Mid-City Market – May Update
Below, please find a series of photos showing site progress conditions from the week of May 13, 2013.
Since our last update, the construction activities at Mid-City Market have accelerated considerably and we are seeing the finish line ahead. We have turned over all 11 spaces to tenants, including since the last update Ochsner Medical Center, Verizon Wireless, Five Guys Burgers and Fries, Felipe’s Taqueria, and Pinkberry. Many of the tenants have begun their interior buildout work and are scheduled to open for business starting the first week of July.
At Winn-Dixie, we have completed all of the exterior brick work, interior walls, and are closing out our mechanical, electrical, and plumbing work. The coolers and freezers in the interior are complete, and the large storefront element is nearing completion with the concrete entrance being poured soon. We continue to build out the interior of their space and set equipment prior to completing the interior finishes. The glass and exterior glazing is beginning as well. Additionally, we will be installing the subgrade material, curb and gutter, asphalt, and stamped concrete in the parking and common areas while we complete the remaining Winn-Dixie work.
We are also nearing completion on the remainder of the site that is not in our tenants’ possession.
Completed Exterior Storefronts – Retail B – 5/14/2013
Complete Retail C Building and Site – Tenant Work 5/14/2013
Stirling Properties Hires Ryan Juneau as Project Manager
Stirling Properties is pleased to announce the addition of Ryan Juneau as Project Manager.
In this position, Mr. Juneau will work in the Development Division overseeing new development, renovation and tenant build out projects, including construction management, tenant coordination, due diligence coordination and entitlement work amongst other duties.
Mr. Juneau brings with him over 10 years of experience in Acquisitions, Development and Project Management.
“We are very excited to welcome Ryan to the Stirling Development Team,” says Townsend Underhill, Senior Vice President of Development. “Ryan’s skillset and experience are very well suited to help grow and support our development efforts in the Gulf South. I believe that Ryan has the potential to have a significant impact on our organization.”
Mr. Juneau joins Stirling Properties from le Triomphe Property Group in Baton Rouge, Louisiana where he was responsible for all property development.
A graduate of Louisiana State University, Mr. Juneau earned a Masters of Business Administration and currently resides in Baton Rouge with his wife, Jaci, and their two children.
CBL & Associates Properties, Inc. and Stirling Properties Announce Dillard’s to Anchor Phase II of Fremaux Town Center in Slidell, LA
CHATTANOOGA, Tenn. & COVINGTON, La. – May 9, 2013 – CBL & Associates Properties, Inc., (NYSE: CBL) and Stirling Properties today announced that Dillard’s (Dillard’s, Inc. NYSE: DDS) will anchor the fashion-oriented Phase II of Fremaux Town Center in Slidell, Louisiana.
Phase I of the project is currently under construction with approximately 330,000 square feet anchored by Kohl’s, Dick’s Sporting Goods, Michael’s, T.J.Maxx, and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. The grand opening for Phase I is scheduled for March 2014, with construction on Phase II set to begin around that same time with an opening in spring 2015.
“With construction underway on Phase I, we are pleased to welcome a key department store such as Dillard’s to Phase II,” said Michael Lebovitz, CBL’s executive vice president – development and administration. “The traction we are receiving from retailers for both phases is a testament to the strength of the market and its increasing demand for retail.”
“Fremaux Town Center has tremendous momentum at this stage and we are thrilled with Dillard’s decision to join the project,” said Townsend Underhill, Stirling Properties’ senior vice president of development. “Upon completion of both phases we believe this project will be the premier retail property in the Slidell market and something that local residents can be very proud of.”
Dillard’s will open a single-level, 126,000-square-foot store featuring a large selection of fashion apparel, cosmetics and home merchandise tailored specifically to the tastes and preferences of Dillard’s Slidell-area customers. These assortments will reflect the Company’s strong commitment to provide shoppers with more choices in premium brands, including Dillard’s exclusive label merchandise. Dillard’s at Fremaux Town Center will feature the company’s latest advances in store design and presentation.
Dillard’s Chief Executive Officer, William Dillard, II, stated, “We are pleased to announce our commitment to Fremaux Town Center. We enjoy a strong relationship with our Slidell area customers and we are looking forward to serving them at an even higher level. CBL and Stirling Properties are building a premier destination center and we are happy to be part of it.”
Fremaux Town Center Phase I is currently more than 70% leased with committed retailers such as Dick’s Sporting Goods, Michaels, Kohl’s, PetSmart, T.J.Maxx, LongHorn Steakhouse, dressbarn, ULTA Beauty, Lane Bryant, Rack Room Shoes, Best Buy and Versona Accessories. Fremaux Town Center will be located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, LA. Slidell is the largest municipality in St. Tammany Parish on the northern shore of Lake Pontchartrain near the city of New Orleans. The area has experienced significant growth following Hurricane Katrina. With its interstate location and high-visibility, Fremaux Town Center is expected to become a regional destination. Stirling is leading the development of the project and CBL and Stirling are jointly leasing and marketing the center.
For leasing information, please contact Ryan Pecot by telephone at 337.572.0246 or by email at rpecot@stirlingprop.com or Rodney Gordon by telephone at 423.553.8704 or by email at rodney_gordon@cblproperties.com.
For information on available outparcels, please contact Ryan Pecot or Robert Snetman by telephone at 423.490.8333 or by email at robert_snetman@cblproperties.com
About Dillard’s, Inc.
Dillard’s, Inc. ranks among the nation’s largest fashion apparel and home furnishings retailers with annual revenues exceeding $6.5 billion. The Company focuses on delivering maximum fashion and value to its shoppers by offering compelling apparel and home selections complemented by exceptional customer care. Dillard’s stores offer a broad selection of merchandise and feature products from both national and exclusive brand sources. The Company operates 283 Dillard’s locations and 18 clearance centers spanning 29 states. For more information about Dillard’s, please visit www.dillards.com.
About Stirling Properties
A member of the Retail Brokers Network, Stirling Properties is a regional real estate firm offering comprehensive services in development; commercial brokerage; property and asset management; investment sales; and property owner and tenant representation. Stirling Properties’ portfolio includes over 14 million square feet of managed property and 60 million square feet of commercial properties for sale or lease. With offices located in Jackson, Mississippi; Baton Rouge, Lafayette, New Orleans, Metairie, Covington, Hammond, and Shreveport/Bossier City in Louisiana, Stirling is one of the largest real estate firms in the Gulf South. Connect with Stirling Properties on the web at www.stirlingproperties.com, “like” us at facebook.com/stirlingproperties, follow us @StirlingProp on twitter.com/StirlingProp or subscribe to our Stirling Insights blog.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 158 properties, including 96 regional malls/open-air centers. The properties are located in 31 states and total 92.7 million square feet including 10.5 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference therein, for a discussion of such risks and uncertainties.
Marketplace Fairness Act Passes Senate
After many years of campaigning by ICSC and other trade organizations, the U.S. Senate voted 69 to 27 yesterday to approve S. 743, “The Marketplace Fairness Act of 2013,” moving the legislation one step closer to enactment. As I mentioned in my recent President’s Message, the passage of this bill is critical to the Commercial Real Estate industry, brick-and-mortar retailers and perhaps more importantly, to our State.
There is more work to be done before the Marketplace Fairness Act can become law. Now it must be approved by the House of Representatives, so there will be more challenges ahead and much education that needs to take place. I encourage you to contact your Representative today!
Marty Mayer selected for Young Leadership Council’s 2013 Role Model Class
Marty Mayer, President & CEO of Stirling Properties, is among 25 New Orleanians recently selected by Young Leadership Council (YLC) for their 2013 Role Model class. YLC, a non-profit civic organization that develops leadership skills through community projects, will honor each Role Model at their 27th Annual YLC Role Model Gala.
Every year, a committee composed of members of the YLC Board of Directors and Role Models from previous years selects 25 members of the New Orleans community who serve as outstanding examples for the young talent that YLC represents. Honorees distinguish themselves by promoting a positive attitude and an unyielding desire to enhance the quality of life in the New Orleans region, striving to unite the community in collaborative efforts for its future prosperity, serving as exemplary role models to young talent, and making significant contributions in their specific fields of endeavor.
“For over 26 years, we have identified leaders in our community who represent the qualities that YLC works hard to promote in our members. This year’s honorees are no exception,” said Richard Pavlick, 2013 YLC Board President. “We are excited to honor this group of outstanding individuals at this year’s Role Model Awards Gala.”
Other members of the 2013 Role Model class include:
- Charlotte A. Bollinger, Bollinger Shipyards, Inc.
- Marsha A. Boudy, New Orleans Jazz & Heritage Festival and Foundation
- Nannette Jolivet Brown, United States District Court for the Eastern District of Louisiana
- John M. Duck, Adams and Reese LLP
- Ben Hales, New Orleans Saints and New Orleans Pelicans
- Juli Miller Hart, Projects With Purpose
- Paul Hoolahan, Sugar Bowl
- Janet R. Howard, Bureau of Governmental Research
- Gary LaGrange, Port of New Orleans
- John Landrum, Intralox LLC
- Patricia LeBlanc, LeBlanc Butler LLC
- Peggy Mendoza, City Year New Orleans
- Virginia Miller, Beuerman Miller Fitzgerald
- Kenneth Polite, Liskow & Lewis
- Ann Rabin, Citizens for 1 Greater New Orleans
- Dorothy “Dottie” Reese, DMM & Associates, LLC
- Stephen Romig, LaPorte CPAs & Business Advisors
- Stephen Rosenthal, Strategic Comp
- G. Albert Ruesga, PhD, Greater New Orleans Foundation
- Yaye Sarr, D.D.S., Smiles To Geaux
- Chris Schultz, Launch Pad & Flatstack
- Pamela Senatore, Generation Louisiana LLC
- Ann Tuennerman, Tales of the Cocktail
- Warner Williams, Chevron
About Young Leadership Council
The Young Leadership Council is a non-profit, non-partisan civic organization created to develop leadership through community projects. Through volunteer-created community projects, the YLC recruits and retains young professionals to New Orleans, creating a positive impact on the quality of life in the region. The oldest, independent YPO (young professionals’ organization) in the country, the YLC has raised more than $25 million to support community projects in and around the New Orleans area since 1986.President’s Message: Wouldn’t it be nice if all taxes were “voluntary”?
Typically, I steer clear of any politically-charged issue in my President’s Messages, but there is a bill currently pending in the Senate that falls into the “just plain common sense” category. The Marketplace Fairness Act deals with the problem of uncollected sales taxes from the sales of internet retailers that do not have a physical presence in the state in which the consumer makes the purchase. In my opinion, the loophole is the unintended consequence of a law which was passed over two decades ago…long before the impact of technology and internet sales.
The result today – $23 BILLION in uncollected sales tax revenue.
After a very lengthy campaign of a coalition of trade organizations led by the International Council of Shopping Centers (ICSC), the Senate is now taking up the Marketplace Fairness Act of 2013. The passage of this bill is critical to the Commercial Real Estate industry, brick-and-mortar retailers and perhaps most importantly, to our State. As an ICSC Trustee, I want to highlight some important information about this bill:
It levels the playing field for ALL retailers.
Local brick-and-mortar retailers have long been put at a tremendous disadvantage by an antiquated sales tax framework that clearly benefits online retailers. The current sales tax system is threatening our community retailers, which serve as the backbone of our local economies.
Courtesy of ICSC. Click to learn more.
It protects small online businesses.
The law exempts firms with less than $1 million in sales from collecting sales taxes, which would exempt 99% of all sellers and over 40% of all online retailers. It also requires states to streamline the collection process so it is not an undue burden.
It is NOT a new tax.
Sales tax on online purchases is not new; it’s already due and currently should be self-reported by the consumer. 98.6% of us don’t report…should we all go to jail? The Marketplace Fairness Act removes the burden on consumers by requiring online and catalog sellers to collect sales tax at time of purchase.
It promotes a more stable & efficient revenue stream for state & local governments to pay for projects and services.
Without the bill, states may have to raise other taxes for their in-state residents and businesses. Estimates of lost sales taxes in Louisiana alone due to internet sales range from $400 million to $800 million…and this figure will only grow exponentially with current demographic trends. This is a significant hole for a state with a $1.3 billion deficit to fill.
Courtesy of ICSC. Click to learn more.
This bipartisan legislation provides the federal solution necessary to close the online sales tax loophole and level the playing field for all retailers. The Marketplace Fairness Act is a simpler, more evenhanded and efficient sales tax system that will bring numerous benefits to our economy. This is a critical issue that must be dealt with sometime. If not, we are simply kicking the can down the road. To me, it is just common sense.
Read More:
Yes, It’s Time for an Internet Sales Tax
5 Things You Should Know About the Long Overdue Online Sales Tax Bill
Internet sales tax long overdue: Our view
