Real Estate

Chicago – A former bank building in Chicago is the planned site for a new mixed use retail/residential complex. According to Crain’s Chicago Business, Novak Construction Company intends to build a 60,000-sq.-ft. ground floor retail center with 80 to 160 residential units located above it.

Orlando, Fla. -- Florida's retail development market is moving indoors. According to JLL research, nearly half of all retail commercial construction in Florida in the half of 2014 is taking place in malls and shopping centers.

New York -- Burger King Worldwide is in discussions to buy Canadian coffee and doughnut chain Tim Hortons. The two companies said in a joint statement on Monday that the new publicly listed entity would be based in Canada. The move comes as the White House is calling on Congress to take steps to prevent U.S. companies from moving outside the country (“tax inversions”).

The two restaurant companies are currently worth a combined total of about $18 billion, according to media reports.

New York -- Toms, the footwear company best known for donating a pair of shoes to a child in need for every pair it sells, has sold a 50% stake in its company to private equity giant Bain Capital LLC. The investment will help Toms expand its distribution in Europe, Asia and in the United States, including increasing its store count from its current two locations.

The investment reportedly values Toms at about $625 million, including debt. Blake Mycoskie, who founded Toms in 2006, will retain a 50% stake and remain at the helm.

New York -- Saks Fifth Avenue will open a three-level, 107,000-sq.-ft. store in Brickell City Centre, Miami.

The store, scheduled to open in fall 2016, will help anchor the mixed-use development, which is currently under construction. The project includes residential, office and hotel space, along with a 565,000-sq.-ft. shopping center.

The Italian luxury brand Fendi gets social in Manhattan’s SoHo neighborhood, opening a pop-up whose brick walls are adorned with neon hash tag signs.   

The 630-sq.-ft. shop, dubbed #fendisoho, combines sophisticated touches — leather and velvet — with a playful, arcade-themed décor that includes custom vending machines, where products dangle from mechanical claws.   

Charlotte, N.C. -- The Cato Corporation reported that net income rose 6% to $15.7 million for the second quarter ended Aug. 2, from $14.8 million last year.

Sales increased 6% to $243.8 million, from $229.4 million last year. Same-store sales increased 3%.

"Second quarter same-store sales were in line with our year-to-date trend," said John Cato, CEO. "However, we continue to expect the second half earnings per diluted share will be within our original guidance range.”

Jacksonville, Fla. -- Stein Mart Inc. reported net income of $1.7 million for the second quarter, reduced from $3.4 million last year on higher healthcare costs.

Total sales increased 2.5% to $298.2 million, while same-store sales increased 1.3%, the retailer’s ninth consecutive quarter of comparable store sales gains.

Seattle -- Seattle-based architecture and design firm Callison said it will be acquired by Arcadis, a global design consultancy firm based in the Netherlands.

The transaction is slated to be completed in the third quarter of 2014. Arcadis also owns architectural design firm RTKL, built asset consultancy firm EC Harris, and Asian construction program planning and value management consultancy Langdon & Seah.

Philadelphia -- Extreme-value retailer Five Below will open its first Brooklyn location on Aug. 29, at the Gateway Center.

The 7,500-sq.-ft. store location will feature the company's signature format, with all merchandise priced at $5 and below and grouped into one of eight store departments: Style, Room, Sports, Tech, Crafts, Party, Candy and Now.

Five Below plans to open additional stores in Brooklyn in the next few years.