Rhode Island Station obtains development financing
Washington, D.C. Urban Atlantic and A&R Development Corp. announced Tuesday that, after nearly a decade of planning, a public-private partnership has closed $107 million in financing for the development of Rhode Island Station, a transit-oriented smart-growth mixed-use project at the Rhode Island Avenue Metro Station in Washington, D.C.
Ground will be broken shortly, according to the companies.
The development will bring 274 Class A apartments, 70,000 sq. ft. of Main Street retail, and a new Metro commuter garage to the Rhode Island Avenue Metro Station in Northeast Washington, D.C.
It is the first mixed-use residential and retail development in the nation to combine U.S. Department of Housing and Urban Development multifamily financing with U.S. Department of the Treasury New Markets Tax Credit equity.
“We are pleased to see this smart-growth transit-oriented development move forward after many years of planning,” said Valerie-Joy Santos, Deputy Mayor for Planning and Economic Development. “Rhode Island Station will bring residents, shopping opportunities, and vitality to the city’s newest Great Streets Corridor.”
In order to ensure that community retailers are included in this opportunity, the developers designated 10% of the retail to be leased to local entrepreneurs. Approximately 25% of the space is under commitment prior to construction.
Target selects DemandTec for assortment optimization
SAN MATEO, Calif. Target has selected DemandTec’s nextGEN Assortment Optimization software service to further tailor and localize its assortments, DemandTec reported.
The Assortment Optimization software enables retailers to optimize assortments across multiple categories, taking into account shopper insights and preferences.
“Like pricing in recent years, assortment planning has permanently changed. Rank reports and basic analytics simply don’t provide major retailers with the right insights they need to optimize and localize assortments for different store clusters, store layouts, and customer segments,” said Dan Fishback, president and CEO of DemandTec. “Target selecting DemandTec’s Assortment Optimization is a testament to this change and we are honored to further expand our strategic relationship with such an innovative industry leader.”
Capturing the Twi-hards
Target is looking to take a bite out of the “Twilight” competition, by offering its selection of exclusive merchandise and promoting all things “New Moon” on its Web site.
The retailer, like Walmart, is offering its own “exclusive” DVD version of The Twilight Saga: New Moon along with clothing, toys and other items related to the popular film.
Target stopped at going the length Walmart has to garner Twilight fans. Walmart is featuring limited-time “Twilight Saga Shops” in its stores that, in addition to including the DVD and themed merchandise, showcases food and other items to complete a movie viewing experience.