Category Archives: Top News Now Las Vegas

Lionel Richie’s hit-powered production returns to the Axis

Lionel Richie is embarking on a project sure to reinforce his Las Vegas connections. After years of legal settlements with the estate of Sammy Davis Jr., a team of producers including Richie has finally gotten the thumbs-up to establish a feature movie based upon Davis’ extraordinary life, a movie likely to information Davis’ many years as a Vegas headliner.

“It’s an honor for me to bring the life of among my idols and good friends to the screen. … I could not be happier to be progressing on this passion task,” Richie stated earlier this year.

He’s following in his idol’s steps now. The hitmaking former frontman of The Commodores introduced his “All the Hits” residency at the Axis at World Hollywood Resort in April 2016, and he’s back on the Strip this month with what has become one of the theater’s most popular productions.

Richie really has “All the Hits” and knows members of his audience have memories connected to each legendary track. His toolbox of slower tunes are amongst the best-loved love tunes of perpetuity, from “Hello” to “3 Times a Lady.” However if all the headliners at the Axis are required to turn their shows into a huge dance party– and that seems the case– Richie is more than approximately the task. After all, you do not offer more than 100 million albums on ballads alone. Richie gets everyone out of their seats with “All Night Long (All Night)” and “Dancing on the Ceiling,” then presses the concept of an arena-wide sing-along to the next level with anthemic hits “Say You, State Me,” and the classic “Easy.”

This show has all the aspects to end up being among the all-time greats on the Strip, perhaps effective sufficient to position Richie in the exact same Las Vegas legend classification as Sammy Davis Jr. Lionel Richie: All the Hits at the Axis at Planet Hollywood, November 29-December 16.

Developers, Preservationists Lobby to Save Tax Credit for Historic Renovations

Program Defended as Essential Tool in Creating Jobs, Promoting Urban Renewal, Neighborhood Development

Federal historic tax credits have been a crucial component of the $70 million renovation of the Wrigley Building in Chicago over the last a number of years.

Credit: North American Properties

Commercial property appears to fare effectively in the House and Senate tax expenses being advanced in Congress, which include several significant arrangements favored by the market including keeping 1031 tax-free exchanges. It now appears progressively most likely that some kind of comprehensive tax reform legislation will be passed, perhaps as early as next week.

One long-time tax provision that may not be continued, a minimum of in its existing form, is the federal Historic Tax Credit (HTC). A Reagan Administration-era program popular with both historic preservationists and urban developers, the program is credited by advocates with producing more than $131 billion in personal financial investment, protecting over 42,000 structures and producing almost 2.5 million construction and irreversible jobs throughout the nation.

The U.S. Legislature, in approving its variation of the sweeping Tax Cuts and Jobs Act last week, removed the 20% tax credit for the rehabilitation of historical, income-producing buildings certified by the National forest Service as historical structures.

The Senate’s version of the tax reform bill initially called for decreasing the tax credit to 10%. However, the Senate Financing Committee on Thursday passed a modification backed by Republican Sen. Expense Cassidy of Louisiana keeping the 20% credit in place however requiring it to be claimed over a five-year duration. The legislation advances to the full Senate for an expected hearing after the Thanksgiving holiday. It stays to see exactly what happens to the program when your house and Senate work to reconcile the two costs.

Stephanie K. Meeks, president and CEO of the tax credit’s leading advocate, the National Trust for Historic Conservation, called the Senate committee’s action a “important advance” however kept in mind that more work is needed to maintain the credit, which Meeks stated “fuels the economic engine that is bringing our downtowns, neighborhoods and Main Streets across America back to life.”

“Eliminating it now would be shortsighted and would threaten the revival that is evident in America’s cities and towns,” Meeks said. “There ought to be no pause, no waver or perhaps the smallest doubt in protecting this important program.”

The tax credits have actually been a mainstay for developers repurposing obsolete buildings and has been utilized in the remodellings of several high-profile residential or commercial properties, such as the Wrigley Structure in Chicago and the Trump Organization’s redevelopment of the Old Post Office in Washington, D.C. into a hotel.

Fans pointed out numerous current tasks, including the restoration of Drayton Mills, a rehab of an abandoned mill into 289 luxury apartments in Spartanburg, SC, as a nationwide model in using tax credits to rejuvenate neighborhoods. The task by the Charlotte-based Sherbert Group at the site of a previous textile mill and mill storage facilities built in between 1902 and 1950 is the biggest historic remediation project in South Carolina to date.

Sen. Tim Scott, R-SC, a member of the Financing Committee, explored the residential or commercial property with U.S. Housing and Urban Development Secretary Ben Carson previously this month and touted the project to the committee recently as bringing brand-new life to a dilapidated part of the community.

Investments in the state of Maryland in over 500 rehab projects has generated more than $2 billion in net tax income and produced 28,000 tasks, consisting of 15,000 long-term tasks, said Scott’s associate, Senate Financing Committee member Benjamin L. Cardin (D – MD) during the Nov. 17 hearing.

Cardin also mentioned the $21.2 million renovation of the historical American Brewery, a huge Victorian-style brick structure in East Baltimore integrated in 1887, as a success story. The building stood uninhabited for more than 30 years prior to the non-profit social services organization Humanim acquired the structure for the redevelopment, enabled through state and federal historical tax credits and personal contributions.

Likewise in Baltimore, the daddy and kid group of Donald and Thibault Manekin and their company, Seawall Development, recently transformed a tin can factory on Howard Street built in 1910 into a mixed-used development. The factory shut down in the 1950s, served as interim commercial space and ultimately sat vacant for Twenty Years before Seawall Advancement, which has finished or is pursuing advancement of more than $200 million of innovative adaptive reuse projects in Baltimore and Philadelphia, purchased and redeveloped the site into cost effective labor force housing for teachers and workplace for education-related nonprofits.

“It has changed that entire neighborhood and stimulated development of homes, buildings, dining establishments and other economic development,” Cardin stated.

Five timeless neon signs beyond the Neon Museum

1. The Flamingo Among few neon signs remaining on the Strip, the Flamingo’s upswept plume of pink and orange neon is an essential part of Vegas’ iconography. 3555 Las Vegas Blvd.

S. 2. Holsum Lofts” … Hours fresher,” guarantees the 1954 indication for this previous pastry shop. Today, the Holsum building is workplace and retail space, but the freshness glows on. 231 W. Charleston Blvd.

3. Rainbow Club The awning of this Henderson gambling establishment is a brilliant, glowing rainbow of neon, decorated with a stylized logo design that could have belonged to a 1970s discotheque. 122 S. Water Street.

4. Vegas Vic Sorry, Brandon Flowers, however you’re not actually The Male. That honor belongs to this 40-foot-tall, neon-framed cowboy, developed for the Leader Club in 1951. 25 E. Fremont Street.

5. Huntridge Center One of Downtown’s most recent signs was explicitly developed and integrated in the 1960s Googie style, to match its midcentury shopping plaza. 1120 E. Charleston Blvd.

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Vacation Retail Outlook: Standard Bargain-Hunting, Rising Mobile App Use Expected to assist Increase Sales Both Online and in Shops

Omnichanneling Begins to Pay Dividends as Merchants Blend Strategies for Reaching Shoppers in Shops and Online

Credit: Simon Home Group

With an additional shopping weekend on the calendar and customer confidence standing at a 17-year high, nearly all retail analysts are preparing for extremely strong 2017 vacation shopping results for both online and brick-and-mortar sellers.

Forecasts vary from a 3.8% boost in vacation retail sales from 2016 by the International Council of Shopping Centers (ICSC) to a 6% rise forecasted by PricewaterhouseCoopers, according to CoStar’s survey of vacation costs outlooks by CRE brokerages, accounting firms and market groups.

The National Retail Federation anticipates 164 million Americans to strike shopping centers and shopping mall or store online over the Thanksgiving vacation weekend and Cyber Monday. NRF tasks 70% of those buyers plan to go to stores on Black Friday, typically the leading sales day of the year for physical sellers.

In spite of the strong showing expected in stores, Deloitte reports that shoppers anticipate to invest 52% of their vacation budget plan this weekend online and 46% in physical shops. Nearly three-quarters, 72%, of participants to Deloitte’s study strategy to shop online on Cyber Monday and Deloitte is predicting vacation online sales to soar another 18% to 21% to a record $107 billion, up from in 2015’s 14.3% boost.

” Consumers are preparing to increase spending, and while online is expected to pull more from shoppers’ budgets, there is still a healthy outlook for traffic in the stores, especially on Black Friday,” stated Rod Sides, vice chairman of Deloitte LLP and U.S. retail, wholesale and distribution leader. “Store retailers will have shoppers’ attention with the overall enjoyment of the day and tradition of shopping with loved ones.”

Regardless of where they shop, many customers will count on cellular phone and other digital tools. Almost 40% of Deloitte survey respondents anticipate to buy something online while in a store after finding much better rates or rate matching, and 36% say they’ll be affected by offers from a mobile phone while in-store over the Thanksgiving weekend.

An estimated 56% of those responding to this year’s National Retail Federation (NRF) and Prosper Insights & & Analytics survey had currently begun their holiday shopping by Nov. 7, the week after Halloween, which has now become the official start of the holiday shopping season as sellers attempt to entice shopping dollars earlier and earlier before Christmas.

Consumers remain in their finest position in years to spend more money in coming weeks. A strong and constant economy, nearly full work and the rise in consumer self-confidence need to help drive a 6% increase in retail spending this holiday, with Generation X buyers for the very first time exceeding Baby Boomers as the greatest spenders, inning accordance with JLL’s holiday shopping outlook.

Shoppers Won’t Desert Shops, But Will Bring Their Cellular Phone

Nearly 40% of customers surveyed by JLL said they prepare to patronize more than six physical stores this holiday season, with nearly two-thirds reporting they will shop at “warehouse stores” such as Target or Walmart and about 44% doing a minimum of some of their shopping online. Department and clothing or accessories shops will garner simply under half of sales, followed by 35% for electronic, toys or video game shops, and 31% for bath/beauty or cosmetic stores, inning accordance with JLL.

” Customers who prepare to do the majority of their shopping online will still venture out to physical stores, either to pick-up purchases bought online, or buy high-end products they want to touch and test,” stated JLL Director of Retail Research Study James Cook.

On the other hand, merchants are significantly utilizing mobile technology to create sales and collect consumer data, according to CBRE’s 2017 U.S. Retail Holiday Trends Guide.

As brick-and-mortar brands make mobile an integral part of their omni-channeling method, retail sales made through a phone or tablet are expected to increase 38% for full-year 2017, accounting for 34.5% of all e-commerce purchases, with the bulk going to brick-and-mortar brands.

Enhancements in retailer mobile apps like in-store scanning, with immediate access to in-depth product details and reviews, “wish lists” and offers tailored for shoppers, are expected to be popular with consumers this season and throughout 2018, as more retailers and shopping mall landlords embrace mobile and social networks advertising.

” We prepare for that this season will display methods of reaching clients through numerous selling channels as well as catering to their need for new principles and worth pricing,” said Melina Cordero, head of retail research study in the Americas for CBRE.

” We’re still in the early phases of this really considerable disturbance,” stated Cushman Senior citizen Handling Director and eCommerce Advisory Group head Ben Conwell. “The connection between the shop and online experience is huge and reveals no indication of decreasing.”

Pop Up Principle Infecting Retail Logisitics

CBRE likewise kept in mind an interetsting pattern of a “pop-up warehouse” model going into the marketplace. Early on-demand storage facility companies, such as Seattle-based Flexe, are attempting to match excess storage facility area with merchants needing extra storage area on a temporary basis. A retailer with big seasonal stock peaks can utilize the brand-new service to reserve distribution area on a short-term basis.

Users who use on-demand flexible storage facility area to augment a seasonal inventory surge with a single yearly peak can improve storage facility utilization by practically 100% and cut general seasonal storage facility and stock costs in half, according to a recent study by Flexe.

” We see these patterns as natural actions for sellers making every effort to best their omnichannel operations for offering across all channels and to improve customers’ experiences in each,” added Brandon Famous, CBRE senior handling director of retail advisory and transaction services.

Shop Closures to Peak in 2018

Disallowing a Christmas wonder, nevertheless, the increased retail spending is not likely to reverse the fortunes of numerous distressed merchants at risk of personal bankruptcy and mass store closures, inning accordance with Garrick Brown, vice president and head of Americas research for Cushman & & Wakefield.

He anticipates 2017 to end with an aggregate overall of 9,000 shop closures in the United States, and likely more in 2018.

Late Tuesday, New York City based clothing chain J. Crew Group Inc. revealed it will close 39 more stores by the end of January for an overall of 50 stores in fiscal-year 2017 as same-store sales decreased 12% in the most current quarter.

“We acknowledge that in order to own top-line development we need to develop our company design from a conventional brick-and-mortar specialty seller to a digital-first omnichannel organisation,” J. Crew President, COO and CFO Mike Nicholson informed financiers.

“We are devoted to driving outsized growth with our strong e-commerce capabilities, complemented with a more appropriately sized realty footprint,” Nicholson included.

Check out Japanese whisky at Nobu Hard Rock

Las Vegas’ original Nobu dining establishment at the Hard Rock Hotel is doubling down on the Japanese whisky fad with Japanese Whisky Wednesdays– a weekly event providing the chance to enjoy among the biggest collections of the popular spirit in a creative way.

The unique event cocktail menu features brand new beverages made with barrel-aged, pure malt and mixed scotches, but Japanese craft beers and a wide range of drinking bourbons are likewise available. You can take the experience to another level with Nobu bites paired with your selected mixed drink, too.

The tidy, fresh Toki Highball makes for the ideal entry point– Suntory Toki whisky with Voss Norwegian sparkling water, house-made yuzu bitters and a charred Meyer lemon peel served over hand-carved ice. Expand your taste horizons with the Hibiki Consistency Old Fashioned: blended Hibiki with cara orange, Demerera syrup, orange and cardamom bitters with Japanese cedar-wood smoke and a Luxardo cherry. And don’t miss out on the considerably intense AKA-Suru, made with Taketsuru Pure Malt whisky, ginger liqueur, Cointreau, fresh lemon juice and house-made grenadine and cherry bitters.

Nobu has actually been setting the pace and making an effect on the Vegas scene for more than 20 years. With this specialty experience, it’s clear this dining– and drinking– organization still has plenty to use. Japanese Whisky Wednesdays at Nobu at the Hard Rock Hotel, Wednesday 6-10:30 p.m.

‘Baz’ makes its mark at Palazzo Theatre

When it made its Las Vegas debut in 2015 at Light Nightclub in Mandalay Bay, Baz felt like a little an experiment– something fresh and various in a not likely place, yet plainly targeted at a younger showgoing audience. That wasn’t the right area for the genre-bending show produced by LA-based theatrical company For the Record, however it has actually given that found its footing at the Palazzo Theatre, where last week the cast and team came together to commemorate program No. 400 given that opening there in July 2016.

Just recently renamed Baz: A Musical Mash-Up, the energetic, immersive production notoriously mixes songs and scenes from film visionary Baz Luhrmann’s motion pictures Romeo + Juliet, Moulin Rouge and The Terrific Gatsby. The powerhouse ensemble cast continues to develop buzz for one of the Strip’s many special programs. There really is absolutely nothing else like it. Baz: A Musical Mash-Up at Palazzo Theatre, Tuesday-Sunday, 7 p.m., 702-414-9000.

Teen idol David Cassidy, '' Partridge Family' ' star, dies at 67

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Patrick Dodson/ The Daily Gazette/ AP Seventies heartthob David Cassidy leaves town court in Schodack, N.Y., on Wednesday, Sept. 3, 2014. Cassidy pleaded guilty to a misdemeanor charge of driving while inebriateded in upstate New York.

Tuesday, Nov. 21, 2017|6:30 p.m.

LOS ANGELES– David Cassidy of “The Partridge Family” fame has died at age 67.

Press agent JoAnn Geffen released a statement Tuesday evening stating Cassidy had actually died “surrounded by those he enjoyed.” No even more information were right away readily available, but Geffen stated on Saturday that Cassidy was in a Fort Lauderdale, Florida, hospital suffering from organ failure.

The teen and pre-teen idol starred in the 1970s comedy and offered millions of records as the musical group’s diva.

“The Partridge Household” aired from 1970-74 and was meant at first as a lorry for Shirley Jones, the Oscar winning starlet and Cassidy’s stepmother. Jones played Shirley Partridge, a widow with five children with whom she forms a popular act that takes a trip on a psychedelic bus. The cast included Cassidy as eldest son and family heartthrob Keith Partridge.

As Soon As Retail Darlings, Off-Price Dept. Stores Rethinking Area Methods as Sales Decrease

Likewise rapid growth and convenience of e-commerce shopping is also taking its toll on off-price store sales, as it has with other bricks-and-mortar formats./ ul>>

.” The web has reproduced a smarter consumer: she knows where to obtain the very best cost; she understands if a bag is produced the outlets– or is the genuine offer. Often she cares, in some cases she does not, but she does desire a great experience, whether it is easy parking, unique stores she can’t discover everywhere, or remarkable dining,” said Soozan Baxter, principal of Soozan Baxter Consulting, a New York-based, landlord-focused retail advisory firm. “She likewise desires a wise, educated and engaged store associate. If she cannot get that, she gives up and goes to another store, or stores online.”

How this all plays out is still prematurely to tell, but it appears to be clear that merchants are reassessing their off-price organisation models as far as store places are worried, kept in mind KBRA.

Macy’s just recently revealed a modification in area technique for its Macy’s Backstage concept with all of the revealed openings for new Backstage stores slated to be located within full-line Macy’s shops rather than as standalone shops.

” We are pleased with the efficiency of our Backstage stores within our Macy’s shops and are thrilled by the capacity of this concept. It is the only mall-based, off-price idea which we now are realizing gives us a competitive advantage,” Karen M. Hoguet, CFO of Macy’s informed analysts during the company’s recent quarterly profits teleconference. “Details are still being developed, however we prepare to broaden it strongly next year.”

Macy’s executives added that they prepared to start experimenting by positioning Backstages in “bigger doors” in the future, and were taking a look at various parts of the online shops where they could be put.

It’s a wise concept, Baxter stated. “Having Macy’s include its off-price channel into its stores is clever, considered that its off-price concept name does not have a lot of brand name equity. Their client is utilized to the ubiquitous couponing in its stores, and much of its boxes are over-sized and could use a retailing refresher.”

On the other hand, Nordstrom is choosing to increase the distance in between its Nordstrom Rack areas and the seller’s full-line offerings, inning accordance with KBRA’s analysis.

Around 42% of its off-price stores are presently found within 5 miles of the nearest full-line Nordstrom store. THta’s changing as just 17% of new Rack stores set up to open will lie that close to an existing Nordstrom.

While the change in distance in between shops could be the result of readily available realty, it could also signal that the merchant is aiming to mitigate the capacity for cannibalization and brand dilution, inning accordance with KBRA.

” Having plans that were now in hindsight too aggressive triggered our groups to have to pull back a bit,” Blake Nordstrom, president of Nordstrom’s told experts in a current teleconference. “We think that culminated a little bit in that downward trend that we saw in the third quarter.”

Nordstrom Rack stays a meaningful part of business, he added.

” In general, our total off-price company is $5 billion,” he said. “It’s a healthy company and we see lots of opportunities and we are encouraged by it.”

On The Other Hand, Neiman Marcus seems taking steps to minimize sales cannibalization and brand dilution for its Last Call off-price shops. This past September, the high-end seller closed 10 of its off-price shops. Eight were within markets where it had two or more full-line Neiman Marcus stores, including in Philadelphia, Detroit, Atlanta, Chicago, Dallas, San Francisco and Washington, DC.

” This choice is about enhancing our Last Call shop portfolio to deliver the very best customer service and maximizing resources to support brand-new initiatives for our full-line Neiman Marcus and Bergdorf Goodman channels. We are buying our strengths as the clear leader of high-end luxury retail,” said Elizabeth Allison, senior vice president, Last Call told the Dallas Morning News, where the seller is based.

The 18th annual Latin Grammys captivate MGM Grand Garden Arena

Nobody at MGM Grand Garden Arena was amazed when “Despacito” took 4 trophies at the Latin Grammy Awards on November 16– the greatest night in Latin music was definitely going to recognize one of the biggest Spanish-language singles ever to strike the worldwide charts. But the rest of the musical event had lots of remarkable performances, astonishing award presentations and memorable moments– including some extremely Vegas team-ups. Henderson resident Steve Aoki and Marquee Club artist French Montana helped amp up an efficiency by J Balvin and Bad Bunny, and Wynn Nightlife super star Diplo became part of a show-closing ensemble (along with Bomba Estéreo and Victor Manuelle) that carried out Luis Fonsi’s smash “Despacito.”

Bringing awareness and aid to Puerto Rico was the focal point of the 18th-annual awards event, which opened with a minute of silence followed by Puerto Rican rap phenom Residente– who scored nine nominations and won two awards– performing “Hijos de Cañaveral.” Alejandro Sanz received the 2017 Latin Recording Academy Individual of the Year award, and Hamilton playwright Lin Manuel-Miranda was granted the President’s Benefit Award.

Among the surprises were bachata-pop singer-songwriter Vicente García snagging 3 Latin Grammys and actor-salsa vocalist Ruben Blades winning two times for the album he recorded with Roberto Delgado & & Orquesta– consisting of the coveted Album of the Year award, where the veteran performer won out over stiff competition from Juanes, Shakira, Nicky Jam and Residente.

Piedmont Strikes Offers to Sell 14 Office Complex to Pair of Undisclosed Purchasers


Piedmont Pointe II in Bethesda, MD. As part of its continuous strategy to focus on owning Class An office residential or commercial properties in select submarkets primarily within 8 significant Eastern U.S. office markets, Piedmont Workplace Real Estate Trust (NYSE: PDM) said it is in the process of offering 14 office buildings across the nation to two different buyers for a total minimum gross prices of roughly $425.9 million.

The properties total 2.6 million square feet and have a combined tenancy of 76%.

The price might increase an additional $5 million to $10 million if specific leasing targets are fulfilled within six months after the closing date, which Piedmont anticipates will remain in January 2018.

The REIT stated it expects to tape-record a gain of approximately $40 million in conjunction with closing one of the deals and a non-cash problems loss of roughly $48 million on the other transaction, prior to considering any extra cash made on meeting the leasing targets. Both agreements are subject to traditional closing conditions.

The sales will see the Atlanta-based REIT exit four markets: Detroit, Nashville, South Florida and Phoenix. The REIT owns seven office buildings in those markets.

Piedmont is also cutting the variety of submarkets where it owns property within several of its core markets, consisting of in Atlanta, Boston and Washington DC’s Maryland suburban areas.

It is also decreasing its exposure in Chicago where three of the structures being offered lie and where it owns 11 properties in total. The list of office complex associated with the pending offers appears below.

” As we’ve indicated before, we believe that being a net seller today is the right thing to do at this moment in the cycle,” Robert Bowers, CFO Piedmont told experts this month.

During the third quarter, the REIT finished two sales: Two Self-reliance Square at 300 E St. SW in Washington D.C for $360 million, or $593 per square foot; and 8560 Upland Drive, an 149,000 square foot office/warehouse building, which was Piedmont’s last possession in Denver, offered $17.6 million.

ARIZONA

Desert Canyon 300, Phoenix

FLORIDA

2001 NW 64th St. Ft. Lauderdale

5601 Hiatus Roadway, Tamarac

GEORGIA

Suwanee Entrance One, Suwanee

ILLINOIS

Windy Point I and II, Schaumburg

2300 Cabot Drive, Lisle

MARYLAND

Piedmont Pointe I & & II, Bethesda
MASSACHUSETTS

1200 Crown Colony Drive, Quincy
MICHIGAN

Auburn Hills Corporate Center, Auburn Hills

1075 West Entrance Drive, Auburn Hills

TENNESSEE

2120 West End Ave., Nashville

5301 Maryland Method, Brentwood