Cirex Views & News Commercial Real Estate Insights
by Ralph Kamps
cirexnews.com
The Crown Jewel Of Office Real Estate Is Coming To Retail
As retail landlords fight to stay relevant in this time of digital disruption and heightened experiential demand, a jewel of the office market is coming to retail.
“Coworking isn’t just isolated to the office environment, it’s spreading really fast,” Colliers International National Director of Retail Services Anjee Solanki said.
In the case of coworking startup Spacious, a company that transforms restaurants during their off-hours into temporary workspace, this has already become a reality. The New York City company recently closed on a $9M funding round with plans to open 100 coworking locations within street-level storefronts in San Francisco and New York City.
RSK: This is a most intriguing idea.. restaurant to co-working space-back to the restaurant all in one day. Or just turning retail on main street or in malls into co-working space...either one seems to work.
One Year After Amazon’s Whole Foods Buy, The Online Grocery Battle Lines Are Being Drawn
Amazon’s acquisition of Whole Foods, announced one year ago this week, has created ripple effects from the pockets of grocery shoppers to the profits of Wall Street investors. But the seismic wave of change the deal could have on retail`s fu- ture has only just begun to take shape.
Amazon is betting it can transform the $641B U.S. grocery industry the same way it has so many others: by delivering products to consumers` doorsteps faster and more cheaply than its competitors...
RSK: Everone seems to think it is Amazon driving this... it is not. It is what the consumer wants and Amazon has discovered this and is serving the need. I still ask
myself...Is nothing sacred? Yes, haircuts haha.
Midwest Apartment Demand Isn’t Dropping Anytime Soon, Says JVM Realty CEO
Apartment rents in Detroit are now the fastest rising in the United States among the nation’s largest cities, growing at an annual rate of 5.3 percent as of May 2018, according to Yardi Matrix and RENTCafé. Across the Midwest, the apartment market remains very strong with high demand and therefore increasing rents.
RSK: We will see how long it lasts...hard to stop a freight train but once it slows down and stops...takes a load of energy to have the inertia over- come and start it moving again..
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July2018 55
Wisconsin Development News
by KEN HARWOOD
wisconsindevelopment.com
Developer sues city of Madison over Judge Doyle Square project
The developer of the Judge Doyle Square development filed a lawsuit in federal court against the city of Madison on Monday after the City Council agreed to commit more money to take on extra construction and ownership responsibilities.
The developer of the Judge Doyle Square development sued the city of Madi- son on Monday over the city’s appropriation of additional funds to construct some private portions of the massive Downtown project.
Beitler Real Estate Services, of Chicago, filed a lawsuit in a U.S. District Court in Illinois after the City Council last month approved spending an extra $11 million on the project so it could construct first-floor retail space, two levels of private parking and a structural slab — collectively called “the podium” — on the block that holds the Madison Municipal Building.
The lawsuit alleges the city “unilaterally seized, for its own financial gain, the development of an above-grade parking structure and retail assigned to Beitler.”...
Ken Notes: Ouch. Working with developers needs to be a team effort and TIF needs a strong development agreement spelling out the terms, responsibilities, and valuations.
In this case it appears the city had a strong agreement but saw a need enter the development side of the equation to move the project forward. The developer was looking for a rob Peter to pay Paul solution, they wanted more money for public parking so they could build the private podium, an income producing por- tion of the project. The city chose to build the private portion in need of funds on its own and, I am only guessing, keep the future revenue.
The courts will at the very best delay the project and make both sides look bad. I suggest everyone jump into a conference room and place the project compo- nents, future revenue sources, and property tax values on the table and work out a deal. Then announce the SOLUTION to the press.
Shame on the city for trying to become developers and shame on the developer for filing charges and shaming the city. We have forgotten the TEAM idea at the federal and state levels of government, lets let local government show them how it is done. Oh and the solution should include some apologies a truly forgeten art form in politics altogether. I could solve this in a matter of hours - no lawyers, no courts, no media, no drama...
KEN HARWOOD The Future Wisconsin Project and Wisconsin Development News P.O. Box 930234 Verona, WI 53593-0234 Phone (608) 334-2174
ken@wisconsindevelopment.com
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