of the retail locations have now been sold, Eli Swirsky, president of The Torgan Group which is developing the project with The MPI Property Group, told the Herald.

The Mall is a unique, traditional Asian shopping centre concept with modern architecture where condo spaces in the centre will be for sale to retailers or investors as opposed to the traditional model of leasing. It is located on the east side of the Queen Elizabeth 2 Highway, just north of the Calgary International Airport and just south of the CrossIron Mills shopping centre.

Were very happy with the response, said Swirsky, who was in Calgary on Wednesday. The reception has been very encouraging.

It gives the small guy an opportunity to actually take control. There are very little options for the small Mas and Pas to actually own their own business, their own building, especially in a big mall, a regional mall. Regional malls are usually reserved for the big chains. This is a time for the small guy to have a say.

The mall will be 320,000 square feet with more than 1,100 parking spots, including 350 underground. Retail space in an open concept style ranges from 285 square feet to 855 square feet and prices range from $189,800 to $749,800. Food court units, which will be for sale during the second phase of the launch, will range in price from $299,800 to $949,800. The food court will seat just over 400 people.

We have 25 (food court) units and we are way over-subscribed. Its going to be sold out, said Swirsky.

He said construction is expected to begin on the mall next spring with completion by the end of 2017.

Here's the developer's videopitch for potential investors:

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80% of space in 500-store mall planned near Balzac sold

CALGARY - The second phase of sales for retail space in the planned New Horizon Mall, in the Balzac area, will launch on September 13.

On Wednesday, real estate brokers and agents were receiving information at a northeast Calgary hotel about the sales push for the mega mall, which will house more than 500 retail stores, anchor tenants and about 25 food court vendors.

A weekend sales blitz last fall in four cities, including Calgary, resulted in more than $100 million in transactions for the mall and between 80 to 85 per cent of the retail locations have now been sold, Eli Swirsky, president of The Torgan Group which is developing the project with The MPI Property Group, told the Herald.

The Mall is a unique, traditional Asian shopping centre concept with modern architecture where condo spaces in the centre will be for sale to retailers or investors as opposed to the traditional model of leasing. It is located on the east side of the Queen Elizabeth 2 Highway, just north of the Calgary International Airport and just south of the CrossIron Mills shopping centre.

Were very happy with the response, said Swirsky, who was in Calgary on Wednesday. The reception has been very encouraging.

It gives the small guy an opportunity to actually take control. There are very little options for the small Mas and Pas to actually own their own business, their own building, especially in a big mall, a regional mall. Regional malls are usually reserved for the big chains. This is a time for the small guy to have a say.

The mall will be 320,000 square feet with more than 1,100 parking spots, including 350 underground. Retail space in an open concept style ranges from 285 square feet to 855 square feet and prices range from $189,800 to $749,800. Food court units, which will be for sale during the second phase of the launch, will range in price from $299,800 to $949,800. The food court will seat just over 400 people.

We have 25 (food court) units and we are way over-subscribed. Its going to be sold out, said Swirsky.

He said construction is expected to begin on the mall next spring with completion by the end of 2017.

Here's the developer's videopitch for potential investors:

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Eighty per cent of space sold in 500-store mall planned near Balzac

LIBERTY TWP.

As construction kicks into high gear on the mega retail complex Liberty Center, the township is fielding multiple building plans rushing in for the Dillards department store, apartments, hotel and other buildings to open at the site.

Applications for the zoning certificates give a first look at some of the proposed storefronts never seen before, such as Dillards.

Other renderings have been shown before, but the zoning records contain more detail than previously provided, such as drawings for AC Hotels by Marriott. Developer Steiner + Associates has also previously shown views of what the whole center and its buildings will look like with grassy common areas.

We are transitioning from that phase where there is a lot of dirt work and were going to start seeing the buildings coming vertical, which is when it really gets exciting, Justin Leyda, senior development executive for Steiner, told Butler County Commissioners the last week of August.

Construction on infrastructure such as sewer and water systems, and parking garages has already started at the site.

Following a key subdivision approval granted by Butler County Commissioners on Aug. 28, a flurry of construction activity is expected to begin. The final plat approval (contingent on the developer obtaining a surety bond) will allow Columbus-based Steiner to divide the land into up to 23 lots and sell property to the hotel operator, anchor retailers, and other partners, according to Butler County Development Director David Fehr.

In turn, that means those companies will likely begin construction on their buildings soon pending zoning approval from Liberty Twp.

Also, the developer or a subcontractor will have to apply to the county for building permits for each building constructed, and multiple permits will be issued per building, according to the county development department.

Liberty Center is the name of the approximately $350 million shopping, office, residential and dining complex under construction now in Liberty Twp. at the intersection of Ohio 129, Interstate 75 and Liberty Way. Described as the Easton of Cincinnati, and one of the biggest development deals in Butler County history, anchor tenants announced so far for Liberty Center are Dillards department store, dinner-and-movie theater CineBistro, and most recently Dicks Sporting Goods. Other named tenants include pizza restaurant Pies & Pints and AC Hotels by Marriott.

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See plans for the first buildings at Liberty Center

While many tourists flock to America's panhandle looking for sand and sunshine, Florida's retail development market is doing the opposite: moving indoors.

MIAMIWhile many tourists flock to America's panhandle looking for sand and sunshine, Florida's retail development market is doing the opposite: moving indoors. According to JLL research launched today at the International Council of Shopping Centers Florida Conference in Orlando, nearly half of all retail commercial construction happening in the state in the first half of 2014 is taking place in malls and shopping centers.

While most markets are seeing a boom in grocery-anchored power centers or strip centers, Florida has a distinct need for traditional retail assets thats driven by the tourist shopper base, which prefers a one-stop shop for their goods along with a climate controlled experience, says John Schupp, SVP of retail development at JLL.

Floridas construction numbers stand in stark contrast to the rest of the country, where the retail development pipeline remains slim, with just 45 million square feet nationwide under construction. However, Florida benefits from expanding retailers and increasing investment allocations. More than 29% of all new retail deliveries in the United States in the second quarter of 2014 occurred in Florida, and its major cities are absorbing the space well. Tampa, which has historically been a strong US tourist destination, is seeing the most robust growth with 1.43 million square feet of space under construction as of Q2 2014. Miami, which is a strong international city and one of the tightest Florida markets, has 1.42 million square feet under construction, the greatest amount of development in proportion to its existing inventory. These two locales are leading examples of resilient markets that have the fundamentals and key drivers to support additional supply.

The Florida retail market shows no sign of slowing, despite its loss of momentum during the Recession. Development in the state accounts for nearly 13% of retail assets under construction nationwide, and a tidal wave of space is expected to come to fruition in the next 9 to 12 months in South Florida. Liquidity in the financial markets has continued to rise to pre-recession levels, increasing the ability to develop new retail assets, or redevelop older properties.

Local, regional and national banks are the most viable sources available for development financing in core markets like Florida, that are in need of new supply. While not as common, we are also seeing life companies open their ledgers for construction-to-permanent financing, especially for strong grocery-anchored assets, according to Jimmy Board, EVP of JLLs capital markets. Beyond the debt markets, there is a significant amount of institutional equity seeking the opportunity to invest in new and/or stabilized core retail product.

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Sunshine States Construction Comeback

A retail renaissance is under way in downtown Redwood City thanks to the one-two punch of an improved economy and a building boom.

New retail space is part of several major construction projects, including 10,000 square feet at 525 Middlefield Road, 5,075 square feet at 950 Middlefield Road and 2,800 square feet at 601 Main St.

Another sign of success: University Art reopened last month in an 11,000-square-foot building at 2550 El Camino Real. The family-owned business moved to Redwood City after being priced out of Palo Alto.

The trend is being welcomed in a city that just two years ago was pondering whether to allow property owners to lease scores of empty ground-floor storefronts to office tenants. Today, more than 1,600 new homes and 300,000 square feet of office space are in the construction pipeline. The influx of residents and workers will support new shops and restaurants, said Mayor Jeffrey Gee.

"The vision for downtown ... has a mix of uses, not just residential, but offices, retail, entertainment," Gee said during a phone interview Monday. "I've always said retail was going to come last."

The city's economic development division is marketing the city to businesses, telling them, "now is the time to get on board," Gee said.

Improving occupancy levels will bring both "vitality" and increased safety to the city center, Gee said.

"It brings eyes on the street," he said. "Those downtowns that focus on just the commercial -- when those workers go home, the downtown is empty."

To support and improve the surging downtown, property owners voted in July to tax themselves to pay for extra services such as increased sidewalk maintenance, landscaping, marketing and security.

While Redwood City-specific data was not immediately available, San Mateo County's shopping center vacancy rate is among the lowest in the Bay Area, according to a second quarter report published by Terranomics, the retail division of the commercial real estate firm Cassidy Turley.

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Retail rebounds in Redwood City

Approval for a 163,000 sq. ft. retail and office center at Poplar Road and Newnan Bypass East received unanimous approval Aug.19 from the Coweta County Commission.

Located primarily on the east side of the bypass, the majority of the 79.38 acres is situated immediately south of Poplar Road, north of Turkey Creek Road and adjacent to Interstate 85. Divided into two rezoning requests, Big Poplar LLC asked that the larger tract totaling 74.66 acres be rezoned from RC (rural conservation) to C-7 (major shopping center) and the 4.72-acre tract on the west side of the bypass be rezoned from RC to C-6 (minor shopping center).

The conceptual site plan for the project shows the larger tract on the east side of the bypass with 140,900 sq. ft of retail and office space while the smaller tract west of the bypass would include 22,000 sq. ft of retail. A portion of the 74.66-acre tract would front Poplar Road. In total, the large tract would include 21 lots, according to the concept plan. Of those, 14 would have buildings totaling 3,350 sq. ft, three would have buildings of 4,200-4,400 sq. ft., one lot for a gas station would total 6,000 sq. ft, two of the lots would serve buildings of 22,000 sq. ft. while the remaining lot of 31,000 sq. ft. would be a potential hotel site.

County planning staff recommended approval of the project request with a number of conditions. While there was no timetable discussed in terms of initial construction, the volume of traffic in the area is expected to continue to increase once the interchange is constructed at Poplar Road and I-85.

The project is progressing and it is expected that construction will begin sometime in 2016. A short distance to the north of the Big Poplar site, at the bypass and Lower Fayetteville Road, is the location of a future 250,000 sq. ft. medical office campus recently approved by the Newnan City Council. Immediately to the south of Turkey Creek Road, construction is beginning to extend the bypass to Ga. Highway 16 and U.S. Highway 29.

The project will have bypass extended from Turkey Creek Road a distance of approximately 1.7 miles down to Hwy.16 where it will intersect just west of East Gordon Road. The entire span of the roadway will include four lanes and a median.

The intersection with Hwy. 16 will involve widening the roadway to four lanes beginning just west of the 1-85 overpass and extending it approximately one-half mile to Hwy. 29. That section of roadway will also be widened to accommodate four lanes and a median. Until warranted by the Ga. Dept. of Transportation, the intersection of the bypass at Hwy. 16 will utilize a stop sign. The project will see a major reconfiguration of the intersection of Hwy. 16 and Hwy. 29.

A traffic light will be installed at the intersection along with left-turn and right-turn lanes. The bypass will extend straight across Hwy. 29 and will take a 90-degree right turn behind existing businesses. The new road will extend a short distance and will be connected to the existing Pine Road. The current intersection of Pine Road and Hwy. 29 will be removed. T

he section on Hwy. 29 between Hwy. 16 and the traffic signal on the north side of I-85 will undergo a similar transformation and will feature four lanes divided by a median. The large transportation project is expected to be completed in June 2016.

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More retail space is slated for Coweta

COURTESY ILLUSTRATION This rendering shows how the 45 million, 250,000 square-foot North Hills Crossing center in Northeast El Paso will look. It will be anchored by a Walmart Neighborhood Market. Ross Dress for Less, Marshalls, Rue21, Rack Room Shoes, and Big Lots are among other tenants slated for the center at Martin Luther King and U.S. Highway 54.

Gerald Rubin isn't sitting still after leaving Helen of Troy, the billion dollar-plus, El Paso consumer products company he founded and ran for more than 40 years.

The 70-year-old El Paso entrepreneur has now put his other company, El Paso shopping center developer River Oaks Properties, on a construction binge expected to cost about $200 million to produce about 2 million square feet of mostly retail space in strip shopping centers over the next four to five years.

A huge chunk of the development will take place this year and next year when River Oaks plans to spend about $100 million to add almost 700,000 square feet of retail space at eight shopping centers in East and Northeast El Paso, and build two emergency medical-service buildings, with 10,000 square feet each, for a national chain in East and West El Paso.

River Oaks owns and operates about 75 shopping centers in El Paso, Rubin reported. It also owns Downtown retail buildings, and has extensive land holdings.

"This is our biggest year in our (46-year) history. I think it's a lot of pent up demand. Developers didn't build that much over the last few years because of the recession," Rubin said last week during an interview in River Oaks' West Side offices. Also, national retailers are now in expansion mode, he added.

"I want everyone to know that the city is growing and that there are new developments coming to El Paso, and we're doing the majority of the shopping center development in El Paso this year," Rubin said.

River Oaks' largest current project is the $45 million, 250,000 square-foot North Hills Crossing center at U.S. Highway 54 and Martin Luther King in store-hungry Northeast El Paso. The official ground breaking is set for Sept. 18, but dirt work has already begun on the center, which will be anchored by a Walmart Neighborhood Market.

Rubin declined to name other tenants signed for the center. But a center brochure produced by RJL Real Estate Consultants, which does leasing for River Oaks, shows some of the other tenants: Ross Dress for Less, Marshalls, and Rue21 clothing stores; Rack Room Shoes, Big Lots, Dollar Tree, and Verizon Wireless stores; and a McDonald's restaurant. Those are retailers that have been in the El Paso market for years. Tenant names are still missing for big chunks of the center, the brochure shows.

Bob Ayoub, president of Mimco Inc., El Paso's other large shopping center developer, said River Oaks' growth is good for El Paso.

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River Oaks to add $200 million worth of El Paso retail spaces in 5-year plan

Chef Matthias Merges said he hesitated at first when the University of Chicago asked him several years ago to open a restaurant in Hyde Park. The owner of acclaimed Yusho and Billy Sunday in hipster haven Logan Square loved the diverse and tightknit South Side neighborhood, but would it have enough bustle to support his dining concepts?

Nine months after opening the upscale French-Italian restaurant A10 on 53rd Street, part of a sweeping university-led effort to revive Hyde Park's commercial core, Merges has an answer.

"It has crushed our expectations," said Merges, who this fall plans to open a second Yusho location in Hyde Park, at 53rd and Kimbark Avenue. "It's like people have been waiting for businesses to come down and help revitalize it."

The decadelong, multimillion-dollar effort to rejuvenate Hyde Park, widely known for its museums and academics, but not as a terribly cool place to hang out, has been on a roll in the past year, with a flurry of new businesses open in the redeveloped Harper Court shopping center and with business owners reporting positive results.

Kilwin's Chocolates and Fudge is one of the 28 new businesses that have opened in the past three years along the 53rd Street corridor, the focus of the redevelopment. Franchise owner Jackie Jackson said her sales are double what they were at the Kilwin's she ran for five years in the heart of the tony Old Town neighborhood. Jackson, who lives in Hyde Park and opened the shop in December 2012, said she started turning a profit this year for the first time since she went into business in 2008.

Jackson was able to open the second shop because the university offered a rent abatement and help with her build-out. She closed her Old Town store a year ago after vandals broke the windows there, the third break-in at the site, she said, and is focusing on Hyde Park, where she feels overwhelming support.

"I think this neighborhood is more receptive," Jackson said. "Because Hyde Park was underserved, people are very excited."

Across the street, at the Hyatt Place, which opened in September 2013 at Harper Court, revenues are exceeding expectations by 25 percent, and occupancy is 10 percent above projections, said general manager Anthony Beach. Average room rates are just $5 less than its downtown competitors, a mark of high demand, he said.

Most of the hotel guests are visiting the University of Chicago school or medical center (the hotel offers a shuttle to both), but some are McCormick Place conference attendees, who Beach said are important for shedding widespread misconceptions about the neighborhood.

"We had a number of reservations cancel on us at first when they heard we were on the South Side. We hear it all the time from travelers who say they've heard terrible things about the South Side," said Beach, who grew up in the Englewood neighborhood and attended Hyde Park Career Academy for high school.

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Hyde Park's retail revival is on a roll