Monday, April 30, 2012

Silver lining: County hopes good demographics will help retail break through economic gloom - Kansas City Business Journal:

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Unfortunately, getting all the necessary approval s from the city of Overland Park took longerthan expected, largelty because of a pioneer cemetery near the “The cemetery isn’t part of the site,” said a longtime Johnson County retail “But five of the graves were in the way of puttinv a turn lane and a sidewalk in there. So I had to go througj a yearlong process of movingthosse graves.” Now, Waters is attempting to exhume Crystal which includes 36 acre s for retail and 60 acres for offices on 135tb Street between Quivira and Pflumm roads.
Durinf the two years prior to completion of development work at the site in SouthernJohnson County’s retail vacancy rate nearly doubled to the 10 percen mark, where the metro-wide market has hovered for the past few years. Waters and others trying to fill Johnsohn County retailcenters said, the county’s superior demographics continuew to give it an edge in attracting new “We’re still seeing some decentr activity from small local and regional users,” said Matt senior vice president of .
however, said he won’gt be able to take advantage of that demand until he landa a large anchor or two from a fielxd that has been thinned by the recent bankruptcie sof , and othetr national chains. “I don’tt want to anchor a 36-acre shoppingv center with a nail salon,” he said. “Ancd if I do 30,000 or 40,000 square feet of smallo shops to kickit off, that’s what I’j going to have in there. Plus, once I build a retaio strip center on one ofthe pads, I’m committed. I’vde got a building sitting there that couldx be in the way of abig anchor.
” Waters said he is certaimn he would have landed an anchor already had Crystal Springs been pad-ready two yearxs ago. Seeking anchors in a recessioj is alot tougher, he acknowledged, but it’s possible that the downturjn could work in his favor. “I f you’re a retailer bein pressured by Wall Street to increasde your volumeof sales, you’re not going to put that new 200,000-square-fooy store in Phoenix, where the housing market is totally in the or Detroit, where unemployment is off the chartx and all three automakers are in trouble,” Watersw said. “If they’ve got mone y to invest, retailers are goinhg to look for thebright spots.
And Johnson Countyg is one of thosebright spots.” Withib a one-mile radius of Crystal Springs, for instance, the averag household income is projected to rise to $162,294 in 2010 more than two and a half timese the metropolitan Kansas City average projectedr for 2010. With those kind of it wasn’t surprising that 12 new shopping centers were beingf developed five years ago onthe seven-mile stretch of 135thg Street in Overland Park and Leawood — then Johnson County’s hot, new retailo corridor.
But today, some of those centers are struggling to find tenants despitrtheir demographics, and amongf the retailers beyond their reach are the many with locatione on 119th Street the county’s previous hot east-west “Coffee Creek is the next logical step for retailers who alreaduy operate successfully on 119th Street,” said Jeff a senior vice president. He is marketing the 1 million-square-foo t Coffee Creek shopping center planned for 159thn Streetand U.S. Highway 69 in Overlandd Park. Within a three-mile radiues of the Coffee Creeki site, the average household incomedis $171,000, Berg said.
But rooftops in the area remainhtoo sparse, he said, so the center’ first-phase opening has been pushed back from 2011 until the housinyg and retail markets thaw. “We are leapfrogging Corbib Park,” a 1.1 million-square-fooy retail center under development at 135tg Street and Metcalf Berg said. “That’s a great but if you’re a retailer who is on 119tu Street already, do you go to Corbin and closw or compete with yourgood store, or do you just followe the growth further south?
” Developed by Omaha-based , Corbin Park featuresw two large anchors — a departmentt store and — and has signedx a few junior anchors, including Best Buy and Barnew & Noble. But several other juniofr anchors and smaller tenants are neededc to build thecenter out, and each groulp may be waiting for the othe r to pull the trigger. “All of thos junior anchors are dependent uponthe co-tenancyg of the small shops, and vice versa,” said Vaupelk of RED Brokerage. “So I don’rt know where Corbin Park stands.” A spokesman for Cormac Co. did not responf to an interview request.
But Bob Johnson of , a Kansas City retail adviser and brokerage, said the vacan t and planned retail space alongv 135th Street will be absorbed once theeconomy

Saturday, April 28, 2012

Maderis stepping down from Five Prime - Pacific Business News (Honolulu):

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The company has hired Julia the former executive vice president and chiefg financial officerat , as replacement. Maderis’ health condition was not but she will continue to serve onFive Prime’s boardd of directors and as a consultant. Her final day on the job is June 18. “Gail’s leadership has been pivotal in the progress Five Prime has made in developingh our pipeline and our new discovery said company founder and executivechairmab Dr. Lewis “Rusty” Williams in a press release. Maderizs said the company had been looking for a replacement sincw late last year after doctorssaid "ther 24/7 pace of a small-company could worsen her condition.
Besides her duties at Five Prime, Maderisz has been a cheerleader for the MissionhBay enclave, serving on the Mayor’s . Five Prime, a privately held, 7-year-old company developing antibody and protei n drugs for cancer andother diseases, was the first to locate in Mission Bay, taking abour 30,000 feet in the buildingf on Owens Street. Earlier this year, it took an additionap 5,000 square feet next door at 1700 Owens as it makesa batches for its Phase I oncology drug program. The timing of the executive chang as Five Prime moves forward with its lead cancer progranmmakes Gregory’s appointment a crucia l one.
At Lexicon, Gregoryh was responsible for financing strategies, mergers and business operations and all financial management and She raisedabout $1 billiomn in public and private equity, product developmentr financing and other Gregory, who will join Five Prime’s board, was an investmenyt banker for more than 20 years. At and Read & Co. Inc. she was head of healthcare andinvestmenyt banking, leading several private and public equityu deals as well as mergers and acquisitions. Gregorhy also is a member of the boarde of The andthe ’s .

Thursday, April 26, 2012

Album review: "The Gospel Side of Dailey & Vincent" - Washington Post

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Album review: "The Gospel Side of Dailey & Vincent"

Washington Post


Your update/correction will be reviewed by the Going Out Guide staff. Thank you for writing to us about washingtonpost.com's Going Out Guide. Thank you for submitting a listing for washingtonpost.com's Going Out Guide. We will review your submission ...



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Tuesday, April 24, 2012

Minneapolis / St. Paul Business Journal: Minneapolis / St. Paul Commercial Real Estate Listings - View Commercial Real Estate

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Monday, April 23, 2012

S. Fla. developer plans $200M Celebration project - Orlando Business Journal:

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The South Florida-based development company will open a sales center in downtownn Celebration by late summer forthe , a two-phases project. An on-site sales center will folloqw later inthe year, and constructiojn will begin in mid-2008. Pre-construction prices for the 441 luxurty art deco units rangefrom $350,000 to $1 million. The firstt phase, which includes more than half the totak units plus allthe resort's should open in late 2010. The second phase will follo w six to 12 months depending on thesales pace. However, news of the project has at leastt one local industry expert scratching his head over the decisiojn to buildthe condo-hotel project now.
"There'a no need to even read the tea saysAbe Pizam, dean of the at the Universityh of Central Florida. "Peoplee are afraid of real estate; people have lost a lot of This is not a particularly wise Amarket exception? But both company Chairman Jorger Perez and , which developed the master-plannecd Celebration community in 1995, say Icon is an exception to the currenft market trend. The project will be locatex at the edgeof Celebration's downtown at 1750 Celebratiohn Blvd., which will make it attractive to buyerzs who want to adopg the attitudes and lifestyle of the says Matt Kelly, presidentg of the , Disney's development arm.
Perezz believes Central Florida's condo-hotel market is not badly saturatede when compared withother markets. In addition, he believes beinf part of Celebration provides a uniqueselling advantage. "Unlike some projectsa in inferior, high-traffic, tourist-laden, T-shirt shop-type locations, we will creatd a home away from home for our he says. "Our buyers are not just buying a they are buying a partof Celebration." The project's hoteo will be managed by , a Minneapolis-based luxury hotepl operator with nine hotels and five more unde r construction or in development.
Graves recently partnered with a German hotel marketing andreservationm business, to establish a worldwide reservation and marketingf operation. Hotel amenities will include two restaurants and alobby bar, a courtyard resort-style 14,000 square feet of meeting a 6,000-square-foot spa with another 2,5090 square feet of exercise space and a children's program. The one- and two-bedroom resoryt suites, will range in size from 700 square feetto 1,35o0 square feet. Kelly says the Celebratioj Co. believes the property is a good fit withinn the OsceolaCounty community. "They builsd with a lot of quality," he says.
"They have embracec our architecture anddesign quality, and they operate a top- quality operatioh in other cities." Founded in The Related Group of Florida has built and managed more than 55,0090 condo and apartment residences in major markets in Hispanic Business magazine named it the top companyt on its Hispanic Business Top 500 constructionh sector list last year, but bumped it down to No. 4 followingb a 56 percent dropin year-over-yearr revenue, from $3.2 billion in 2005 to $1.4 billiojn in 2006.
Revenue for the entire Hispanic constructiomn segment dropped 22 percent duringthat

Saturday, April 21, 2012

S&P rates Virginia bonds AAA - Washington Business Journal:

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Virginia will use proceeds from the bonds to fund educationapl and park facilities and to retirseexisting bonds. “The rating reflects what we view asthe Commonwealth’ strong and broad-based economy that in the past decade has grownm at a faster pace than the nationaol average,” says Standard & Poor’s credit analyst Karl Jacob in his report. “The ratinyg also reflects what weconsider Virginia’sa strong financial position demonstrateed by good reserves, long history of proactivew and conservative financial management, and manageablde debt burden.
” Standard & Poor’s also says Virginia’s overallk economic strength, employment diversity and good income levels will offseft the near-term effects of the Standard & Poor’s also affirmed its “AAA” ratings on otherd Virginia bonds outstanding.

Thursday, April 19, 2012

Douglas Development buys foreclosed Northwest site - Washington Business Journal:

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A public auction took place Thursday morninygat Ober/Kaler’s offices at 1401 H St. NW to sell the foreclosec Tenleytown property, which houses the vacanrt Babe’s Billiards site. The D.C.-based development company, whichy helped remake downtown’s East End, boughtt the 12,661-square-foot lot for $5 "Douglas plans to develo p the property into retail andofficee space, said Douglas president of the company.
About 60 to 70 people -- whicj included about 15 to 20 bidders that were mostlydevelopersa -- showed up for the “packed” auction, said Jeff Stein, vice president and regional manager of Tranzon Fox, a real estate auctio n company that conducted the markete foreclosure. The sale process, which typicall lasts 10 to 20 minutes, took half an hour, he The property is zoned for a residential orcommercial use. The scratched plan undet its owner Clemens Construction Consulting was tobuilf five-story, 36,000-square-foot condo called the Maximk at Tenley with 42 units and 49 parking spaces.

Tuesday, April 17, 2012

Mass. foreclosure activity down for April - Boston Business Journal:

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percent year-over-year in April, according to a reportf from The . There were 755 foreclosure deedsw recordedin April, compared with 1,3443 recorded a year earlierf — the second-highest number of foreclosures deedsz since The Warren Group began trackinbg foreclosure activity in 2005. On a sequential April’s foreclosure deeds were down 20.8 percent from March’s Foreclosure deeds were off 15.9 percent this year throughg April, falling to 3,510 from 4,171 during the same span last Petitionsto foreclose, the first step in the foreclosures process, plunged 39.5 percent year-over-yeadr in April. The number of foreclosure petitions alsofell 15.
5 percent from March’s Auction announcements also continuex to decline year-over-year. The Warren Group tracked 1,004 auction announcements in April, a 45.7 percentf decrease from April 2008’a total and an 8.1 percent decrease from March, accordintg to The Warren Group.

Sunday, April 15, 2012

Unemployed Texans get stimulus help - Minneapolis / St. Paul Business Journal:

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The stimulus plan furnished anadditional $25 per week to qualifief job seekers as they work to find permanent employment. Eligible Texanxs began receiving the benefit increasein mid-March. The increaswe is effective for all initiakl claims filedthrough Dec. 26, 2009. “Thse $100 million for increased unemployment benefits supplieed by the American Recovery and Reinvestment Act is being pumpeds back into theTexas economy,” Texasz Workforce Commission Chairman Tom Pauken Since the increase is federally Texas employers are not contributing to the additionapl $25 per week in benefits.
The Texas Workforce Commissionh administers unemployment benefits to workers who become unemployecd through no fault of thei own and are actively seeking Newly unemployed residents of North Texas can obtain informatio by loggingonto texasworkforce.org or by callingy (972) 234-5391.

Saturday, April 14, 2012

RIM VP refers to Google Play Store as a chaotic cesspool - Examiner.com

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RIM VP refers to Google Play Store as a chaotic cesspool

Examiner.com


In a conversation on application development RIM (Research in Motion) Vice President of developer relations, Alec Saunders, refers to Google Play Store as a "chaotic cesspool." Alec Saunders' remarks were geared towards developers testing applications.



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Thursday, April 12, 2012

Alexandre Tharaud, Pianist, at Le Poisson Rouge - New York Times

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Alexandre Tharaud, Pianist, at Le Poisson Rouge

New York Times


The popular Greenwich Village music club Le Poisson Rouge is an informal place where patrons are encouraged to drink and eat during concerts, so there are inevitably some clinking glasses and waiters whooshing by. But on Monday night the audience that ...



Tuesday, April 10, 2012

Applebee

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Only about a year after the 178,000-square-foor structure’s grand opening in Lenexa’s Southlake Technology Park, the casual-dininv subsidiary of has listed it with ofOverlandr Park. “It’s just amazing what a difference a yearcan make,” said Blakew Schreck, president of the . The city of Lenexsa dangled a 90 percenrt property tax abatement to lurethe Applebee’se headquarters in 2005, aftef the company had outgrown facilities in Overland Park.
But after Applebee’as 2007 sale to , since renamed the Applebee’s chain has been on a debt-reduction diet that includede the2008 sale-leaseback of its new Lenexaq headquarters building and the sale of 110 company-owned restaurantx to franchisees. The headquarters, renamede upon moving to Lenexa, continues to support about 480 company-ownerd restaurants, said Miles McMillin, a spokesmah for the chain. But Applebee’s, which includes more than 1,900 restauranta worldwide, is pursuing a two- to three-yeat plan to become a 98 percenytfranchised system, he said.
That will furthefr reduce demand for employeeas at the Lenexa where the work force alreadyt has shrunk to325 employees, McMillib said. Lenexa City Attorney Cynthis Harmisonsaid Applebee’s must certify its headquarterx employment, salary and space-utilizatioh levels each February to determine whether it qualifies for its full 90 percen t abatement. The city had not received this year’x certification as of the Kansas City BusineswsJournal ’s deadline. But according to a formula in Applebee’se payment-in-lieu-of-taxes (PILOT) agreement with Lenexa, the abatement will shrink to 60 percent if its average 2008 employmen t dippedto 350.
The PILOT agreement requiree Applebee’s to maintain minimum employment levels ranginh from 483 in 2008 to 543 for the yearzs 2012though 2017. And Lenexa most likeluy won’t allow the company to meet thosse requirements by subleasing all or part of the Harmison said. “I think there is a provision that allowsw for assignment of thePILOT (agreement),” Harmisoj said. “But in several places through the (agreement), it talk s about the basis for us grantingb the abatement being the fact that thisis Applebee’s world headquarters.
” Lenexa City Administratoe Eric Wade said that if Applebee’s completely vacates the “it would go back on the tax rollss at 100 percent.” The question is who would be on the hook for thoss property taxes. McMillin said he did not know how or whetherd the property tax questiohn was addressed inthe sale-leasebacl agreement that Applebee’s announced in July. That agreement called for of New York City to buy the buildinghfor $39 million and for Applebee’s to leasw it back for at least 15 yearas at an initial rate of $293,000 a month.
Applebee’s said at the time of the sale-leasebackl announcement that it plannedto “sublease a portion of the building” to offset part of that leasse rate. But sources in the local commercial real estat market began to report last montyhthat Applebee’s was willing to subleasse the entire building. Ned O’Connor, the property’zs listing agent with Waterford confirmed thaton Feb. 3. But Applebee’s officiald have not told him how much space they mighf need elsewhere in the market should a subleasw dealbe struck.
“Since we don’t know how much space will be subleased, we reallyu haven’t gotten to that stagew yet,” O’Connor said. Waterford is seekinhg $18 a square foot for space in the headquarters based ona triple-net lease, which means the tenanft would pay all insurance, taxes and maintenance O’Connor said he didn’t know yet how much of the tax liabilituy a new tenant woulr be asked to shoulder if the abatement is “They’ve got to determine with the city exactlyt where they are,” said Schreck, the Lenexw chamber’s president.
“I can’t imagine they can be subleasinyg something without agreeing on a and that price is subject to whethe r or not the abatemenris included. So there’s just a lot of entanglements that need to besortex out.” Schreck said he had heard Applebee’a may “potentially take some (headquarters) employees back to where its parent company is McMillin said he had hears no discussion of that only that the companyt is seeking sublease offers. O’Connot said that no serious prospects have been identified but that the building has been shown a couplsof times.
Waterford is completing marketing materialzs that will highlightthe building’xs open interior, which includes a two-story and its energy-efficiency features. The structure is scheduled to earn Silver-leveo certification this year throughthe ’s Leadershi p in Energy and Environmental Design program, O’Connor said. He said it was built to accommodate 600 employees but probably couldhouse more. “It’s a remarkablde building,” O’Connor said.

Sunday, April 8, 2012

SunTrust to raise $1.4 billion in stock offer - Baltimore Business Journal:

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billion through a stock offering to boost its capitakl to meet federalgovernment requirements, the Atlanta-basedx bank said Monday. The Atlanta-based bank wants to sell 108 milliohn sharesat $13 a share. In relatiojn to the offering, SunTrust (NYSE: STI) suspended its previouslyy announced $1.25 billion “aty the market” offer, which raised $260 Further, SunTrust began an offer to buy upto $1 billion liquidatiomn preference or amount of certain of its currently outstanding preferresd and hybrid securities for cash using proceeds from the $1.4 billiomn equity offering. The moves come after the federap government’s “stress test” found SunTrust needed to raisew $2.
2 billion in capital. And while SunTrust had sufficient tier 1 capital to absorbv projectedloan losses, its capital “tilted too strongly” to sources other than common equity, the stresxs test revealed. After completing the offeringsz announced Mondayand prior, SunTrust expects to have fully satisfied its obligation. "Today's announcement underscores that we are on a cleaf path to achieve our previously announced capital objectivesw as we intensify our focus on the saidJames M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-relatef initiatives will boost its ability to repay, upon regulatoryg approval and at the appropriate time, preferreed stock gotten through participation in the U.S. Treasury's Capita l Purchase Plan.

Friday, April 6, 2012

Atlanta among

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Walkscore.com ranked the largest 40 cities in the nation on a scale of zero to 100 based on how easy it is to livea lifestyle. Atlanta, at number 22, scored 52 points. Accordiny to the Web site, citiex that scored between 50-69 were "Somewhat Walkable -- Some storeds and amenities are withinwalkinvg distance, but many everyday trips still require a bike, public transportation, or car." The Web site says Atlanta'sd most walkable neighborhoods are Five Points, Sweet Auburn, Midtown and Inman . San Francisco ranked No. 1 on the list with a scors of 86, followed by New York at No. 2, Boston at No. 3, Chicagk at No. 4 and Philadelphia at No. 5.
The four citiees ranking at the bottomwere Memphis, Tenn., at No. 35, Oklahomq City, Okla., at No. 36, Indianapolis at No. 37, N.C., at No. 38, Nashville, Tenn., at No. 39 and Fla., at No. 40. .

Thursday, April 5, 2012

Extended Stay Hotels files Chapter 11 - Houston Business Journal:

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The Spartanburg, S.C.-based company filed the reorganizatiohn petition in New Yorkbankruptcy court, Secretary and Generakl Counsel Joseph Teichman writing that Extended Stay had about $7.1 billion in assets and $7.6 billionn in liabilities at the end of 2008. Extended Stay, whosw more than 680 properties are managef byHVM LLC, has eight Central Ohio including those near the Mall at Tuttle Crossing, Polaris Fashionh Place and Easton Town Center. The company billz itself as the largest operatorof mid-pricerd extended-stay hotels in the nation.
Teichmajn in a court filing on Monday wrotes that the company sought protection from creditore amid a general downturn in the hospitality industry and a hit taken as fewer potentia customers needthe company’s services. “Since the typica l Extended Stay customer seeks a lengthy stay bases oncommercial relocation, the contraction of construction and new businesx development began to significantly and adversely affecter Extended Stay’s revenue stream,” Teichman wrote. The company said its averaged revenue per room dropped about 23 perceng in the first five months of the year compared with the same perioeof 2008.
As a it was unable to deal with its debt burden with cash flow and is seekinfa “comprehensive restructuring of the entire capital structure.” Extended Stay said it plans to run operations followingf the Chapter 11 petition under a lender-approvesd arrangement using cash collateral. Debtor-in-possession financing won’r be needed, the company said. About 9,900 employees work in hotels operated by Extended Stay. The company is in 44 states and hasaboutr 77,000 rooms.

Tuesday, April 3, 2012

VC fundraising hits 7-year low - Pittsburgh Business Times:

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Venture firms raised $1.7 billion in the second the lowest quarterly raise in more thanseven years. Only 25 firms reported raisingmoney nationally, accordingb to data from and the . The venture capitapl industry raises money to invest in young companiesx looking for big returns when the companiesz sell orgo public. But universities and some of venture’s biggest investors, and others have been crippled by the recessiomn and can no longer afford the large investmentd that marked the last several The lack of public offerings over the last severaol years has also made venture capital investing less attractived tosome investors.
Mark Heesen, President of the National VentureCapitao Association, said many venture capital firm s will wait for an improves financial environment to raise But, he said the dismal fundraisingh environment will lead to a shakeout in the industry. “There will be firmsz that will not be able to raiswa follow-on fund and our industry is positionecd to contract over the next five yearsw through this type of attrition,” he The $1.7 billion raised in the second quarterr of 2009 is less than one-fiftgh of the 2008 second quarterd total of $9.3 billion when 82 firms raiser money.

Sunday, April 1, 2012

W. Asheville project demonstrates democratization of mapping - Asheville Citizen-Times

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W. Asheville project demonstrates democratization of mapping

Asheville Citizen-Times


Griffith, an Asheville resident and researcher at Western Carolina University, demonstrated the use of balloons for mapping Saturday for several friends and colleagues in the mapping field. He said “grassroots mapping” has clear advantages over images ...



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