REAL ESTATE

Corner Bakery targets Boston for expansion

BY Katherine Boccaccio

Dallas — Corner Bakery Café said Wednesday it plans to open 18 restaurants in the Boston area, joining under-development markets in neighboring Connecticut, Rhode Island, New York, New Jersey and Pennsylvania.

The bakery-café concept is targeting its growth through franchising deals with restaurant pros capable of opening multiple units. Corner Bakery has set a goal of doubling its current U.S. footprint of 147 locations by the end of 2015.

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REAL ESTATE

Ikea’s Miami-Dade store on track for summer 2014 opening

BY Katherine Boccaccio

Conshohocken, Pa. — Ikea said Wednesday that contractors have been hired and a building permit is pending for its future Miami-Dade store in Sweetwater, Fla., putting the home furnishings retailer on track for a groundbreaking in 60 days and a summer 2014 opening date.

Ikea selected Balfour Beatty Construction to oversee the project. Other Florida firms involved include Kimley-Horn and Associates for civil engineering; ATC Associates for geotechnical services; GFA International for testing and inspection services; Holland & Knight for local land use counsel; The Goldstein Environmental Law Firm for Brownfield expertise; real estate brokerage The Shopping Center Group for site selection support; and Procacci Development Corp. for selling the land. Atlanta-based GreenbergFarrow is the project architect.

The 417,000-sq.-ft. future Ikea Miami will feature 1,500 parking spaces, and the company said it will evaluate solar generation potential for this store to complement the presence of renewable energy generation at nearly 90% of its current U.S. locations.

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FINANCE

MGM may sell parts of CityCenter project

BY Staff Writer

Las Vegas — MGM Resorts International CEO Jim Murren said Wednesday that the company is considering selling parts of its $8.5 billion CityCenter project on the Las Vegas Strip, including the Crystals Mall.

The sell-off would be a move to reduce CityCenter’s $1.85 billion in debt, which has been paid down from $2.5 billion last year.

CityCenter also houses the 4,000 Arai hotel casino which, said Mullen, is not part of any potential sale.

While there are no negotiations under way, Murren told the Associated Press that the 500,000-sq.-ft. luxury mall Crystals, which features such tenants as Gucci, Prada and Tiffany, is especially enticing to investors.

MGM owns CityCenter in a 50-50 partnership with Dubai World, the investment arm of Dubai’s government.

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