Greenberg Gibbons’ vision for the ambitious 33-acre, $500 million Annapolis Towne Centre project was to create a unique lifestyle destination, stimulate community revitalization and preserve the region’s environmental assets. Although many in the region said it could not be done, and several developers had tried before, the Annapolis Towne Centre surpassed that vision when it opened on Oct. 12.
The largest mixed-use project in its region, Annapolis Towne Centre is creating nearly 3,000 new jobs and a $77 million increase in employee compensation. The project includes a park, green space and a pedestrian walkway that runs the parameter of the site.
Before construction began, Greenberg Gibbons went well beyond Maryland’s requirements and invested $6 million to clean up long-standing environmental issues at the site. Greenberg Gibbons was credited by elected officials with implementing the most comprehensive, technologically advanced stormwater-management system in county history.
Waterfront Station is a major urban, mixed-use infill project within the District of Columbia. On site is an existing MetroRail station, and the redevelopment project will include the restoration of 4th Street S.W. through the site—which had been severed by the development of the original Waterside Mall in the late 1960s.
The street restoration will create much-improved street visibility for retailers, as opposed to the former enclosed-mall design.
Dillard’s 3Q loss widens
LITTLE ROCK, Ark. Dillard’s reported a third quarter net loss of $56 million, or 76 cents per share, compared to a net loss of $11.3 million, or 15 cents per share, for the same period last year.
Dillard’s ceo, William Dillard, II, stated, “The oppressive economic environment clearly weighed heavily on our results during the third quarter. We continue to take aggressive action to navigate these challenging times. We announced the closure of 21 under-performing stores during 2008, dramatically reduced capital spending for 2008 and 2009 and are executing appropriate operating expense reduction measures throughout the Company. These efforts are not only designed to position ourselves to weather near-term economic uncertainty but also to position Dillard’s well for the long term.”
Net sales for the quarter were $1.508 billion compared to net sales of $1.633 billion last year. Sales in comparable stores declined 9%.
Fred’s sees 3Q income growth
MEMPHIS, Tenn. Fred’s reported net income of $6.1 million, or 15 cents per diluted share for the third quarter 2008, an increase of 32% from net income of $4.6 million or 12 cents per diluted share in the year-earlier quarter.
Fred’s total sales for the third quarter of fiscal 2008 were $418.0 million compared with $419.9 million for the same period last year, with the year-over-year decline of 0.4% reflecting the company’s store-closing program. Excluding stores closed in 2008, total sales from ongoing stores increased 4% over the third quarter of last year. On a comparable-store basis, third quarter sales increased 1.4% versus 1.1% in the year-earlier period.