Soccer stadium plans unveiled

By JOHN BOOTH2:45 pm, November 30, 2006

Developers Scott Wolstein and Paul Garofolo unveiled their plans Thursday for a 20,000-seat stadium in northern Summit County, along with proposals for two adjacent shopping centers and a medical campus.
Mr. Garofalo, president and CEO of Wolstein Sports and Entertainment Group LLC, announced details of the plan in a press release and at a news conference in Macedonia.

The 450-acre development would lie along state Route 8 in Macedonia and Northfield Center Township.The project’s price tag is estimated at more than $320 million, with the stadium costing roughly $165 million, according to media reports. Financing would come from the Wolstein Group and bonds sold by the Summit County Port Authority.
The proposed stadium would sport a retractable roof and host a Major League Soccer expansion team. According to an economic study commissioned by the developers, the stadium could host 91 events per year.
One retail area would include a 425,000-square-foot lifestyle center in the vein of Crocker Park, while the other would be a 250,000-square-foot center with an anchor retailer.The proposed medical campus would include an urgent care center, a sports rehabilitation center and a senior citizens wellness center.

Breaking News from Crains

BREAKING BUSINESS NEWS
Clear Channel to be sold in $26.7B dealA pair of Boston-based private equity firms will lead group planning to merge with the owner of local radio stations WTAM and WMMS.

Pennsylvania's 1st slots casino opens

By MICHAEL RUBINKAM, Associated Press Writer 1 hour, 26 minutes ago

WILKES-BARRE, Pa. - Pennsylvania's first slot-machine parlor, Mohegan Sun at Pocono Downs, opened Tuesday to a shower of confetti and rain as the state embarked on its ambitious plan to have gamblers pay for cuts in property taxes.

Hundreds of gamblers — mostly senior citizens — poured into the casino as the doors were opened and occupied most of its nearly 1,100 seats in less than 10 minutes.
Inside, Wilkes-Barre car dealership manager Vince Esposito was one of the first to start playing, putting a $20 bill into a Double Powerball machine. "That's entertainment," he said as he pushed the button. Right beside him, Sharon Chapman of Summit Hill put in $20 and hit for $50 within two minutes.

At least some of the 28 area Tops Markets set to close in four weeks will be sold off

By JOHN BOOTH1:21 pm, November 9, 2006

At least some of the 28 area Tops Markets set to close in four weeks will be sold off, according to an official with the Buffalo, N.Y.-based company. About 1,500 workers are employed at the stores.

“We are still talking to other buyers who are very interested in employing our associates,” said Tops spokeswoman Tracy Pawelski. “We hope to make those announcements very shortly.”Asked if it is a certainty that some of the 28 local Tops stores will be sold rather than closed, Ms. Pawelski replied,“Yes. Absolutely.”

Last month, Tops announced the sale of 18 of its 46 Northeast Ohio stores to Pittsburgh-based Giant Eagle Inc. Four of those stores will be sold to Dave’s Supermarkets, with a fifth to be run by an independent Giant Eagle operator.Any Tops stores remaining unsold will close December 8 “whether or not a buyer has been found,” according to a press release.That release notes, however, that Tops parent company, Netherlands-based Royal Ahold N.V., “is in the process of finalizing additional agreements in the upcoming weeks.”

Pappas Realty Co. sells 20-unit apartment building in Medina

Sean Dreznin of Pappas Realty Co., recently completed the sale of a 20-unit apartment complex in Medina, Ohio.



Please contact Pappas Realty Co., with questions or comments.

330.762.0535

Pappas Realty Co. sells 20-unit apartment building in Medina

Sean Dreznin of Pappas Realty Co., recently completed the sale of a 20-unit apartment complex in Medina, Ohio.

Please contact Pappas Realty Co., with questions or comments.

330.762.0535

Renegotiate

With the significant drop in housing starts, sales & contracts, many developers are renegotiating option they had on land for future developments. When and if no agreement can be reached, the developers will remove the option.

CBRE to Buy Trammell Crow in $2.2B

DealCB Richard Ellis Group, Inc. has agreed to acquire Trammell Crow Co. in a deal valuing the Dallas firm at about $2.2 billion, including assumed debt.

The acquisition would give CB some $4.4 billion of annualized revenue, which CB said would make it the first commercial real estate services company to qualify for the Fortune 500 list of the largest U.S. corporations.

The acquisition is slated to be completed by the end of 2006, or early 2007. CB said it would retain the Trammell Crow Co. brand and that its development and investment operations would operate as independent units.