Corporate Governance

A newly formed developer called the Maker Bros. has announced plans to build a $150 million mixed-use project in South Austin, Texas, christened the Saint Elmo Market District.   A 40,000-sq.-ft. former school bus factory on the site will be converted into and indoor-outdoor marketplace that will serve as the new home of the Saxon Pub, a celebrated live music hall in Austin. Maker Bros. has apportioned 100,000 sq. ft. of the site for office space, a boutique hotel, and condos.  

Casey’s General’s Stores on Tuesday detailed an aggressive store expansion and renovation schedule along with record earnings for its first quarter.   The Iowa-based chain expects to build or acquire 77 to 116 stores, replace 35 existing locations, and complete 100 major remodels in its current fiscal year. Currently, it has 39 new stores under construction, including its first store in the state of Ohio.  

A new beauty format aimed at men is expanding through franchising.   Hammer & Nails | Grooming Shop for Guys announced it has sold franchise rights for 27 locations in Sacramento, California and in the San Francisco Bay Area, and for 55 franchises in Texas and New Mexico.  

A coalition of New York-based advocates have launched a national campaign to press large retailers, restaurant chains and other companies to end on-call and last-minute scheduling.   The effort comes in the wake of recent agreements by several retailers with New York's attorney general to end the practice in that state, the Associated Press reported.  

It was already generating $700 per square foot in revenue, but Broadway Plaza in San Francisco’s East Bay got a complete makeover from owner Macerich that was unveiled last week. Fireworks and a performance by Mark McGrath of Sugar Ray accompanied the ribbon-cutting.   Gross leasing area was expanded to beyond 900,000 sq. ft. and more than 50 new stores inhabit the open-air center that debuted in 1951. Nordstrom, Neiman-Marcus, and Macy’s anchor the plaza that Macerich has owned for the last 30 years.  

PayPal Holdings has expanded its growing foothold in physical retail.    The payments services company has entered into a partnership with MasterCard that will allow shoppers to use PayPal’s services in stores. In July, PayPal signed a similar agreement with Visa.    

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Eloquii, a fast-growing, plus-size women’s fashion apparel manufacturer and online-only player, has expanded its executive team with two experienced retailers.    The retailer named Michael Concannon as chief technology officer. He most recently served as CTO of Quidsi, an Amazon-owned e-commerce company where he oversaw long-term technical strategy and maintained technical leadership for the entire platform of six sites including diapers.com.    

Johnson Controls has completed its merger with Tyco.   By uniting Johnson Controls, a leading provider of building efficiency solutions with Tyco, a leading provider of fire and security solutions, the new company is positioned as a leader in products, technologies and integrated solutions for the buildings and energy sectors.   

CBL & Associates and High Real Estate Group has the sold their joint interest in High Pointe Commons in Harrisburg, Pennsylvania, to Unison Realty Partners for $33.8 million.    The proceeds will be used by the sellers to retire secured loans totaling $17.4 million, and CBL will use its net proceeds to reduce outstanding balances on its lines of credit.