New South Beach Garage: Architectural Landmark

For her wedding over the weekend, Nina Johnson had worked through a predictable checklist of locations in town: hotel ballrooms, restaurant halls and catering outfits. She ended up going with "cinematic and absolutely dramatic!", as Nina's family and friends gathered for her hip and well decorated wedding cerimony at the top floor of South Beach's new $65M garage, overlooking the Miami Donwtown skyline and having the Atlantic Ocean as their background.

Created by a colorful Miami developer and a world-renowned architecture firm, it appears to be an entirely new form: a piece of carchitecture that resembles a gigantic loft apartment, with exaggerated ceiling heights, wide-open 360-degree views and no exterior walls.

The garage has an unlikely back story. Its developer, a contemporary art collector named Robert Wennett, bought the property in 2005, inheriting a drab-looking bank office and an unremarkable parking lot at the corner of two well-known boulevards, Lincoln and Alton Roads.

Quirky zoning regulations in the city, which is chronically short on parking, made it profitable to build a large garage — not everyone’s vision of a grand gateway to the retail and restaurant-filled streets that surround the site.

Mr. Wennett, who sprinkles his properties with $1 million Dan Graham sculptures and admits that he hates most of the garages he has ever parked in, aimed high, interviewing 10 top architects around the world. He settled on Herzog & de Meuron, a Swiss firm best known for transforming a power station into the Tate Modern gallery in London and designing the Olympic stadium in Beijing (known, by its appearance, as the Bird’s Nest).

What they produced, in early 2010, was all those things: a garage with floor heights of up to 34 feet, three times the norm; a striking internal staircase, with artwork embedded in its base; precarious looking (and feeling) ledges that rely on industrial-strength cable to hold back cars and people; and a glass cube that houses a designer clothing store, perhaps the first in the middle of a parking garage. Another interesting fact that even most local aren't aware of, is that Mr. Wennett built himself a large penthouse apartment on the roof.

In a final flourish, the architects created a soaring top floor that doubles as an event space, with removable parking barriers. It can be rented for about $12,000 to $15,000 a night.

“This is not a parking garage,” Mr. Wennett said. “It’s really a civic space.”

Not all the reviews are fawning. In interviews, several Miami drivers grumbled about the cost of parking in the garage — typically $4 an hour, depending on the time of day, compared with about $1 an hour in nearby municipal lots.

However, most visitors seem to overlook that: “I wouldn’t even think of parking anywhere else when I’m downtown,” said Douglas Sharon, a financial adviser, who steers his gray Ferrari into the garage several times a week.

By: Michael Barbaro

From: NY Times: A Miami Beach Event Space. Parking Space, Too.

City Furniture opens its first LEED store in Boca Raton

New York City -- Home furnishings retailer City Furniture has opened its first store built to LEED (Leadership in Energy and Environmental Design) standards. The 93,680-sq.-ft. location, in Boca Raton, Fla., houses a City Furniture and Ashley Furniture HomeStore under one roof.

The store has dual-flush toilets, low-flow urinals and a landscape irrigation system, and is expected to use 42% less water for interior use and 78% less outside than a traditional store. Walls are paneled with reclaimed wood. Design features include walls paneled with reclaimed wood and natural stone feature walls.

From: City Furniture opens store built to LEED standards

Dillard's plans to form Real Estate Investment Trust

In a regulatory filing on Wednesday Dillard's said it plans to form a real estate investment trust, with the objective of improving liquidity.

 

According to the department store retailer, various company entities will transfer interests in properties to the REIT, which will then lease the properties back to them.

"Dillard's believes the formation of a REIT may enhance its ability to access debt or preferred stock and thereby enhance its liquidity," the filing said.

Dillard's also said it had formed a captive insurance company, a wholly owned unit intended to allow the retailer to more efficiently manage its risks and open access to more reinsurance markets.

From: Dillards plans to form REIT

Orlando Malls Undergo Makeover during Uncertain Times

This could be the year of the mall makeover.

Several of Central Florida's malls hit hardest by the economic downturn are undergoing changes. Their goal is to lure back customers and tenants — a task that's likely going to be difficult.

"The market will still differentiate between winners and losers. .... Dominant regional and super-regional malls will continue to outperform inferior malls, even once a recovery takes hold."


Orlando Fashion Square, which lost many big-name stores over the past two years, is now focusing on tenants not traditionally found in malls. It is bringing in a couple of major new tenants expected to bring in foot traffic, even though the people won't initially come to shop.

Folks have already begun working up a sweat at Planet Fitness, in the wing near Sears. The Disney Entrepreneur Center will open this spring. Now in downtown Orlando, it consists of organizations that provide counseling and education to small business owners.

Both Planet Fitness and Disney Entrepreneur Center should raise Orlando Fashion Square's profile, said John Crossman, who handles leasing at the mall. "You get people who get the mall more in their mind," he said.

Two other struggling malls recently got new owners. General Growth Properties, which owns Altamonte Mall and West Oaks Mall, recently turned over Oviedo Marketplace to a company called CW Capital.

Retail experts have said they doubt whether Oviedo Marketplace can survive as a traditional mall. But manager Brian Olivi said the new owner hasn't given up hope.

"My understanding from discussions with ownership is they want to pursue this property as a retail entity," he said. "I don't see them changing concepts. I've heard rumors that this was going to become a hospital or something along those lines. That's not the intent of the ownership."

Festival Bay Mall, an unconventional center on International Drive, recently got sold to FB Orlando Acquisition Co. LLC, a group affiliated with the former owners of what used to be Prime Outlets-Orlando.

Some malls, including Mall at Millenia, have continued to thrive.

Buoyed by tourists, Orlando's outlet centers remain busy. Orlando Premium Outlets – Vineland Ave. will open three new stores this spring – Steve Madden, Vera Bradley and American Eagle.

By Sandra Pedicini
From: http://www.orlandosentinel.com/business/os-cfb-retail-011010-20110109,0,804577.story

Downtown Miami to Get 6 New Restaurants and Clubs

Downtown Miami could get a boost at revitalization this year.

Six new restaurants and night life operators are expected to occupy 20,000 square feet on the ground floor of Macy's west building, 2 W. Flagler St., in downtown Miami by June 1, said Bill Fuller and Martin Pinilla II, managing partners of the Miami-based Barlington Group, which holds the master lease on the space.

Barlington Group is subleasing the space, which has been empty for five years, to the restaurants and night life operators. The partners declined to disclose the operators' names, but said each will have between 1,000 and 9,000 square feet of space.

Macy's will continue to occupy the east building.

``The idea is to create a night life scene and by doing that increase the foot traffic and pedestrian feel of the neighborhood at night,'' Fuller said.

By INA PAIVA CORDLE

From: Downtown Miami to Get 6 New Restaurants, Clubs.

Five More Hhgregg Stores to Open in South Florida

Indianapolis-based electronics and appliance retailer hhgregg continues its South Florida lease-signing blitz.

Stores in Pinecrest, Fort Lauderdale, Plantation, West Palm Beach and Wellington are the latest sites to surface.

“I think they found a niche that had been dominated by one player and said, ‘Hey, there’s opportunity here,’” said Michael Toroyan, VP of leasing at Retail Property Group in Boca Raton, which recently inked leases with hhgregg for centers in Fort Lauderdale and West Palm Beach. “They are looking at a lot of boxes, and are doing it in the right time in the real estate cycle.”

Hhgregg is poised to slip into a former Linens ’n Things at Bal Harbour Square, at 1700 Federal Highway in Fort Lauderdale, and the former Albertsons at the Pine Trail Square power center on Military Trail in West Palm Beach.

Both stores should open by midyear.

That is about the same time hhgregg is expected to open in a 32,722-square-foot former Circuit City at the Shoppes of Plantation Acres on Sunrise Boulevard in Plantation, according to Jeff Kalil of the Rotella Group, which brokered that 10-year lease.

Stores at the Shoppes of Wellington Green, at 10560 Forest Hill Blvd. in Wellington, and in a former Ethan Allen, at 11825 S. Dixie Highway in Pinecrest, are also on the way, according to construction lead website LDI-Line.

Toroyan estimated that hhgregg could soak up more than 300,000 square feet of empty big-box space by the time its expansion is done.

The company said it plans to open 43 stores this year, and 35 to 45 more next year in Chicago, Miami and western Pennsylvania.


By Darcie Lunsford
From: http://www.bizjournals.com/southflorida/blog/2011/01/five-more-hhgregg-stores-to-open.html?ed=2011-01-07&s=article_du&ana=e_du_pub

South Florida No. 4 in Small Businesses Nationwide

The Miami-Fort Lauderdale-Pompano Beach metropolitan statistical area ranks fourth in the nation, with 170,762 small businesses, according to a Business First breakdown of 2008 federal data, the latest year for which official statistics are available.

Fifty-one metro areas have at least 25,000 small businesses, led by the New York City area, which sprawls across downstate New York and into parts of New Jersey and Pennsylvania, with 526,063 small businesses.

The runners-up are Los Angeles (331,479 small businesses), Chicago (235,700), Miami-Fort Lauderdale (170,762) and Philadelphia (144,593).

The Census Bureau also tabulates the combined annual payrolls of all private-sector businesses of all sizes. The South Florida area had a combined payroll of $80.7 billion.


By G. Scott Thomas , Buffalo Business First
From: http://www.bizjournals.com/southflorida/news/2011/01/06/51-areas-have-more-than-25000-small.html?ed=2011-01-06&s=article_du&ana=e_du_pub

First U.S. CasaIdeas opens at Shops at Sunset Place

The Shops at Sunset Place in South Miami is adding to its retail mix with the first U.S. location of CasaIdeas.

Specializing in stylish and affordable home-décor, CasaIdeas stocks more than 500 new items every three weeks - more than 10,000 original products, yearly.

“We are excited to welcome CasaIdeas’ first location in the United States to our popular collection of retailers, restaurants and entertainment venues,” said Alein Cadalso, mall manager at The Shops at Sunset Place, in a news release.

The first CasaIdeas store opened in 1993.

The Shops at Sunset Place, which is managed by Simon Property Group, Inc., is an open-air shopping venue that features a waterfall and cascading fountain amidst a dramatic grand staircase. Located at the intersection of U.S. 1 and Red Road in South Miami, the mall offers dining and entertainment venues, including AMC 24 Sunset Place with IMAX, Color Me Mine, Cool-de-Sac Play Café, Dan Marino's, Gameworks, and Splitsville Luxury Lanes and Dinner Lounge.

The Shops at Sunset Place in South Miami is adding to its retail mix with the first U.S. location of CasaIdeas.

Specializing in stylish and affordable home-décor, CasaIdeas stocks more than 500 new items every three weeks - more than 10,000 original products, yearly.

“We are excited to welcome CasaIdeas’ first location in the United States to our popular collection of retailers, restaurants and entertainment venues,” said Alein Cadalso, mall manager at The Shops at Sunset Place, in a news release.

The first CasaIdeas store opened in 1993.

The Shops at Sunset Place, which is managed by Simon Property Group, Inc., is an open-air shopping venue that features a waterfall and cascading fountain amidst a dramatic grand staircase. Located at the intersection of U.S. 1 and Red Road in South Miami, the mall offers dining and entertainment venues, including AMC 24 Sunset Place with IMAX, Color Me Mine, Cool-de-Sac Play Café, Dan Marino's, Gameworks, and Splitsville Luxury Lanes and Dinner Lounge.

Read More: http://www.bizjournals.com/southflorida/news/2010/12/27/first-us-casaideas-coming-to-shops.html

BJ's to close Sunrise store

BJ’s Wholesale Club (NYSE: BJ), which reportedly is being eyed for a hostile takeover bid, plans to close five underperforming stores, including one in Sunrise, by the end of the month, the company said Wednesday.

Natick, Mass.-based BJ’s also announced plans to restructure its home office and make several management changes.

BJ's is laying off 61 employees at its headquarters, and about 380 people will lose their jobs at the closed BJ's stores, including 99 in Sunrise, according to a notice the company filed with the state.

In addition to the Sunrise store, BJ’s will close three stores in the Atlanta market and one in Charlotte, N.C., by the end of the month.

“Our management team has been working for several months on a strategic plan to optimize our performance and build for the future, thereby enhancing shareholder value," BJ's CEO Laura J. Sen said in a statement. "The five clubs to be closed have historically underperformed and, after careful consideration, we concluded that improvement of their operating results was unlikely. The savings associated with the actions we are announcing today will be invested in new clubs, remodels, and information technology, all of which are vital to our competitiveness, future growth and profitability. We remain committed to the Atlanta, Charlotte and South Florida markets, and will look to expand in those markets if compelling opportunities present themselves."

The announcement comes one week after the New York Post reported that BJ’s is in the sights of a private equity firm that may launch a takeover bid within weeks.

Last week, a BJ’s spokesperson declined to comment on the report.

BJ’s estimated that, taken together, “the total charges associated with the announcements made today will be between $42 million and $44 million after tax, or 78 to 82 cents a share in the fiscal fourth quarter ending Jan. 29."

By by Lisa van der Pool , Boston Business Journal
From: http://www.bizjournals.com/southflorida/news/2011/01/05/bjs-to-shutter-stores-replace-execs.html?ed=2011-01-05&s=article_du&ana=e_du_pub

Franklin Templeton buys former Stiles HQ

A unit of Franklin Templeton Investments has acquired its new office building in downtown Fort Lauderdale for $30 million, or about $293 a square foot, the company said Tuesday.

Franklin Templeton is set to slip into 86,000 square feet of the 102,246-square-foot mid-rise at 300 E. Second St. next year after its interior buildout is finished.

Up until this month, the building was best known as Stiles Corp.’s headquarters. Stiles, which developed the 10-year-old building, relocated to allow Franklin Templeton to move in. The sale started out as a 10-year lease for Franklin Templeton’s Fort Lauderdale office.

"As a committed long-term tenant of the Fort Lauderdale area market, we are pleased with the outcome of this transaction,” said Les Kratter, senior VP of parent company Franklin Resources, in a statement about the deal. “Since we were already the occupant of most of the property, when it was released on the market, we conducted a financial analysis of a lease versus purchase and decided that it makes sense both strategically and financially to acquire the asset, as we remain committed to the Fort Lauderdale market.”

I first reported the Stiles move and pending headquarters sale on Nov. 30.

The building’s other tenants include Robert Half International, Raymond James and Gov.-elect Rick Scott.

Stiles relocated to 45,000 square feet one block over, at 301 Las Olas Blvd. The 88,000-square-foot building is also owned by a partnership controlled by Stiles CEO Terry Stiles.

Encouraged by the strong response and pricing commanded by the recent $170 million sale of the Las Olas Centre office complex, Stiles retained Holliday Fenoglio Fowler to sell its headquarters building.

"This deal is a testament to the strength of the Fort Lauderdale real estate market, as evidenced by the recent sale of 350 and 450 Las Olas Centre, as well as our ability to execute on our asset strategy, despite the challenging investment climate," Terry Stiles said.


By Darcie Lunsford
From: http://www.bizjournals.com/southflorida/blog/2010/12/franklin-templeton-buys-former-stiles-hq.html

Dollar General to open 625 stores, add 6,000 jobs in 2011

January 3, 2011

Goodlettsville, Tenn. -- Building on its plans to open 625 new stores in fiscal 2011, Dollar General Corp. announced that it will create 6,000 new jobs. The new stores and jobs will be spread among Dollar General’s existing 35-state operating area, as well as three new states: Connecticut, Nevada and New Hampshire.

In addition to 625 new stores, the company plans to remodel or relocate 550 stores.
The anticipated jobs follow two years of positive job growth for the company. From 2009 -- 2011, the company will have created more than 15,000 new jobs.

From: http://chainstoreage.com/article/dollar-general-open-625-stores-add-6000-jobs-2011?utm_source=MagnetMail&utm_medium=email&utm_term=crodrigues@sikon.com&utm_content=CSA-NLE-SPECSTalk-1/5/11&utm_campaign=SPECS%20Talk%3A%20Dollar%20General%20to%20open%20625%20stores,%20add%206,000%20jobs%20in%202011

Florida Retail Construction - Next Generation

This is the first entry of Florida Retail Construction.

The main focus of this blog is to provide professionals in all sections of Retail in Florida with recent information about the Nation's premier retail chains.

I hope this blog is a success.