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→ Bloomberg: Icahn Urges Family Dollar CEO to Seek Sale ‘Immediately’

The retailer has been struggling to compete with rival discounters, drugstores and big-box retailers such as Target Corp. and Wal-Mart Stores Inc. To combat slumping sales, Family Dollar embarked on a review of its business this year. As part of its turnaround plan, the company is closing about 370 underperforming stores and opening fewer new ones. It’s also lowering prices in a bid to entice shoppers.

‘Consistently Underperformed’

Family Dollar has “consistently underperformed its peers” in same-store sales, total revenue growth, sales per store, sales per square foot, operating margins and capital-structure efficiency, Icahn wrote in the letter, which opened by remarking on the “cordial nature” of the previous night’s discussion.

Meanwhile, in Providence we’re throwing out our zoning regulations to accomodate the “proven business model” of this “consistently underperforming” retailer. Olneyville risks ending up with an empty big box more craptacular than the building that was torn down to make way for it.

→ Providence Business News: Solomon proposes citywide 15-year tax stabilization plan

“I want to send a loud and clear message to the development community that Providence is open for business,” Solomon said in the news release. “If we don’t bring certainty to this process we are losing a once in a lifetime opportunity to grow our tax base, grow our population and create much needed jobs. I plan to reach out to the developers who have expressed frustration with the process to assure them my plan will remove the politics and uncertainty that has plagued this city for far too long.”

The new system would be based on recommendations issued earlier this year by an economic development task force formed by the city council partly in response to the continued vacancy of the Industrial Trust building.

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→ PBN: ‘Superman’ developer submits revised proposal for state aid

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The owner of the vacant “Superman Building” at 111 Westminster St. downtown Wednesday proposed a new $39 million package of state assistance to renovate the tower.

In its second attempt to gain state financing for a rehabilitation project, High Rock Development said it would seek legislation to create a 111 Westminster Historic Redevelopment Program and Revolving Fund to finance converting the office building into a mixed-use project with 280 apartments.

Full disclosure: I work for Cornish Associates who are consulting with the building’s owner, High Rock Development.
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→ WPRI: ‘Superman’ building again seeks state support

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Superman Building banking hall. Image by Jef Nickerson

The owner of Providence’s tallest building said Monday he will again seek state support to help turn the vacant skyscraper into apartments.

David Sweetser, whose real estate investment firm High Rock Development owns 111 Westminster Street, is calling for a “public-private partnership” to renovate the building that he claims would create hundreds of jobs and generate millions of dollars in tax revenue for the state.

- WPRI
Full Disclosure: I work for Cornish Associates who are consultants for High Rock Development.
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Providence Preservation Society 2014 Ten Most Endangered Properties

The Providence Preservation Society has released its annual list of the Ten Most Endangered Properties in Providence. The list will be highlighted with a photo exhibit at their annual meeting tonight.


The List:

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All photos by Jesse Burke for PPS.

57 Federal Street (Early 19th Century) Federal Hill
PPS Most Endangered: 2014 Building type: Residential
Threat: Neglect

Among the oldest buildings on Federal Hill, 57 Federal Street is a two story, 5-bay-facade, center hall-plan house with a single interior brick chimney and a central entrance with sidelights, located between Atwells Avenue and Broadway. While Federal- era houses of this style are not uncommon on the East Side of Providence, the Federal Hill neighborhood was largely undeveloped grazing land before 1820. Although 57 Federal Street is likely one of the oldest remaining buildings in the immediate area, it is not included on any historic resource survey, and is not listed on the National Register of Historic Places.

While the existing door head may be a modern replacement, several of the building’s details remain remarkably intact including the building’s clapboards and window sash. Unfortunately, the house has been abandoned for several years, with broken windows on the second story leaving the building completely open to the elements.

In the coming year PPS hopes to better document this unique building, and work with the City of Providence to fully secure the building and address maintenance and safety issues.

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What Cheer / What Jeer 2013

We’re running a little late this year but we’re finally ready to run down the What Cheers and What Jeers of 2013.

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WHAT CHEER: South Street Power Station (Maybe)

In 2013 we got another plan to redevelop the moribund South Street Power Station. While numerous plans for the building, which at one point was known as the Dynamo House, have come and gone, this latest plan engenders optimism as Brown University is involved now.

In January the New York Times and then The Brown Daily Herald reported on rumors of the university becoming involved in the project. Then in June Brown announced it’s plans for the building in a letter to the campus community.

Those plans include a home for the long talked about URI/RIC Nursing School, office space for Brown, and some sort of retail component in the former power station building. Brown also has a developer engaged in building a student apartment building in the neighboring parking lot along Point Street and the City is involved in plans for a parking structure across Point Street from that.

The latest news on the project comes from the ProJo just before Christmas with reports that the PRA is considering condemning the building so the project can move forward.

While this could all be looked at as another in a long line of proposals for the building, Brown’s involvement makes this proposal seem more promising. 2014 will show us if this project actually moves forward.

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