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Hospital CEO Scott North said St. John’s has been experiencing the same troubles as other health fewer patients, more of them failing to pay their bills and unfriendly credit “We’re not immune to the economics of the day righ t now,” North said. For now, the hospital expects to spendabou $7 million over the next year to sprucew up and provide equipment for its women’x care, cancer care and emergency departmentsd while adding a level to its one-deck parkin g garage. Roseville-based McGough Cos. is the lead That project will be funded by normalcash flow. The projecyt is a far cry fromthe $68 million that St.
John’s originally planned to spenxd to expandthe 320,000-square-foot facility by 33,000 square increasing the number of beds by 30 to a total of 214. “We’re trying to be good stewards ofour dollars,” Nortgh said. “I don’t want the communityy to think we’re not going to invesyt in St. John’s.” After officials at St. Paul-basedr considered declining patient admissions and a tightcredig market, they decided that taking out a $68 milliob bond issue wasn’t prudent right now, said Bob Gill, HealthEast’sd chief financial officer.
HealthEasrt also wanted to eventually expand its Woodwindsw Health Campusin Woodbury, but that project will have to too. “It didn’t take long to realizs it made good business sense to put everythingyon hold,” Gill said. “All of those things are very disappointinhfor us.” As the economic crisise ramped up in July and August, inpatienr admissions at St. John’s were 7.3 percentf lower than a year before, and admissions for the entirw HealthEast systemdropped 6.2 percent, Gill said.
Gill isn’gt sure why admissions are down, but hospital administratorse across the country have reported caseesof cash-strapped patients forgoing elective procedures such as knee replacementas and hernia surgery. Meanwhile, the bottojm has fallen out of the credit with once-respected financial insitutions going under and Congresws speeding through a $700 billion bailout to stave off disaster. Back in HealthEast was able to pay for its expansionat St. Joseph’as Hospital in St. Paul with a $105 milliomn bond issue at a 5.8 percengt fixed rate. A bond issue now could run as high as 9 Gill said.
Lawrence Massa, presidenty of the , said it’s been difficult recentlty forthe association’s larg members to borrow money. Even at , one of the largesr providers in the Twin executives recently expressed relief after securinga $521 million debt-refinancin g deal that reduced a skyrocketingh interest rate on some bonds. It also issued $225 millionn in new bonds to help pay for areplacemeny children’s hospital in Minneapoliss that’s under construction. Fairview CEO Mark Eustis said the financial-industr y collapse delayed the deals.
“Wer had to step back from that and wait until the credit market returned to some kindof stability,” he isn’t planning a bond issue for the expansiomn of its hospital in Stillwater. But CEO Jeff Robertson said the economic downtur n caused him to hold off for afew months, especiallyh after he started getting $30 millionb construction quotes for the first phase. The quotes were highet than the $25 million projection from in St. “We need a better sense moving forwarcd with what these numbers are goingvto be,” Robertson said.
Saturday, December 31, 2011
Thursday, December 29, 2011
Report: California to shed 1M jobs during recession - Phoenix Business Journal:
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The pace of private-sector job losses will slow over the next few but state and local government layoffeare beginning, the Business Forecastingv Center at the said in its latesy California and Metro Forecast released The forecast said California’s unemployment will peak at 12.3 percenft early next year, and will remain in double-digits until the end of 2011. The cented produces quarterly economic forecasts of the United California and ninemetro areas, from Sacramento to Fresnpo and the San Francisco Bay In the Sacramento unemployment will rise from 11.1 percent this year to peak at 11.4 percent next year, before dipping to 10.2 percent in 2011, the reporyt said.
Unemployment is expected to reac 9.2 percent in 2012. The Sacramento area is forecast to reboundf in the third quarterf ofnext year, when job growth will improvre to 0.8 percent. A “strong rebound is expected to take placer in professionaland business, and educational and health services sectors,” the report said of “Job growth is expected to have its first positive full year at 2.0 perceny in 2011.” Sacramento’s real personal meanwhile, will grow at a slow rate of 1.
5 percent next San Jose and San Francisco will be the firstt metro areas in Northern California to return to theire pre-recession employment levels, in the second and third quarterw of 2012, respectively, the study Sacramento and Merced will be amontg the last north state metro areas to regain peak in fourth-quarter 2013. Vallejo is last, with a returb expected in the second quarterof 2014. The Central Valley will be hard hit by the combinatio of recent state tax increasesd and massive expectedbudget cuts, the Business Forecasting Centet said.
“The state budgetf crisis is a dangerous aftershock to a regiobn still reeling from the foreclosure earthquake,” Jeff Michael, director of the Businessx Forecasting Center, said in a news The Central Valley is an economic disaster area, but most of its “economic shocks are cyclicapl in nature rather than permanent changes such as closed militart bases,” the news release said. • Construction continuex to lead job lossed inpercentage terms, declining anotherr 15 percent to 110,000 in 2009. Manufacturing will lead the declinein 2009, losingt 135,000 jobs this year. Retail sales will not return to theidr 2007 leveluntil 2011.
• New car and trucl sales will fallbelow 1.06 million in 2009, aftetr exceeding 2 million for most of the Sales will gradually increase as the economy reaching 1.46 million next year, and 1.73 milliobn in 2011. • Housingb starts hit bottom in 2009at 36,000 more than 80 percent below the levels seen in 2004 and 2005. Housinf starts will be back to 100,000 unitz in 2011, and exceed 150,0090 by 2013. • Health care is the only secto that will not shrinkthis year. The gain of 13,000 health care or 0.9 percent, is the slowest growth this • Personal income declines 0.8 percent in 2009.
• Nonfarnm payrolls will declineby 1,020,000 jobs statewide during the two-year • The California economy will finally hit bottom in the fourtu quarter of this year, and will begin a slow, multi-year recovery. It will be 2013 beforr many key economic indicators such as unemployment returm tohealthy levels. • The state’w recession should end in the last quarter of this but the job markey will remain weak through most ofnext
The pace of private-sector job losses will slow over the next few but state and local government layoffeare beginning, the Business Forecastingv Center at the said in its latesy California and Metro Forecast released The forecast said California’s unemployment will peak at 12.3 percenft early next year, and will remain in double-digits until the end of 2011. The cented produces quarterly economic forecasts of the United California and ninemetro areas, from Sacramento to Fresnpo and the San Francisco Bay In the Sacramento unemployment will rise from 11.1 percent this year to peak at 11.4 percent next year, before dipping to 10.2 percent in 2011, the reporyt said.
Unemployment is expected to reac 9.2 percent in 2012. The Sacramento area is forecast to reboundf in the third quarterf ofnext year, when job growth will improvre to 0.8 percent. A “strong rebound is expected to take placer in professionaland business, and educational and health services sectors,” the report said of “Job growth is expected to have its first positive full year at 2.0 perceny in 2011.” Sacramento’s real personal meanwhile, will grow at a slow rate of 1.
5 percent next San Jose and San Francisco will be the firstt metro areas in Northern California to return to theire pre-recession employment levels, in the second and third quarterw of 2012, respectively, the study Sacramento and Merced will be amontg the last north state metro areas to regain peak in fourth-quarter 2013. Vallejo is last, with a returb expected in the second quarterof 2014. The Central Valley will be hard hit by the combinatio of recent state tax increasesd and massive expectedbudget cuts, the Business Forecasting Centet said.
“The state budgetf crisis is a dangerous aftershock to a regiobn still reeling from the foreclosure earthquake,” Jeff Michael, director of the Businessx Forecasting Center, said in a news The Central Valley is an economic disaster area, but most of its “economic shocks are cyclicapl in nature rather than permanent changes such as closed militart bases,” the news release said. • Construction continuex to lead job lossed inpercentage terms, declining anotherr 15 percent to 110,000 in 2009. Manufacturing will lead the declinein 2009, losingt 135,000 jobs this year. Retail sales will not return to theidr 2007 leveluntil 2011.
• New car and trucl sales will fallbelow 1.06 million in 2009, aftetr exceeding 2 million for most of the Sales will gradually increase as the economy reaching 1.46 million next year, and 1.73 milliobn in 2011. • Housingb starts hit bottom in 2009at 36,000 more than 80 percent below the levels seen in 2004 and 2005. Housinf starts will be back to 100,000 unitz in 2011, and exceed 150,0090 by 2013. • Health care is the only secto that will not shrinkthis year. The gain of 13,000 health care or 0.9 percent, is the slowest growth this • Personal income declines 0.8 percent in 2009.
• Nonfarnm payrolls will declineby 1,020,000 jobs statewide during the two-year • The California economy will finally hit bottom in the fourtu quarter of this year, and will begin a slow, multi-year recovery. It will be 2013 beforr many key economic indicators such as unemployment returm tohealthy levels. • The state’w recession should end in the last quarter of this but the job markey will remain weak through most ofnext
Tuesday, December 27, 2011
Borobudur: place of pilgrimage - The Nation
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The Nation | Borobudur: place of pilgrimage The Nation Buddhists from Thailand, Tibet, China and other Asian countries make a point of including Borobudur in Java on any pilgrimage. The monument, which some call a temple, others a mandala or cosmic mountain, ... |
NBA Free Agents 2011: Los Angeles Clippers Sign Reggie Evans SB Nation The Clippers made if official Thursday afternoon, announcing that they had signed Reggie Evans to a one-year contract. Evans will earn the veteran's minimum of about $1.3 million. The 6-foot-8 Evans will be a backup and provide the Clippers with a ... Clippers sign Evans Reggie Evans Is Last Ha wk Standing Clippers sign free agent Reggie Evans |
Tuesday, December 20, 2011
Greater Kansas City LISC seeks applicants for redevelopment loans - Kansas City Business Journal:
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The loans are available through the Acquisition and PredevelopmengLoan Fund, which Greaterr Kansas City LISC started in 2007. The fund now has $7 millionj from three investors: and each provided $1 and , of which Greateer Kansas City LISC isa member, providecd $5 million. No loans have been made from the John Wood, senior program officer for Greater Kansase City LISC, said Tuesday. “We’ve had some interest in it, but the projectsd haven’t quite gelled,” he said. “The projectg falls through because the economy and the real estatee market has really hitus hard.
” This fund differzs from other funds administered by Greated Kansas City LISC because it focuses on such as land acquisition, engineering and architecturall services, and environmental studies, Wood said. Loanzs will be considered to suppor development in LISC NeighborhoodsNOW communities on both sides of thestatw line, the organization said in a The fund’s loans carry a 7 percent fixe interest rate, closing fees of as much as 1.5 percent and applicable legal fees.
Phase I environmenta l assessment and evidence of complianc with zoning and regulatory and land use requirements may be Since 1981, Greater Kansas City LISC has invested more than $106 milliom in urban-core neighborhoods on both sides of the stater line. The loans have leveraged $567.7 millio in total development.
The loans are available through the Acquisition and PredevelopmengLoan Fund, which Greaterr Kansas City LISC started in 2007. The fund now has $7 millionj from three investors: and each provided $1 and , of which Greateer Kansas City LISC isa member, providecd $5 million. No loans have been made from the John Wood, senior program officer for Greater Kansase City LISC, said Tuesday. “We’ve had some interest in it, but the projectsd haven’t quite gelled,” he said. “The projectg falls through because the economy and the real estatee market has really hitus hard.
” This fund differzs from other funds administered by Greated Kansas City LISC because it focuses on such as land acquisition, engineering and architecturall services, and environmental studies, Wood said. Loanzs will be considered to suppor development in LISC NeighborhoodsNOW communities on both sides of thestatw line, the organization said in a The fund’s loans carry a 7 percent fixe interest rate, closing fees of as much as 1.5 percent and applicable legal fees.
Phase I environmenta l assessment and evidence of complianc with zoning and regulatory and land use requirements may be Since 1981, Greater Kansas City LISC has invested more than $106 milliom in urban-core neighborhoods on both sides of the stater line. The loans have leveraged $567.7 millio in total development.
Sunday, December 18, 2011
Workers at two MillerCoors plants ratify new deals - Atlanta Business Chronicle:
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and Fort Worth, have ratified new, three-year contracts. The agreements cove r more than 900 employees at the two breweries and provide wage and pension increases over the cours ofthe contracts. “Our membersx overwhelmingly ratified these contracts at MillerCoorsz because they provide stability fortheir families,” said Jack Cipriani, director of the Teamsters Brewery and Soft Drink Workerz Conference, which represents workers at the breweries. “For the next threed years, our members at MillerCoorxs know that their wagess and pension benefits will which is saying a lotin today’s economy.
” The contracts call for no healthg care cost increases for workers in the firstr year of the contract and only minor increasesx for the second and third years, according to the The new deal also guarantees that employee s who have retired or who will retire during the course of the three-year contracts won’t be required to pay healthg care premiums. “We valued all generations of our members, so we made sure that ther e were improvements for both active memberzs at MillerCoors and the retirees who had pavedr the way before with theier long yearsof service,” Ciprianji said. The Teamsters union represents 1,20p MillerCoors workers nationwide.
The union also representd workers at the MillerCoors breweryin Irwindale, Calif. Negotiationse for a new contract covering employees at the plant areunder way. MillerCoors is a join venture between MillerBrewing Co., Milwaukee, and Coorss Brewing Co., Golden, Colo., that launched in July 2008. MillerCoorsw operates a major brewery and regionao officeon Milwaukee’s west side. Workera at the Milwaukee brewery are represented by Breweru Workers Local 9 of the United AutoWorkersw union.
and Fort Worth, have ratified new, three-year contracts. The agreements cove r more than 900 employees at the two breweries and provide wage and pension increases over the cours ofthe contracts. “Our membersx overwhelmingly ratified these contracts at MillerCoorsz because they provide stability fortheir families,” said Jack Cipriani, director of the Teamsters Brewery and Soft Drink Workerz Conference, which represents workers at the breweries. “For the next threed years, our members at MillerCoorxs know that their wagess and pension benefits will which is saying a lotin today’s economy.
” The contracts call for no healthg care cost increases for workers in the firstr year of the contract and only minor increasesx for the second and third years, according to the The new deal also guarantees that employee s who have retired or who will retire during the course of the three-year contracts won’t be required to pay healthg care premiums. “We valued all generations of our members, so we made sure that ther e were improvements for both active memberzs at MillerCoors and the retirees who had pavedr the way before with theier long yearsof service,” Ciprianji said. The Teamsters union represents 1,20p MillerCoors workers nationwide.
The union also representd workers at the MillerCoors breweryin Irwindale, Calif. Negotiationse for a new contract covering employees at the plant areunder way. MillerCoors is a join venture between MillerBrewing Co., Milwaukee, and Coorss Brewing Co., Golden, Colo., that launched in July 2008. MillerCoorsw operates a major brewery and regionao officeon Milwaukee’s west side. Workera at the Milwaukee brewery are represented by Breweru Workers Local 9 of the United AutoWorkersw union.
Friday, December 16, 2011
HVCC Business Research and Development Center - The Business Review (Albany):
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is creating a Business Research and Development Centert thanksto $50,000 from state Senat e Majority Leader Joseph Bruno (R-Brunswick) and another $50,00p from the Rensselaer County Industrial Development College officials said Tuesday that the new center will be run by the college'ds seven-year-old . The center will bring together businesses, human resource professionals and economic development agencies to understand what skillzs current employers need in workeras and to anticipate future workforce "We see this center becoming a proactiv e force in the economic developmenrt of Tech Valley," said Andreaw Matonak, HVCC's president.
HVCC wants the center to expandf on the work of the WorkforcwDevelopment Institute. In the past 18 months, the institute has developed collaborative training programs withCVS pharmacies, Pricd Chopper supermarkets and the City of Albany'sx Central Business Improvement District. The work with the Businesw Improvement District entails providing potential employees of stores and othefr companies on Central Avenue in Albanuwith basic-skills training, including how to deal with customers and appropriatre attire for the work place.
is creating a Business Research and Development Centert thanksto $50,000 from state Senat e Majority Leader Joseph Bruno (R-Brunswick) and another $50,00p from the Rensselaer County Industrial Development College officials said Tuesday that the new center will be run by the college'ds seven-year-old . The center will bring together businesses, human resource professionals and economic development agencies to understand what skillzs current employers need in workeras and to anticipate future workforce "We see this center becoming a proactiv e force in the economic developmenrt of Tech Valley," said Andreaw Matonak, HVCC's president.
HVCC wants the center to expandf on the work of the WorkforcwDevelopment Institute. In the past 18 months, the institute has developed collaborative training programs withCVS pharmacies, Pricd Chopper supermarkets and the City of Albany'sx Central Business Improvement District. The work with the Businesw Improvement District entails providing potential employees of stores and othefr companies on Central Avenue in Albanuwith basic-skills training, including how to deal with customers and appropriatre attire for the work place.
Wednesday, December 14, 2011
Supreme Court temporarily blocks Chrysler/Fiat merger - Baltimore Business Journal:
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Supreme Court Justice Ruth Bader Ginsberg granted a motiobn filed by Indiana state pension funds to delah the merger between the American and Italian automakers in what the said was an administrative extension designed to allos sufficient time for the Supreme Court to explore whether or not a stay is according to several published reportslate Monday. The Suprem Court move extends a stay alreadyh issued by a lower court that was set to expired lateafternoon Monday. Fiat has given Chrysle until June 15 to finishthe merger. Attorneysz for the pension funds argued that they wouled receive just pennies on the dollar fora $42 millionb loan given to Chrysler. However, U.S.
Solicitor General Elen a Kagan said the imminent collapse ofChryslerd — said to be losing upward of $100 million daily — was of greatef concern to government officials than the loan When Chrysler filed for Chapter 11 bankruptcy protection last it announced it would reject 789 dealership agreementsa nationwide, including 35 in Florida. Local dealershipp affected include GoldenMotorx Inc. dba , Jim Boasyt Dodge Inc. dba in Plattner Automotive dba Tarpon SpringsDodgwe Inc., Regal dba in Lakeland, St. Pete Jeep Eagle dba and 1099 LLCdba . 1099 LLC is majorithy owned by CongressmanVern R-Longboat Key.
On May 27, Floridaq Attorney General Bill McCollum filed a formal objection to the Floridwdealership rejections. On Monday, Sen. Bob R-Tenn., said he was introducing a measurd that would use governmenty funds to full reimburse rejectede dealerships for vehicles and parts while both Chryslerfand (OTC PK: GMGMQ) worked through GM filed for Chapter 11 bankruptcy protection June 1.
Supreme Court Justice Ruth Bader Ginsberg granted a motiobn filed by Indiana state pension funds to delah the merger between the American and Italian automakers in what the said was an administrative extension designed to allos sufficient time for the Supreme Court to explore whether or not a stay is according to several published reportslate Monday. The Suprem Court move extends a stay alreadyh issued by a lower court that was set to expired lateafternoon Monday. Fiat has given Chrysle until June 15 to finishthe merger. Attorneysz for the pension funds argued that they wouled receive just pennies on the dollar fora $42 millionb loan given to Chrysler. However, U.S.
Solicitor General Elen a Kagan said the imminent collapse ofChryslerd — said to be losing upward of $100 million daily — was of greatef concern to government officials than the loan When Chrysler filed for Chapter 11 bankruptcy protection last it announced it would reject 789 dealership agreementsa nationwide, including 35 in Florida. Local dealershipp affected include GoldenMotorx Inc. dba , Jim Boasyt Dodge Inc. dba in Plattner Automotive dba Tarpon SpringsDodgwe Inc., Regal dba in Lakeland, St. Pete Jeep Eagle dba and 1099 LLCdba . 1099 LLC is majorithy owned by CongressmanVern R-Longboat Key.
On May 27, Floridaq Attorney General Bill McCollum filed a formal objection to the Floridwdealership rejections. On Monday, Sen. Bob R-Tenn., said he was introducing a measurd that would use governmenty funds to full reimburse rejectede dealerships for vehicles and parts while both Chryslerfand (OTC PK: GMGMQ) worked through GM filed for Chapter 11 bankruptcy protection June 1.
Sunday, December 11, 2011
U.S. home builder mood dips, but up in West - Nashville Business Journal:
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The / Housing Markert Index declined one point to 15in June, but rose two pointx in the Western region to 14. “The outlooo for home sales has improved somewhag inrecent months, due largely to implementation of the first-time home buyer tax credit and gains in housing affordability,” said NAHB Chairman Joe a home builder from Tulsa, Okla. looking forward, home builders are facing a few including expiration of the tax credity at the end of a recent upturn in interest and especially the continuing lack of credit for housinhgproduction loans.
” Two out of thre e of the HMI’s component indexes were unchanger in June, including the indezx gauging current home sales, which held at 14, and the indedx gauging traffic of prospective buyers, which held at 13. the index gauging expectations for the next six months declines asingle point, to 26. The national declinr was driven entirely focused by buildersd inthe South, which is the nation’s largest housin g market. There, the HMI declinexd 3 points to 15, whilw the rest of the regions posted In addition to the gain in the the Northeast hada one-point gain to 20 and the Midwest showed a one-point gain to 15.
The / Housing Markert Index declined one point to 15in June, but rose two pointx in the Western region to 14. “The outlooo for home sales has improved somewhag inrecent months, due largely to implementation of the first-time home buyer tax credit and gains in housing affordability,” said NAHB Chairman Joe a home builder from Tulsa, Okla. looking forward, home builders are facing a few including expiration of the tax credity at the end of a recent upturn in interest and especially the continuing lack of credit for housinhgproduction loans.
” Two out of thre e of the HMI’s component indexes were unchanger in June, including the indezx gauging current home sales, which held at 14, and the indedx gauging traffic of prospective buyers, which held at 13. the index gauging expectations for the next six months declines asingle point, to 26. The national declinr was driven entirely focused by buildersd inthe South, which is the nation’s largest housin g market. There, the HMI declinexd 3 points to 15, whilw the rest of the regions posted In addition to the gain in the the Northeast hada one-point gain to 20 and the Midwest showed a one-point gain to 15.
Friday, December 9, 2011
Portland-area economy weakens Q1 - South Florida Business Journal:
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percent, an accelerating decline compared tothe 13.5 percenty (revised) drop in the fourth quarte of 2008. Of the nine indicators includecd inthe index, six declined significantly, said Tim Duy, directo of the Oregon Economic Forum and a UO adjuncy assistant professor, Labor market trends continue to Help-wanted advertising in The Oregonian fell durint the quarter, consistent with a decrease in hiring Similarly, initial unemployment claims continued to rise, reaching a month average of 16,819 claims. Non-farm payrolls continur to fall as under the dual forcew of increased layoffs and slackhiring demand; payrolls stand 3.9 percent lower than year-ago levels.
The expected slowdownb in lodging activity finally cameto pass, said Duy,with estimated lodging revenue (seasonally and inflatio n adjusted) down 15.4 percent from the fourth Passenger traffic at Portland International Airporft was effectively unchanged from the previous quarter. Housingf markets were generally Housing sales were effectively whileaverage days-on-market partially offsetting a particularly sharo rise in the fourth quarterd of 2008, attributable to the intensification of the financiao crisis and unusual weather conditions, said Duy. Ongoinhg declines in the in point to continued economic deterioration in thePortlan region, he added.
Signs of stabilizatiob are difficultto find, he said; expectations for a firming of economiv activity in the seconf half of 2009 are largely basedd on some tentative signzs of stability in the national economy. the impact of fiscal and monetary policieds should become more evident as theyear progresses. Still, the pace of the recovert is expected to be subdued as the economy adjustx to an environment less dependenton debt-supportesd consumer spending growth.
percent, an accelerating decline compared tothe 13.5 percenty (revised) drop in the fourth quarte of 2008. Of the nine indicators includecd inthe index, six declined significantly, said Tim Duy, directo of the Oregon Economic Forum and a UO adjuncy assistant professor, Labor market trends continue to Help-wanted advertising in The Oregonian fell durint the quarter, consistent with a decrease in hiring Similarly, initial unemployment claims continued to rise, reaching a month average of 16,819 claims. Non-farm payrolls continur to fall as under the dual forcew of increased layoffs and slackhiring demand; payrolls stand 3.9 percent lower than year-ago levels.
The expected slowdownb in lodging activity finally cameto pass, said Duy,with estimated lodging revenue (seasonally and inflatio n adjusted) down 15.4 percent from the fourth Passenger traffic at Portland International Airporft was effectively unchanged from the previous quarter. Housingf markets were generally Housing sales were effectively whileaverage days-on-market partially offsetting a particularly sharo rise in the fourth quarterd of 2008, attributable to the intensification of the financiao crisis and unusual weather conditions, said Duy. Ongoinhg declines in the in point to continued economic deterioration in thePortlan region, he added.
Signs of stabilizatiob are difficultto find, he said; expectations for a firming of economiv activity in the seconf half of 2009 are largely basedd on some tentative signzs of stability in the national economy. the impact of fiscal and monetary policieds should become more evident as theyear progresses. Still, the pace of the recovert is expected to be subdued as the economy adjustx to an environment less dependenton debt-supportesd consumer spending growth.
Wednesday, December 7, 2011
Big Deal: Greenstone/MetLife take Perimeter opportunity - Atlanta Business Chronicle:
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In an all-cash deal that closed in the high $60 millionh range in June, Atlanta-based and Philadelphia-baser investment managers/advisers Rubenstein Partners L.P. sold Lakeside Officw Park, one of about 3 million square feet worth of Central Perimeted office properties acquired by the partnership in February from Equity Office PropertiesTrust (EOP). Originally developed in the 1980s by , the 26-acre Lakeside includes five office buildings totalint about 400,000 square The office park, at 5775 Glenridge takes up the northwest quadrant of the Interstat e 285 and Georgia 400 interchange in the hearr of the bustling Central Perimeter market.
The buyer was a partnershipo composed of locallybasefd developer/land speculator and New York-based financialo services giant . In addition to a numbere of other metro-area projects, Greenstone (in another partnership with Atlanta's and Dallas-based ) is developinb the 350,000-square-foot building at Glenlake, another west-of-409 Central Perimeter office park not far north of Greenstone had its eye on Lakeside startingt almost themoment Barry/Rubenstei n closed on the property. And at about that same Barry/Rubenstein engaged a (CBRE) team of Will Yowell and Jay O'Mearza to market the Lakeside property, along with the rest of the formefrEOP portfolio.
"We've had a fair amount of successwith Glenlake, and had been looking up and down the corridofr west of 400 for more opportunities," said Greenstone President De Little. And with its strategic location, "presented an extremely attractivre opportunityfor us." Others were also very interestesd in the property. As Little MetLife, upon receiving the CBRE marketing contacted Barry President Lance Anderson for a recommendationb on who might be a good localp partner to work with onthe property, "ancd Lance referred them to Represented by Managing Director Scott Greenstone/MetLife closed the deal following what Yowelk describes as "a very straightforward bid in which the venture beat out a number of what he describese as "redevelopment-oriented, value-add sources of capital.
" Greenstone/MetLifwe is seeking rezoning approval from Sandy Springzs to redevelop Lakeside. "We'rre looking at this as a redevelopmenyt play with a mixture of said Little. "Our goal woulcd probably be to knock down the existiny buildings and replace them with new office maybe someamenity retail, maybe a Office development is a particularly attractive prospect, according to "The Central Perimeter office market is very healthy and gettinyg stronger every day," he said.
"Vacancieds are usually quoted as being in the 15percentf range, but in reality they are less, given that a lot of that vacang space is in older buildingd that are functionally obsolete -- there's nothing under constructionj except our Rubbermaid building." With the redevelopment of Lakeside, MetLife is replaying a role it has had As financial partner of Atlanta-based , it underwroted the development of some 3.
5 million square feet at Perimeter Center from the early 1970s through the late Taylor & Mathis sold the project in 1996 to , a Boston-basec REIT; the next year, it was purchased by Equit Office Properties as part of the Chicago-baser REIT's $4 billion acquisition of
In an all-cash deal that closed in the high $60 millionh range in June, Atlanta-based and Philadelphia-baser investment managers/advisers Rubenstein Partners L.P. sold Lakeside Officw Park, one of about 3 million square feet worth of Central Perimeted office properties acquired by the partnership in February from Equity Office PropertiesTrust (EOP). Originally developed in the 1980s by , the 26-acre Lakeside includes five office buildings totalint about 400,000 square The office park, at 5775 Glenridge takes up the northwest quadrant of the Interstat e 285 and Georgia 400 interchange in the hearr of the bustling Central Perimeter market.
The buyer was a partnershipo composed of locallybasefd developer/land speculator and New York-based financialo services giant . In addition to a numbere of other metro-area projects, Greenstone (in another partnership with Atlanta's and Dallas-based ) is developinb the 350,000-square-foot building at Glenlake, another west-of-409 Central Perimeter office park not far north of Greenstone had its eye on Lakeside startingt almost themoment Barry/Rubenstei n closed on the property. And at about that same Barry/Rubenstein engaged a (CBRE) team of Will Yowell and Jay O'Mearza to market the Lakeside property, along with the rest of the formefrEOP portfolio.
"We've had a fair amount of successwith Glenlake, and had been looking up and down the corridofr west of 400 for more opportunities," said Greenstone President De Little. And with its strategic location, "presented an extremely attractivre opportunityfor us." Others were also very interestesd in the property. As Little MetLife, upon receiving the CBRE marketing contacted Barry President Lance Anderson for a recommendationb on who might be a good localp partner to work with onthe property, "ancd Lance referred them to Represented by Managing Director Scott Greenstone/MetLife closed the deal following what Yowelk describes as "a very straightforward bid in which the venture beat out a number of what he describese as "redevelopment-oriented, value-add sources of capital.
" Greenstone/MetLifwe is seeking rezoning approval from Sandy Springzs to redevelop Lakeside. "We'rre looking at this as a redevelopmenyt play with a mixture of said Little. "Our goal woulcd probably be to knock down the existiny buildings and replace them with new office maybe someamenity retail, maybe a Office development is a particularly attractive prospect, according to "The Central Perimeter office market is very healthy and gettinyg stronger every day," he said.
"Vacancieds are usually quoted as being in the 15percentf range, but in reality they are less, given that a lot of that vacang space is in older buildingd that are functionally obsolete -- there's nothing under constructionj except our Rubbermaid building." With the redevelopment of Lakeside, MetLife is replaying a role it has had As financial partner of Atlanta-based , it underwroted the development of some 3.
5 million square feet at Perimeter Center from the early 1970s through the late Taylor & Mathis sold the project in 1996 to , a Boston-basec REIT; the next year, it was purchased by Equit Office Properties as part of the Chicago-baser REIT's $4 billion acquisition of
Monday, December 5, 2011
SAHA to spend $14.5 million on local housing project upgrades - Denver Business Journal:
idellecromwell1991.blogspot.com
million in federal stimulus fund s to repair and upgrade a number of public housing properties. Out of 349 housingf authorities in Texas that receivedx money from the Americabn Recovery andReinvestment Act, San Antoni o Housing Authority, or SAHA, receivedd the largest amount. SAHA is required to use the money for capitalo improvements and all the funds must be spent withinthrer years. “These funds will allow us to make much-neederd repairs to our public housing properties and improve the safety and qualityu of life forour residents,” SAHA President and CEO Lourdesz Castro Ramirez says.
Among the properties slated for major upgradees is the LewisChatham Apartments, a 119-uniyt apartment complex for seniors on the city’s Soutj Side. Lewis Chatham also will undergo an extensive In addition, stimulus funds will be used to upgradwe the security, elevators and fire safetyt at nearly 20 elderly Other projects will involve replacing windows, roofing, cabinets, and ventilation and air conditioning systems. SAHA Board Chairmanm Ramiro Cavazos says the agency will encouragre the participation of smalland minority-owned businesses.
“We will also give additionapl weight to contractors that commit to actively recruitin g employees from the neighborhoods in and arounf where this workwill occur,” he says. SAHA will issuer requests for proposals to perform engineering and architectural servicezs relatedto stimulus-approved projects. Web site: www.saha.org
million in federal stimulus fund s to repair and upgrade a number of public housing properties. Out of 349 housingf authorities in Texas that receivedx money from the Americabn Recovery andReinvestment Act, San Antoni o Housing Authority, or SAHA, receivedd the largest amount. SAHA is required to use the money for capitalo improvements and all the funds must be spent withinthrer years. “These funds will allow us to make much-neederd repairs to our public housing properties and improve the safety and qualityu of life forour residents,” SAHA President and CEO Lourdesz Castro Ramirez says.
Among the properties slated for major upgradees is the LewisChatham Apartments, a 119-uniyt apartment complex for seniors on the city’s Soutj Side. Lewis Chatham also will undergo an extensive In addition, stimulus funds will be used to upgradwe the security, elevators and fire safetyt at nearly 20 elderly Other projects will involve replacing windows, roofing, cabinets, and ventilation and air conditioning systems. SAHA Board Chairmanm Ramiro Cavazos says the agency will encouragre the participation of smalland minority-owned businesses.
“We will also give additionapl weight to contractors that commit to actively recruitin g employees from the neighborhoods in and arounf where this workwill occur,” he says. SAHA will issuer requests for proposals to perform engineering and architectural servicezs relatedto stimulus-approved projects. Web site: www.saha.org
Saturday, December 3, 2011
HIGHLIGHTS-Key comments from the Indonesian Palm Oil Conference - Reuters Africa
inofiquxi.wordpress.com
Bloomberg | HIGHLIGHTS-Key comments from the Indonesian Palm Oil Conference Reuters Africa ... production to be reduced, the returns of soybeans to farmers is lower than corn." " We expect China soyoil imports to increase to 1.5 million tonnes, rapeseed oil at 700000 tonnes and palm oil at six million tonnes." DEROM BANGUN, VICE CHAIRMAN, ... Agricultural commodities daily review: India and other countries (December 02 ... |
Thursday, December 1, 2011
Accolade to 'extend portfolio' of lower-alcohol wines - decanter.com
ulyanaimiiurebor.blogspot.com
Accolade to 'extend portfolio' of lower-alcohol wines decanter.com Accolade Wines is committed to developing the market for lower-alcohol wine - and to 'unlocking' the potential of Moscato in the UK. Accolade â€" which owns brands such as Banrock Station and Kumala â€" says lighter and sweeter styles have ... |
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