With the recent addition of two more restaurants—P.F. Chang’s China Bistro and Elephant Bar—to the lineup of eateries at Washington, D.C.-based Madison Marquette’s Bay Street Emeryville in Emeryville, Calif., the urban mixed-use center added more committers to its comprehensive food waste diversion program. All restaurants on the property actively participate in a program that includes waste sorting, collection of biodegradable trash for compost and disposal in the center’s food-only compactor, and a waste haul-away service that transports it to where it is composted and cured for 90 days and then returned to the urban setting as fresh soil.
Green Goes Gold
When Irving, Texas-based Archon Group put the finishing touches on its 405,000-sq.-ft. power center in Allen Park, Mich.—Fairlane Green Phase I—in the fall of 2005, it also set the wheels in motion to secure the nation’s only Gold-Level LEED (Leadership in Energy and Environmental Design) certification for a multitenant retail project.
The concept of converting the 243-acre industrial landfill into a commercially viable land use called Fairlane Green, and incorporating the LEED guidelines, was originally envisioned by Ford Land, a division of Ford Motor Co. Working through Ford Land as the LEED consultant and liaison with the U.S. Green Building Council (USGBC), Archon acquired the Phase I property and implemented the sustainable building materials and practices necessary to qualify for the certification.
Located at Interstate 94 and Southfield Freeway, Phase I of Fairlane Green is tenanted by Target, Bed Bath & Beyond, Barnes & Noble, T.J. Maxx, Old Navy, Famous Footwear, Payless ShoeSource, Dress Barn, Michaels and more.
Birmingham, Ala.-based Bayer Properties is applying for LEED certification at its 910,000-sq.-ft. hybrid center, Front Range Village in Fort Collins, Colo. CMH Architects of Birmingham designed the development with unique solar light shades made of metal to deflect heat and increase energy efficiency and with locally sourced building materials to minimize transportation effects. Building construction began in late August, and the town center/power center is slated to open in summer 2008.
It Takes a Village
Australia-based The Westfield Group has applied to create a new vision for Warner Center in Los Angeles, featuring lush landscaping, green-building technology and community amenities. The Village at Westfield Topanga, if approved, will link Westfield’s Topanga and Promenade to create a vibrant shopping destination and rejuvenate an underutilized area of Warner Center. Green-building technology will promote a healthier and more resource-efficient design through alternative sources of energy, environmentally preferable building materials and waste reduction.
The Village proposal envisions approximately 1.6 million sq. ft., featuring 438,500 sq. ft. of new retail shops, a 34,500-sq.-ft. gourmet grocery store, 75,000 sq. ft. of sit-down restaurants and cafes, as well as office space, apartments and a family-friendly hotel.
Winn-Dixie team honored for turnaround
JACKSONVILLE, Fla. The team that lead Winn-Dixie Stores’ successful turnaround initiative is being honored by the Turnaround Management Association for the best ‘Mega Company Turnaround’ for 2007. Comprised of financial experts from The Blackstone Group, Skadden, Arps, Slate, Meagher & Flom and Smith Hulsey & Busey, the team helped Winn-Dixie regain the market share and profits it started to lose in the mid 1990s and early 2000s to competitors Publix and Wal-Mart.
Winn-Dixie filed for Chapter 11 bankruptcy in early 2005 after reporting year-to-date losses of $552.8 million or $3.93 per share of common stock and a decline of 4.9% in identical-store sales in its second fiscal quarter over the same period in 2004.
Despite the difficulty of achieving a succesful turnaround, Winn-Dixie began its reorganization effort, while still continuing to operate its core business and preserving jobs. According to the Turnaround Management Association, it created new common stock for five classes of unsecured creditors, with recoveries ranging from about 96% to 53%. The company emerged from bankruptcy on Nov. 21, 2006.
For its fiscal year ended June 27, Winn-Dixie reported adjusted EBITDA of $85.9 million compared to a loss of $27.8 million last year and an identical-store sales increase of 1.6%
Sears ends deal with maternity retailer
PHILADELPHIA Sears and Mothers Work, the world’s leading maternity apparel retailer, will not be renewing their agreement, Mothers Work announced today. Under their current agreement, Mothers Works operates the maternity apparel department in 502 Sears stores through the sale of its Two Hearts Maternity branded merchandise.
Mothers Work said it expects its partnership with Sears to end on June 20, 2008, when it current deal with the company is expected to expire.
Rebecca Matthias, president and ceo of Mothers Work, noted, “While we are disappointed about the end of our relationship with Sears, we feel the decision not to proceed with a renewal is in the best interest of our stockholders since we were unable to reach terms on a renewal which would be favorable for Mothers Work and our stockholders. “