News
Village Living: Lane Parke Yes
July 06, 2010
On Monday, June 28 the City Council voted 4-1 to approve the proposed development known as Lane Parke. The vote came after a year long process that involved multiple hearings, hundreds of emails to council members, and yard signs both for and against the project around the city. After the meeting John Evans said, "We're grateful that the City is giving us the opportunity to do this project after three years of planning." The ordinance passed with councilmen Billy Pritchard, Jack Carl, Jesse Vogtle and City Council President Virginia Smith voting in favor. Councilman Bob Moody was the only "no" vote. In his statement before the vote, Moody said, "This is the most important decision the City Council will or has ever made."
Mountain Brook's Lane Parke developers work on leasing space
July 02, 2010
Now that their plans have gotten the green light, officials with the $200 million Lane Parke project in Mountain Brook are setting their sights on leasing the space in the development in hopes that construction will be under way this time next year. The plan calls for developing 14 of the 27 acres Evson owns at Mountain Brook Village in two phases. The end result will have 206,300 square feet of retail space, 39,626 square feet of office space, a 99,105 square-foot inn with 85 rooms and 47,244 square feet of residential space in 20 homes behind the inn. Robert Jolly, president of Retail Specialists, is overseeing leasing of the retail portion of the project. The majority of the retail space in the first phase is slated for tenants in the existing Mountain Brook Shopping Center, which will be demolished to make way for the second phase of the development. One example: Western Supermarket will replace its 18,000 square-foot store with a new 35,000 square-foot store in Lane Parke's first phase. The second phase will have some "mini-anchor" spots of between 10,000 and 15,000 square feet. Jolly said he aims to bring in retailers offering book, men's and women's apparel and shoes -- areas that consultants have shown are gaps in Mountain Brook Village. About 30,000 square feet in the second phase will be devoted to boutique retail and another 30,000 in that phase will go to restaurants. However, completion of that second phase is likely four years away, he said.
Sylacauga Council hears retail development proposal
June 29, 2010
A new retail center, complete with food, shopping and a movie theater, could open in Sylacauga by fall 2011, according to developers. Representatives of Cullman-based Drinkard Development presented their plan for the city owned land on U.S. 280 at a called city council meeting Tuesday. Former Chamber of Commerce director Joe Richardson said people had been working on the project for nearly two years to bring it to Sylacauga. Representatives from the development firm Retail Specialists also attended the meeting. Brooks Corr of the group said they represented the city on the sale of the land and would help facilitate the leasing of the center for Drinkard.
In the driver's seat: Tenants have the upper hand in lease deals
May 14, 2010
Bryan Holt, vice president of Retail Specialists, Inc., said banks have put landlords under pressure to stabilize their properties. He said banks often have a conflicting influence on rents. "Many landlords are holding out to try and achieve rental rates that will help them cover their mortgage long-term," he said. "They're still reluctant to cut rates below what it takes to cover their mortgages." Holt said retailers with the capital to make improvements can find great deals because of the market.
Shelby Report of the Southeast: Louisiana Real Estate Opportunities Lead to New New Orleans Office
March 01, 2010
Retail Specialists, Inc. (RSI), a commercial real estate company based in Birmingham, Ala., has partnered with Louisiana commercial real estate professionals Joe Mann Jr. and John Moss to open an office in New Orleans. This expansion for Mann and Moss with RSI comes at a key time, with much of the firm's activity centered on the rebuilding of New Orleans, south Louisiana and the Gulf Coast. RSI, founded in 2005, focuses solely on the retail segment of commercial real estate, providing clients with specialized commercial real estate solutions.
BBJ: Will the other shoe come down in 2010?
January 22, 2010
At Retail Specialists, President Robert Jolly points to a vacancy rate of 11.5 percent among local retail properties, a direct result of the sluggish economy. "Tenant bankruptcies are largely the problem in our market,", he said. Primarily, brokers are busy renegotiating leases, pushing down rates and angling for other advantageous terms. If nothing new is coming up out of the ground, the real estate community can at least remain active in its efforts to keep existing space occupied, Jolly said. "I think that is going to be the way of the world for a while."
Growing With The Market: Retail Specialists is growing by helping its clients work smarter.
January 01, 2010
Retail Specialists has grown into its business within the Gulf South market. The three original principals of the Birmingham, Alabama-based company all started out in retail leasing working for full-service firms in the Birmingham area. As they gained experience, and valued market knowledge, they realized that there was an opportunity for a firm concentrated solely on retail in the Gulf States region. The result was Retail Specialists, Inc. "We felt the need to separate from the full-service firms and create a specialty boutique real estate company, focused only on retail," says Robert Jolly, president of Retail Specialists. Today, the company is primarily a third-party tenant representation and project leasing firm. The company has 14 employees in Birmingham and three producers in its New Orleans office.
Leasing agent: Lane Parke project in Mountain Brook ready to go
November 17, 2009
The leasing company for the proposed $200 million Lane Parke development in Mountain Brook Village said if rezoning for the project is approved next week, his team is ready to hit the ground running. Robert Jolly, head of Retail Specialists, Inc., said Tuesday the firm's leasing strategy to attract national luxury brands to the hotly debated project has taken a different direction to include one-to three-store boutiques and restaurants looking to expand and that won't compete with existing retailers. "If it's approved, we'll hit the ground running and start leasing," said Jolly at a gathering of the Birmingham chapter of Commercial Real Estate Women. "The idea has gained traction (from retailers in) New Orleans and Dallas."
Lane Parke hearings to target concerns
October 26, 2009
Decision time is near for Mountain Brook on the proposed Lane Parke at Mountain Brook Village development. The City Council has scheduled two public hearings, tonight and Nov. 9, to consider whether to grant planned unit zoning to the development. While some public comments about the development at a series of public hearings have been positive, other residents say they oppose the scope of the project. At the development's web site, www.laneparke.com, the owners of the property this month posted "Straight Answers," a series of video answers to 21 questions and written answers to 13 questions. "There's a perception out there, we think, that we've only been working on this for about six months," said Robert Jolly, a retail consultant with the project. "The truth is we've been working on this for more than two years."
Deerfoot shops get 2 new tenants
September 15, 2009
Munoz Mexican Restaurant and Cosmopoli-Tan have leased space at The Shoppes at Deerfoot in Trussville. The restaurant is leasing 4,200 square feet, while the tanning salon is in a 2,800 square foot space. Brooks Corr of Retail Specialists, Inc. represented the landlord in the deals.
