REAL ESTATE

Fort Worth’s West 7th district gets a new name

BY Al Urbanski

West Elm will be opening its first Fort Worth location in rebranded urban retail development in the town’s Cultural District.

Heretofore known as West 7th, The Woodmont Company decided to call upon a more colorfully named street in the neighborhood to rebrand the shopping and entertainment district as Crockett Row at West 7th.

“The Crockett Row brand will better distinguish the property’s popular restaurants, stores, and events to continue to attract visitors,” said Woodmont senior VP Peter Jacobsen.

In April, West Elm signed a lease for a 10,502-sq.-ft. space that will feature a selection of Texas-based creators of furniture and décor as part of its west elm LOCAL program. Woodmont has also recently signedThe Common Desk, a co-working space, and C.H. Robinson, to office spaces.

Crockett Row at West 7th will begin seeding its new name locally with a series of events including a Blues Brunch in July and a Local Filmmakers’ Festival with Film Fort Worth in October.

The property is managed by Vestar.


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REAL ESTATE

New Jersey town center changes hands

BY Al Urbanski

The Azarian Group has acquired The Livingston Town Center in Livingston, New Jersey in a $21.2 million trade arranged by Cushman Wakefield.

The 11-year-old lifestyle retail property houses a diverse mix of 28 restaurants and shops, including Fan Bistro, an upscale Asian spot, Restore Cold Pressed Juices, and Dentistry with a Smile. Fit 36 and Xtend Barre are scheduled to open there soon.

“It’s a successful town center concept that also includes 114 upscale residential units,” said Cushman & Wakefield’s David Bernhaut. “At a time when investors continue to chase high-quality retail, this offering was very well received.”

Seller of the property was the Onyx/Luber Adler joint venture, which purchased it in 2011.

“Onyx and Lubert Adler repositioned Livingston Town Center as a destination shopping center,” Whitmer said.

The Livingston Town Center is positioned on a highly trafficked intersection in one of the wealthiest townships in New Jersey. Livingston boasts an average household income of $173,223 and a median home value of $528,118.


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FINANCE

NRF: Consumption tax system would cause retail spending, jobs to fall

BY Marianne Wilson

The National Retail Federation continues to lead the charge against the consumption tax and the proposed border adjustment tax.

The NRF on Thursday today urged Congress to focus on updating the existing federal income tax system rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.

“The most important aspect of any tax reform measure is its impact on the economy, jobs and the consumer,” NRF senior VP for government relations David French said, adding that consumer spending represents two-thirds of the economy and that retail supports one out of four U.S. jobs.

“Tax reform that shifts the burden of the corporate tax to the consumer would present an unnecessary risk to our nation’s economy,” French said. “Instead, we support a reform of the current income tax structure by providing a broad base and low rates. We believe that approach rather than a shift toward a consumption tax would bring the greatest economic efficiency and stimulate economic growth without causing the economic dislocations inherent in the transition to a new tax system.”

French’s comments came in a letter to the House Ways and Means Committee, which was scheduled to hold a hearing Thursday on “How Tax Reform Will Grow Our Economy and Create Jobs.” The hearing is expected to focus on the “Better Way” tax reform sponsored by Speaker Paul Ryan, R-Wis., and committee Chairman Kevin Brady, R-Texas.

The Ryan-Brady plan would transition the United States from its longstanding income tax system toward a consumption tax system. French said studies conducted for NRF show that alone would cause retail spending and employment to decline for an estimated six years. The plan also includes a proposal for a 20% border adjustment tax on imports, which French said would cause an even steeper decline in spending. The border tax proposal is expected to be the subject of an additional hearing next week.

“We believe there are better options for tax reform that would achieve economic growth and not shift the burden to the consumer,” French said. He recommended that lawmakers consider as examples the 1986 Tax Reform Act enacted during the Reagan administration and the Tax Reform Act of 2014, which was proposed by former Ways and Means Chairman Dave Camp, R-Mich., but never saw passage.

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