Dream Office Real Estate Investment Trust, the worst-performing REIT in Canada over the past year, is banking on tower renovations and adding retail to keep tenants amid a wave of new office supply.

Dream Office, the largest office REIT in Canada, is seeking to sell as much as C$150 million ($138 million) of properties this year in smaller markets, and to upgrade its buildings and add retail space in its Toronto and Montreal properties, according to Chief Executive Officer Jane Gavan.

It used to be pure office -- thats all we looked at, Gavan said in Bloombergs Toronto office on Aug. 27. For us, theres going to be a lot of opportunity to develop the things we own and add retail.

Dream Office units have dropped 0.3 percent to C$28.95 over the past 12 months, for a yield of 7.7 percent, the worst performance among the 15-member Standard & Poors/TSX Capped REIT Index, which has gained 13 percent on average in the same period.

Significant multiple expansion is unlikely to take place in the near term given expected challenges in the Canadian office market, Matt Kornack, an analyst at National Bank Financial who rates the stock a buy, said in an Aug.10 note to clients. Kornack said Dream Office has longer-term value because of the quality and location of its portfolio, and offers an attractive yield for investors.

Dream Office, the largest office REIT in Canada, is seeking to sell as much as C$150 million ($138 million) of properties this year in smaller markets, and to upgrade its buildings and add retail space in its Toronto and Montreal properties, according to Chief Executive Officer Jane Gavan. Close

Dream Office, the largest office REIT in Canada, is seeking to sell as much as C$150... Read More

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Dream Office, the largest office REIT in Canada, is seeking to sell as much as C$150 million ($138 million) of properties this year in smaller markets, and to upgrade its buildings and add retail space in its Toronto and Montreal properties, according to Chief Executive Officer Jane Gavan.

About 7.9 million square feet of commercial space will hit the market in Toronto, Vancouver, Calgary, Montreal, and Ottawa, this year and next, weighing on rental rates, according to New York-based real estate-services firm Cushman & Wakefield Inc. Toronto-based Dream Office is preparing for the crunch by adding shops and restaurants that net higher rents, Gavan said.

Originally posted here:
Dream REIT Looks to Restaurants to Beat Office Glut

WEST CHESTER TWP.

A public hearing on a zoning change aimed at bringing a upscale mixed-use development to an area planned as this townships downtown didnt take place as planned Tuesday, but a handful of people still offered their take on the retail-residential-business project.

Trustees opened the hearing into a proposed 8.2 acre iLoft at West Chester project, which is planned to include 247 one- and two-bedroom luxury apartments, 19,300 square feet of retail space, an 81,600-square foot office building and a three-story, 406-spot parking garage.

But board members then immediately postponed the hearing until Sept. 23 at the request of Anderson Birkla Investment Partners principal Anthony Birkla, who wrote in an Aug. 26 letter to the township that he was eager to address concerns about the development with an adjacent property owner.

That property owner, Schumacher Dugan Construction, kicked off comments against the development during a portion of the regular meeting reserved for the comments of West Chester Twp. residents or business owners.

This residential project is practically surrounded by commercial and office spaces, said Larry Schumacher, president of Schumacher Dugan Construction. We think its going to have a negative effect on the value of all of the buildings in that neck of the woods. Its going to be I think harder to rent the space and I think just having a domestic element in the center of everything there is not at all good planning. underparked.

Schumacher Dugan is responsible for two office buildings next to the site and is planning a third office building for the area.

Following the meeting, Schumacher said he foresees iLoft at West Chester residential element as a disruption to everything thats been built in the area.

If I thought it was such a wonderful thing, I should be jumping with glee because I own more property around there than anybody else, but I dont think its so wonderful, he said.

State Sen. Bill Coley also spoke out against the proposed zone change, claiming it is procedurally deficient and does not even meet the minimum requirements of the West Chester Twp. Zoning Resolution. He went on to list what he believes are design drawbacks, parking insufficiencies or zoning violations.

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Developer delays hearing for West Chester mixed-use project

The Greenville Office of Economic Development presented some big ideas to a financial committee Wednesday and if they are approved, some big attractions could be headed our way.

We're talking about a more developed retail corridor, sports development complex, business and technology park - in total, 6 proposed projects that could really influence job creation, tax base, and the quality of life. But of course these are huge financial undertakings that would have to be approved by Greenville city council and voters.

Looking around Uptown Greenville you'll see construction projects taking shape. One is a private project that economic development manager Carl Rees says is creating 20,000 square feet of office space and 3,500 feet of retail space.

The other, a 250-space parking deck.

In the 2 years since Greenville's Office of Economic Development has been in operation, Rees has wanted to do even more.

Rees says, "These are all things that we think are opportunities for Greenville to grow jobs, grow tax base and make this a better place to live."

Rees presented six projects to Greenville's bond advisory committee on Wednesday night.

One of them - enhancing the 10th street connector that begins at the intersection of Evans and 10th and extends to Memorial Drive in the Medical District.

Rees and many on the committee believe it would be a major gateway into uptown.

The other projects include major facelifts to the Dickinson corridor, 1st street and Town Common, Frontgate retail corridor, a sports development complex, and a business & technology park.

Read more from the original source:
Greenville Office Of Economic Development Thinking Big

Work continues on the new phase of St. Johns Town Center with permits issued last week for Yankee Candle ($120,000, 1,438 square feet, Alliance Retail Construction) and Boston Proper ($293,321, 2,453 square feet, Fred Olivieri Construction.)

The eight smaller stores in the new wing are scheduled to open Oct. 8 with the anchor, Nordstrom, opening on Oct. 10. The grand opening for the entire wing will be celebrated Saturday, Oct. 11.

BROKEN EGG

Another Broken Egg is building its first Jacksonville restaurant at 4828 W. Deer Lake Drive in Tapestry Park. The chain is based in Miramar Beach and serves breakfast, lunch and brunch. The permit for the build-out was issued last week: $356,833, 2,642 square feet, TWT Restaurant Design Construction & Development.

The owners of the franchise have said they plan to open three or four restaurants in the area.

ETC.

Rethreaded, a nonprofit which helps those affected by the sex trade, has moved into a new retail/warehouse space at 820 Barnett St. and will hold a celebration of the new space on Saturday, Sept. 13, 10 a.m.-5 p.m.

The Jacksonville Beach office of Money Concepts Wealth Management has changed its name to Dodds Wealth Advisors.

Tire Kingdom has opened a new location at 9628 Argyle Forest Blvd., with grand opening celebrations going on through Monday.

Earth Fare opened its first Jacksonville store last week, and the natural foods market continues to grow. Luckys Market, which specializes in organic, local and gluten-free food, is opening its first Florida store in Gainesville in November at 1459 N.W. 23rd Ave.

Continue reading here:
Sunday Business Notebook: New wing of St. Johns Town Center starts taking shape

WEST CHESTER, Ohio (AP) Major new retail developments and plans for a sports complex have helped spur a boom in hotel building along Interstate 75 in southwestern Ohio.

More than 700 new rooms will be added to market over the next 12-18 months, The Hamilton-Middletown Journal-News reported (http://bit.ly/1oODfI6).

In some cases, plans delayed by the recession are now moving along with construction of a new Bass Pro Shops and a Cabela's in the Butler County area. Both of the sporting goods stores are expected to open next year.

The Streets of West Chester shopping and entertainment area just off I-75 north of the Interstate 275 is expected to add more retail and dining space in late 2015.

A new sports complex also is being developed to attract out-of-town teams to tournaments.

Cincinnati Children's Hospital is adding to its Liberty Township campus, and the $350 million Liberty Center project is being constructed nearby. It will include a hotel among its retail and entertainment options.

Among projects underway is Centre Park of West Chester, which will have a Holiday Inn and 650-seat event center.

"West Chester is growing very well, but also, why do we want to building amongs the other hotels there?" said Neha Bhatnagar, of developer Middletown Hotel Management. "You don't have a facility that can accommodate 650 people with a hotel attached to it."

Sharonville officials said the city plans a hotel and meeting facility project, expected for 2016, which should complement West Chester projects while its recently remodeled convention center draws trade shows and regional events.

"It makes the package of the region stronger and more attractive to these events" said Jim Downton, the Sharonville Convention Center's executive director.

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Hotels sprouting along I-75 in southwestern Ohio

San Francisco is experiencing one of its biggest development waves since The City rebuilt itself after the 1906 earthquake and fire, and industry experts are reaching out to teens interested in construction about potential career-related paths.

Recently, 45 high school students primarily from Bayview-Hunters Point gathered at a first-of-its-kind construction and trades exposition at the former Hunters Point Naval Shipyard for a glimpse into The Citys largest private development project that will ultimately revitalize the area into residential, retail and park space.

Construction jobs are bouncing back in San Francisco with full force after unemployment hovered around 30 percent in the Great Recession, due in part to the technology boom and more trade workers retiring.

We have a real need in the building trades to replenish our workforce, said Mike Theriault, secretary-treasurer at the San Francisco Building and Construction Trades Council, citing an aging labor pool and recent development surge. Were going to need folks to step in and take our places and build this town.

Theriault was one of about a dozen trade union representatives who encouraged the 14- to 17-year-old students to explore careers as painters, pile drivers, engineers, sheet metal workers, plumbers, pipefitters and ironworkers, among others.

It is a career. Its a good-paying job [that offers] immediate gratification, Chris Fallon, lead painting instructor at Glaziers Training, said of entering work as a painter, dry wall finisher, glazier or floor cover craftsman.

When you walk out of that building at the end of the day, youre able to look over your shoulder and say with pride, I did that, Fallon said.

Raynesha Mims, 16, is only a sophomore at Balboa High School, but she said she already has a goal of building a company from the ground up literally.

I want to be able to manage and build my own building, said Mims, who has taken a particular interest in seismic safety. I find that really interesting in how to make safer structures, so people ... dont have to worry about earthquakes and floods.

Mims enthusiasm is precisely why Lennar Urban, the development firm leading the shipyard effort, and Young Community Developers, which provides training and support opportunities for Bayview-Hunters Point residents, teamed up to offer the workshop to students, Lennar Urban spokeswoman LaShon Walker said.

Read more from the original source:
Building a town: Teens recruited for construction jobs amid SF development boom

River Drive Construction, a leading New Jersey construction company based in Elmwood Park has announced that it has broken ground on the second phase of Riverwalk, Elmwood Park's first luxury multifamily rental community. Wells Fargo financed the project, which will cost $8.5 million.

The second phase of Riverwalk, which is expected to be complete by the end of the year, will entail the construction of 51 apartments and 17,000 square feet of ground-floor retail space. Construction of phase one included 107 apartments, and was completed in the summer of 2012.

Riverfront Residential is currently seeking tenants for the 17,000 square feet of ground floor retail space, which is divisible. For more information, email jlangan@riverdrive.com.

Riverwalk features one- and two-bedroom apartments that offer convenience, luxury and value. Situated along the river at 400 Riverfront Blvd., Riverwalk is conveniently located near the Garden State Parkway and Routes 80, 46, 21 and 17. The community is located approximately 15 miles from New York City and close to a variety of shopping venues, restaurants, airports, and sporting arenas, including Newark Liberty International Airport, Garden State Plaza and MetLife Stadium in the Meadowlands Sports Complex. Please visit riverwalknj.com.

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River Drive Construction breaks ground on Phase II of Riverwalk

TAMPA (FOX 13) -

A new flair of Mexican food is coming to south Tampa. The chain Bartaco will be opening its first Florida location in Hyde Park Village.

The opening date has yet to be announced, but construction will begin this fall.

The trendy taqueria will be located in the large empty retail space where the Cactus Club was once located on W. Snow Avenue, just south of Lululemon. The restaurant is described as upscale street food with a coastal vibe, in a relaxed environment with a spacious dining room and unique artwork. The food is a mix of traditional Mexican dishes with a unique twist of spicy flavors from Asian and Mediterranean cuisine.

In addition, the American sportswear company J McLaughlin will also call the neighborhood home this fall. It will open at the corner boutique space between Wine Exchange and Piquant in late September.

The Boston-based company WS Development announced the big changes today, nearly a year after acquiring Hyde Park Village. Once a booming neighborhood filled with restaurants and retail space, the neighborhood took a big hit during the recession, with many businesses leaving the area due to high lease costs under the previous management.

If you walk through the village today, you will still notice large spaces of prime retail real estate still sitting empty.

The new management company promises to change that, saying this latest announcement is just the beginning of many more changes to come to the village this fall. They expect to announce several other deals before the end of the year.

Continue reading here:
New restaurant, clothing story set to open in Hyde Park Village

TAMPA (FOX 13) -

A new flair of Mexican food is coming to south Tampa. The chain Bartaco will be opening its first Florida location in Hyde Park Village.

The opening date has yet to be announced, but construction will begin this fall.

The trendy taqueria will be located in the large empty retail space where the Cactus Club was once located on W. Snow Avenue, just south of Lululemon. The restaurant is described as upscale street food with a coastal vibe, in a relaxed environment with a spacious dining room and unique artwork. The food is a mix of traditional Mexican dishes with a unique twist of spicy flavors from Asian and Mediterranean cuisine.

In addition, the American sportswear company J McLaughlin will also call the neighborhood home this fall. It will open at the corner boutique space between Wine Exchange and Piquant in late September.

The Boston-based company WS Development announced the big changes today, nearly a year after acquiring Hyde Park Village. Once a booming neighborhood filled with restaurants and retail space, the neighborhood took a big hit during the recession, with many businesses leaving the area due to high lease costs under the previous management.

If you walk through the village today, you will still notice large spaces of prime retail real estate still sitting empty.

The new management company promises to change that, saying this latest announcement is just the beginning of many more changes to come to the village this fall. They expect to announce several other deals before the end of the year.

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New restaurant, clothing store set to open in Hyde Park Village

WEST CHESTER TWP.

A public hearing will be held Tuesday to consider zoning changes requested by a developer proposing to build luxury apartments, as well as retail and office space off Union Centre Boulevard.

Earlier in 2014, Indiana developer Anderson Birkla Investment Partners LLC submitted plans calling for more than 250 multi-family units, 100,000-square-feet of office space, 20,000-square-feet of retail space and a 406-space parking garage in West Chester Twp. near the intersection of Union Center Boulevard and Centre Pointe Drive.

The project has had several working names, including The Square and iLoft at West Chester.

However, soon after plans were submitted, they were tabled to make changes. Among the reasons to table the plans were concerns about adequate parking spaces, according to zoning records.

Since then, revised plans were submitted in July to the township, also according to zoning records. Scaled-back updates reduced the amount of apartment units from 257 to 247; and reduced office space from 100,000-square-feet to 81,600-square-feet. However, the number parking spaces in an outside private lot was boosted from 85 to 160.

Trustees are scheduled to hold a public hearing at 7 p.m. next Tuesday on the zone change application. Its to be held at the township building, at 9113 Cincinnati-Dayton Road.

The project described as resort-style living would sit on 8.2 acres covering two properties, one zoned for business use and one zoned for commercial planned unit development use.

If trustees approve the zoning changes, it would allow for the combination of residential and business development where now only commercial development is allowed, said Barb Wilson, township spokeswoman.

Butler County Planning Commission recommended approval of the rezoning on June 10 and West Chester Zoning Commission recommended approval of the rezoning July 21.

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Public hearing set for West Chester luxury apartment development