Tax deduction extended for energy improvements
Retail companies can still claim energy upgrades on their upcoming tax returns.
With the passage of the budget act on Friday by Congress, EPAct 179D has been retroactively extended to include projects completed in 2017. This means that any commercial or government building completed in 2017 is now eligible for the tax incentive of up to $1.80 per square foot (The deduction is made up of three partial deductions: up to $.60 per square foot for lighting, HVAC, or building envelope each.)
“As soon as possible, we recommend beginning to compile information on any of your potentially eligible projects completed in 2017 so you can include the EPAct benefit on your 2017 tax returns,” advised Charles Goulding of Energy Tax Savers. “This would be available for any newly constructed or renovated commercial or government buildings completed in 2017.”
For more, go to Energytaxsavers.com.
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Dallas retailer to make New York City debut
A Dallas-based luxury brand is headed East.
Forty Five Ten will open its first store on the East Coast, a 16,000-sq.-ft. location at Manhattan’s Hudson Yards, in March 2019. The upscale emporium will join Forty Five Ten’s five existing stores across Texas and California.
The design concept for the retailer’s Hudson Yards outpost was created in partnership with New York-based firm Snarkitecture. It echoes Forty Five Ten’s regard for the unusual design element. The multi-section store presents the brand’s evolving selection of emerging and pillar designers in women’s, men’s, home and beauty.
The New York location will be the second largest for the brand, following its flagship in downtown Dallas, which opened in 2016. The 37,000-square-foot, four-story Dallas store features three retail levels and a top-floor restaurant and lounge. Museum-quality art is featured throughout the space.
“New York is the shopping capital of the world, largely because of its diverse retail clientele and creative magnetism,” said Katherine Greenberg, COO of Forty Five Ten. “Hudson Yards brings these worlds together in one energetic hub, which was a compelling draw for us. The Hudson Yards location is a logical next step for our brand, as well as an inspiring one, and we couldn’t be more excited.”
Founded in Dallas in 2000, Forty Five Ten was acquired by Headington Companies in 2014.
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Online retailer goes offline in Seattle
Another digitally native retailer has expanded to bricks-and-mortar.
Eco-friendly fashion brand LumberUnion has opened its first permanent store, at Pacific Place, a five-story shopping center in downtown Seattle. Founded online in 2016, the Seattle-based clothing company takes its inspiration from the natural beauty and comfort of the Pacific Northwest woods. Its signature lumberjack-inspired patterning offers a more fashion-forward version of the traditional style.
LumberUnion sources only organic, non-GMO cottons for its clothing line, which includes super-soft graphic tees and wovens as well as snapback hats. Committed to the environment and preserving America’s natural woodlands, the retailer, in cooperation with conservation organization American Forests, plants trees for every purchase made in an effort to produce a “fashion forest” that will offset tree loss and help fight climate change.
“Pacific Place was an obvious choice for us since our brand is very much the new spirit of the Pacific Northwest – and where better to anchor that spirit than the heartbeat of Seattle fashion at Pacific Place,” said Anthony Bergin, LumberUnion CEO and environmental entrepreneur.
Pacific Place owns more than 50 shops and restaurants including Barneys New York, Tiffany & Co., Kate Spade New York, Trophy Cupcakes, lululemon athletica and AMC Pacific Place 11.
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