REAL ESTATE

ULI report explores factors that will shape urban growth

BY CSA STAFF

Washington, D.C. A new report released Tuesday by the Urban Land Institute uncovered a series of factors that are expected to guide real estate investment and shape urban growth in the years ahead.

The report, Finding Certainty in Uncertain Times, found that even in economic uncertainty, there are still some elements of certainty, such as demographic shifts, financial industry restructuring, global competitiveness and sustainable building, that will guide real estate in the future.

The collection of commentaries from ULI’s five senior resident fellows — Stephen Blank, Edward McMahon, John McIlwain, Thomas Murphy and Michael Horst — examines trends in population growth, consumer housing preferences, employment, real estate finance, environmental conservation, energy efficiency, venture capital investment and public leadership. These factors, according to Finding Certainty, are converging to shape a new era of urban economics within which cities and urban regions will have to compete in order to be successful in the 21st century.

“These trends will continue regardless of location, of which political party is in power, and of how quickly we recover from the recession,” said the report. “Taken collectively, they will create the ‘new normal.’”

“As the housing markets recover, demand will increase significantly for smaller, greener homes, more rental than in the past, and more compact, walkable urban centers in the suburbs as well as in many, but not all, central cities. The biggest challenge (in center cities) will be finding suitable, affordable locations,” McIlwain wrote in the report. “There will be metro areas that will attract the brightest and best, and will continue to grow and provide opportunities for development. Within these metro areas, some local markets will thrive; these are the compact, walkable communities, which are finding increasing demand as people look to new ways to define livability.”

McMahon, ULI’s senior resident fellow for sustainable development, maintained that the push for more environmentally conscious development practices will be driven at the state and local levels of government, and by the private sector, rather than at the federal level. He cited a steady increase in the number of buildings entering into the U.S. EPA’s Energy Star program, and a surge in the number of Leadership in Energy and Environmental Design (LEED)-certified professionals as evidence that interest in green building has remained strong, despite the recession.

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REAL ESTATE

Cadence McShane to complete new retail assignments for MGHerring

BY CSA STAFF

Dallas Cadence McShane Construction Co. announced that it has been selected to complete two new retail assignments at The Village at Fairview and The Village at Allen on behalf of developer The MGHerring Group.

Cadence McShane will complete a 13,000-sq.-ft. tenant space for Daired’s Salon & Spa, and will also complete a 20,013-sq.-ft. tenant build-out on behalf of retailer, a Real Bookstore. 

Both projects are scheduled for completion in November.

Cadence McShane has previously completed over 592,000 sq. ft. of mixed-use construction at The Village at Allen and The Village at Fairview developments on behalf of The MGHerring Group.

URS Corp. and O’Brien & Associates Architecture are providing architectural services for the salon and bookstore, respectively.

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Five co-branded Save-A-Lot Food Stores/Rite Aid Pharmacy stores open in Greenville, S.C.

BY CSA STAFF

Camp Hill, Pa. Five co-branded Save-A-Lot Food Stores/Rite Aid Pharmacy stores opened Tuesday in Greenville, S.C. The stores continue to be owned and operated by Rite Aid, and the Rite Aid pharmacies are operating as usual. About 75% of the non-pharmacy part of each store is devoted to Save-A-Lot.

The opening of the five locations follows the Sept. 27 debut of the first co-branded Save-A-Lot/Rite Aid Pharmacy in Easley, S.C. Rite Aid has entered into a licensing agreement with Save-A-Lot, a subsidiary of Supervalu, to add the discount, limited assortment grocery store concept to 10 existing Rite Aid stores in the Greenville market. The remaining four stores in the 10-store test remain open during conversion to the co-branded concept and are scheduled to be completed later this month.

“This exciting new format, featuring aspects of both a traditional Rite Aid pharmacy and Save-A-Lot food store, provides added convenience and value to our consumers in the Greenville area,” said Bill Shaner, Save-A-Lot president and CEO.

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