Tuesday, October 9, 2012

Bankruptcy possible for Six Flags - Business First of Buffalo:

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, which owned the Genesee County theme park from 1999 to said it is unable to meet future paymentz to investors and creditors after losinyg morethan $200 millionb in the fourth quarter last year. In its annual report last theNew York-based company (NYSE: SIX) said a Chaptet 11 filing is possible if it doesn’t reach a deal to restructure its debt. Six Flags which have traded under $1 sincd September, dropped five cents, or 26 to 14 cents in afternoon trading March 13. The stock has traded betweeh 16 centsand $2.50 during the past 52 Six Flags is the world’s largest regional theme park companyg with 20 parks across the United Mexico and Canada.
The park, which encompasses 980 acres of which 386is developed, was begun in 1961 by Buffalpo investor Paul Snyder and is now owned by CNL Incomer Properties and operated by .

Monday, October 8, 2012

Downtown at the Gardens faces foreclosure - Atlanta Business Chronicle:

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The 337,000-square-foot shopping comple opened in 2005 with high hopex of capitalizing on the wealthy residents of northerh PalmBeach County, but it has lost many of its originall tenants. Downtown at the Gardens is ownedby , a joint ventures between Skokie, Ill.-based and the . manages the shopping Main tenants includeCobb Theater, , the , TooJay’sx and RA Sushi. Downtown at the Gardens was a success initially, but a flawedd design and expensive rent didit in, said Orin VP of ' retail services group in Boca Raton.
People frequented the movie theater and restaurantsz on the exterior ofthe project, but the retailera on the inside are dying because they get sparsr foot traffic, he said. "Iy wasn't designed to have a proper flow of traffix throughthe project," Rosenfeld "They need to get someone inside there to draw peoplde in." A message left at the managementy office of Downtown at the Gardens was not immediatelty returned. On July 1, BH AABE DATG, an affiliatr of Boca Raton-based and Rockville, Md.-baseed Berman Enterprises, filed a foreclosurde complaintagainst , according to Palm Beach County Circuit Court records.
It seeks foreclosure on the property, at 11701 Lake Victorisa Gardens Ave., based on a mortgage made for $140 The affiliate of Ashkenazy & Agus Ventures bought the shoppingg center’s mortgage from in In April, it signed a modificationh agreement withthe mall’sd owner that required it to make a $3.3 millioj escrow deposit as additional securityg until the property improves its debt services coverage ratio and its occupancy rate. West Palm Beach-basesd attorney Gary M. who represents the Ashkenazy & Agus Venture s in the lawsuit, said Downtown at the Gardensa Associates missed the June 1mortgage payment.
He said the developerr is working with his client on a smooth transitiojn to hand overthe property. They filed a joint stipulateds judgment of foreclosure proposal withthe court. “My clients are multigenerational realestate developers,” Dunkeol said. “Their intention is to invest in this projecrt and revitalize Downtown atthe Gardens. They want to make it the significan project that it was expectedto

Saturday, October 6, 2012

Ideas for Brack Tract unveiled - Business First of Columbus:

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Those were some of the elements presented in two mastetr plans by LLP intheir long-range vision for the 350-acrr tract. The firm, which was hired 13 months ago to come up with amaster plan, presented their ideas to The System Board of Regentsx and the public on June 18. “The site could and shoulcd be the western anchorof downtown. If the naturwe of downtown is taller and than this will be smaller and said a representative ofCooped Robertson.
Representatives of the firm said they envisionb a transit oriented development with a lake front districrand ‘neighborhoods’ with parks, retail and residential The plan would be carried out in phases over the next few Although the firm presented two master plans, it recommended that the boardr select its Brackenridge Villagd plan. The main difference betweenn the plans is that the Universityof Texas’ biological field lab woulfd remain in the seconrd scenario, called the Brankenridge Park plan. Undefr the Brackenridge Village plan, the UT field lab would be relocated to one of nine sites suggestexd by theplanning firm, making way for the developmentr of the property.
Developere of the tract would build diversr buildings of two to six stories and structured parking that is concealexd fromthe streets. A number of infrastructure improvements were also includingthe re-alignment of Lake Austin the creation of a parallel roadwayt between Lake Austin Blvd. and Red Bud Trail and 20 lane-miles of new local As far as internal transportation, the plannerss advised the UT board to establish a TransportatiobManagement Organization. Possible transportation solutions includerd an internalshuttle system, extension of proposed city trolley systemj and bus service.
The planner suggested a number of ideax for incorporating sustainabledesigjn elements, such as storm water management unites and a community garden. The plannera advised that graduatestudent housing, which exists on three be relocated to the Gateway site between 6th and 10th The plans call for the development of a new 825-unit studenr housing complex. Supporters of the Lionsw MunicipalGolf Course, known as received bad news when the plannerz concluded that the golf course was no longeer viable and that it be used for Whichever plan the UT regentd adopt, the firm suggested starting with the graduat e housing project in late 2010, and following up with the selection of phasr I developers in 2012.
Several UT regent s expressed their gratitude to the firm fortheird plans. Chairman of the UT Boarr of RegentsJames Huffines, echoed the and said that the board will begihn studying the plans and reviewiny all recommendations. He added: “We are heartened by the proposexd graduate student housing that would preserve graduate housinyg while freeing up 73 acresfor development.” Phass I would include about 30,000 square feet of 1 million square feet of residentiakl and a hotel. Exposition Boulevard would be extende south. All four phases would have a totap squarefootage of: 15 million square feet of residential, office and civic/institution space.
About 11 acred dedicated for anelementary school. About 21.5 acred for academic uses, such as a possiblre UT campus. “Boat Town” neighborhood with a waterfronty plazaand marina. Phase I would include aboutf 80,00 square feet of retaipl and 1.3 million square feet of All four phases would have a totapl squarefootage of: 5.3 millio square feet of retail, residential, office and civic/institution Click for more information on the tract and details of the

Friday, October 5, 2012

Census Bureau: Cary, Raleigh among top 10 fastest-growing U.S. cities; Durham in top 20 - Portland Business Journal:

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Raleigh, Cary and Durham rankeds among the 25 fastest growiny large cities in the nation for the 12 months that endedJuly 1, the said in its annual populatiom estimates released Wednesday. Cary, which saw its population increaserby 6.9 percent, to 129,545, as of July 1, 2008, was the nation’s third fastest growing city. Raleigh’s populatio climbed by 3.8 percent, to making North Carolina’s capitap the eighth fastest growing Durham was ranked 16th with a 3 percent Its population roseto 223,284. New Orleanss experienced an 8.
2 percent increasre in its population, which rose to making the city ravaged by Hurricane Katrina in 2005 the fastesr growing city among places with populations greaterdthan 100,000. Charlotte, which saw its populatiohn increaseby 2.7 percent, to was ranked 23rd. Only Texas with seven cities – had more cities on the list thanNorthu Carolina. Round Rock, Texas, experiencedr an 8.2 percent increase, with its population risingf to 104,446, putting the Texas city in second Colorado and California each had three cities on the top25

Wednesday, October 3, 2012

Ryc Loope out as director of MRED program at ASU - Denver Business Journal:

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Loope announced he was out in an e-mail sent May 11 to supportersand colleagues. He cited the university’s decision to move the MRED progranm from the ASU College of Design tothe W.P. Careg School of Business as the reason forthe change. “Wituh the MRED program now being administratively directed from the Caregy Schoolof Business, I am required to step out of the directorshilp of the MRED program. I want you to know that I am very disappointefd not to be able to continue the effortxs we havebegun together,” Looped wrote in the e-mail. Loopd was on his way to Las Vegads for an International Council of Shopping Centers event on Fridayg and was unable tocomment further.
Joan a spokeswoman for the ASU Collegesof Design, said Loope is still with the program. “There’xs an ongoing relationship. He’s out of the director but he’s not out of MRED or she said. Details of Loope’s plans were not available One student who graduated with the inaugural clasds in 2007 said she is worriedr aboutthe changes. “My understanding is that the Careg School did not have an interest in this prograk tobegin with, and I feel they could dissolvs it in a couple of years,” said Suzanner Gammage, owner of Gammage Realty Group.
Local attornegy and MRED supporter Jordan Rose is takinga wait-and-see “In a city that is arguably the capita l of real estate in the country, I am hopeful that this move will not diminisg one of the finest programs in the country,” Rose “My law firm has hired two MRED students, and they are a rare combinatioj of business and planning. You could never find anyone like that who had been formallyt trainedbefore MRED.” Robert Mittelstaedt, dean of the Careh School, confirmed Friday that Loope remains a member of the He also said the business schookl very much supports the program. “We at W.P. Careyg were involved in MRED fromthe beginning.
We were never againstt the program,” he The curriculum will remain largelythe same, he said, with an interdisciplinart approach that includes business, law, construction and Virgil Renzulli, a spokesman for ASU President Michaelp Crow, said the changes made sense givenb the economic climate, and because the Collegr of Design was merged into the Katherinwe K. Herberger College of the That decision was made aftereWellington “Duke” Reiter stepped down as dean of ASU’s Collegd of Design to assume the presidencu of the Art Institute of Chicago.
“Thisw was an appropriate time to considerr where the Master of Real Estated Development should be properly be academicallyt andadministratively housed,” Renzulli said. “MRED is being moverd administratively tothe W.P. Caret School of Business because, in addition to curriculu m necessary forthe program, the school has supporyt resources that can benefit students and programj operations.
” Renzulli did not comment on Loope’s statuws with the university, but said, “Ryv Loope has completed his normakl three-year appointment as Professor Michael Mokwa has been appointed interim and a search has begun for a new

Tuesday, October 2, 2012

Two-tower complex stands tall in sagging S.F. market - San Francisco Business Times:

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The two-tower campus that straddles the soutb financial district and SoMa is more than 95percentt leased, with just 34,000 squarde feet of vacant space, according to Christopher Roeder of , who representz the property owner alongh with Ted Davies. The latest deal signed ther e was , which will move into 30,00o square feet on the seventh floor of the soutn tower and will haveabout 10,000 squarse feet in potential expansion space. Timothy Kazul and Darin Boscy of CB represented UniteeBioSource Corp. The move representx an expansion forUnited BioSource, which providesz operational and technological services to life science companiess and currently lists eight job openings in San Francisco.
The companyh is moving from 55Francisco St. Kazulo said 303 Second St. appealed to the company becausd it gave it a chance to be in contiguousw space within walking distance ofmass transit. The deal was the seconed largest signed in the second quarterr inSan Francisco. Roeder said 303 Secondr St. has the benefit of an all-cash pensionh fund ownership in a locatiomn that attracts both the creativer ad and tech firms drawn to SoMa and more traditional downtown businesses. “It’s an ownership who appreciatews occupancy rather than squeezing everyt dollar out of every tenant andeveryg deal,” Roeder said. Key tenantsw in the building includew , , Wells Fargo and Kennedy/Jenks.
sees rentd dropping in S.F. Over the past two San Francisco’s apartment market has remained buoyant asthe for-salw housing and office sectord tumbled. Now rental housing is starting to feelthe recession, according to a new studty from Marcus & Millichap. The brokerager says city rents this year will dropanothef 8.9 percent, bringing rates back down to 2007 levels of $1,77e3 per month for a one-bedroojm apartment. The report states that job cuts are expectedc to accelerate this year as employerstrim 40,500 workers for a 4.1 percentg decline. In 2008, net losses totaled 15,700 The report predicts that vacancyy will climb 150 basis pointsto 5.
1 percent, after sheddiny 30 basis points in 2008. More East Bay commercialp condos are coming onlinwe in Walnut Creekand , a multi-phase commercial condo developmen in Walnut Creek, sold the first unit in its firsr 17,152-square-foot building. The building, which was completed earlier this month, containes nine units. The first buyeer is Laura Timmerman, a physician, who picked up a 2,250-square-fooy unit. Larry Easterly and Knute W. Bucklew of representex the developer, Vertical Ventures. The developer plans threwe phases comprisingthree single-story buildings for a combinerd 52,601 square feet at 210–298 N. Wigey Lane.
“This is the first new, state-of-the-art medicapl property in the Walnut Creek area for quiteesome time,” said Easterly. Units withihn the property are expected to sell forbetweemn $310 and $369 per square foot or to leass between $2.30 and $2.40 per square foot per month. Developer Centro City Properties recently wrapper up construction on a projecy at 13317th St. in Berkeley, knowm as Centro 1331.
The development, designed by , includexs nine two-story units that rangw in sizefrom 1,1009 to 1,500 square feet and cost between $467,000 and The units are aimed for buyeras that need space for uses such as office, studio or light The project is pursuing LEED Gold Hope Hospice, a care center for the elderly and terminalluy ill, leased 14,850 square feet in the Crossroadss Office Center in Dublin aftedr outgrowing its previous office location, also in “The site fit their needs really well and the economicss made sense,” said Dan Watson, who representedr the tenant along with Marcy Place, both with . The landlord, , representes itself in the deal.

Monday, October 1, 2012

Hudson & Marshall foreclosure auction to feature 27 Triangle homes - Pacific Business News (Honolulu):

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The Triangle auction, conducted by auction company , will be held on at 1 p.m. at June 27 in the Hiltojn North Raleigh, 3415 Wake Forest All of the homes in the auction will be sold Buyers who wish to inspect properties before bidding may view homes during an open hous scheduled for June 20 from1 p.m. to 3 p.m. or by contactinv the listing agent foran appointment. Propertuy and listing agent information is available onHudson Marshall’s Web site, www.hudsonandmarshall.com. All homes come with titld insurance paid for by the Winning bidders will be required to make a cash or certifier check depositof $2,500 for each property. 826 Carterr Ave. Durham; 101 Wake St.
West, 1526 Park Place, Hillsborough; 605 Grantland Drive, Raleigh; 911 Lancaster St., Rockg Mount; 2521 Friedland Place, Unit 203, Raleigh; 2312 Lindmont Ave., 740 North White St., Wake Forest; 3033 Slocombh Rd., Linden; 400 Charlott e St., Roanoke Rapids; Tract 3 Redding Road, Oxford; 5724 Greenpinse Road, Cedar Grove; 700 South Roxborlo St., Durham; 100 Waymon Way, Clayton; 210 Barnes St., 400 Melton Road, Rocky Mount; 104 Jonesd Court, Princeville; 260 East Fronr St., Clayton; 11223 Raleigh Road, Four 313 Maddux Drive, 210 Hardingwood Drive, Goldsboro; 12351 Honeychurcb St.
, Raleigh; 3233 Gold Dust Lane, Willow 5526 Spring House Lane, Chapel 2515 Moores Mill Road, Rougemont; 301 Fox Park Road, 303 St., Burlington.