Development/Redevelopment

Just three months after its proposed acquisition by Staples ran into regulatory roadblocks, Office Depot unveiled its plans for the future as a standalone retailer.   In its second quarter financial filing, the chain announced it would close an additional 300 stores during the next three years, a move that is anticipated to help cut annual costs by some $250 million by the end of 2018. Office Depot is also planning to cut costs by reducing procurement and general and administrative costs.    

The benefits of density and densification are a fundamental tenet of “new urbanism,” the guiding set of principles exerting a significant influence over real estate development, urban planning, and municipal land-use strategies.  

Ice cream lovers in Lebanon will soon have a new confectionary option, as Cold Stone Creamery has announced plans to open multiple locations throughout the country over the next few years, beginning with the capital city of Beirut.    Kahala Brands, the parent company of Cold Stone Creamery, has granted MNM Investments Lebanon SAL, part of M1 Group, the master franchise rights to Lebanon under a 10-year master franchise agreement.  

August is a busy month for Petco, as the pet specialty retailer will celebrate the grand opening and re-opening of four stores, including one new location, one remodeled store and two store relocations.  

A premium children’s brand is planning a growth spurt.    Private equity firm L Catterton has acquired Hanna Andersson for an undisclosed sum, with the intent of expanding the Swedish children’s apparel retailer across its channels.   Hanna Andersson currently operates a robust e-commerce and catalog business in addition to 55 retail stores and 11 outlet locations.  

In its race to open by early 2017, Bass Pro Shops has launched vertical construction on its 67,000-sq.-ft. outpost at ONE DAYTONA, the retail, dining and entertainment extravaganza underway across from the Daytona International Speedway.   Bass Pro Shops’ general contractor EMJ Construction utilized a 200-ton track crane to raise 30 panels that represent the walls of the structure.   

As part of its ongoing commitment to development in the state, Stirling Properties has acquired nearly 12 acres of land in St. John the Baptist Parish for development of a new medical facility and additional commercial development.    The site is located at the northwest corner of W. Airline Highway and N. Sugar Ridge Road in LaPlace, Louisiana.  

The man behind Under Armour has big plans for Baltimore -- so big, in fact, that local leaders say his ideas could revitalize the city, or not.   Click here for more.

Construction spending in the retail sector saw a dip in June, according to a report by the Associated General Contractors of America, but the first half of the year recorded an overall gain.   Commercial (which includes retail, warehouse and farm) construction declined 1.6% in June, per the report, but climbed 8.6% year-to-date. Association officials said spending appears to have leveled off after a strong early start to the year prompted by mild winter weather conditions in many parts of the country.