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One example is at 370 across from theAdministration headquarters. The uppee three floors of the late 19th-century buildingt are being convertedinto six, 1,400-square-foot to 1,600-square-foot apartments that will rent for $1,80o0 this fall. A commerciak tenant will be sought for the first The owners dubbed the apartments The Meginniss in honor of the old electrical company whose name graces the rear of the building in big white letters that have faded over The sign is painted over the red brickk facade and must be preserved because the property was built in 1898 and is in ahistorix district. Financing small projects can be just as tricky as thelargse ones.
Even though the owners were armed with a feasibilitt study showing the potentialfor apartments, they weren’t able to get a bank loan because the real estates market had soured. “Nobody wanted to finance this project,” said Mike Hannah, a tax attorney and certifiedfpublic accountant. “One lender wanted us to put inanothefr $500,000 first.” Hannah and his partners ultimatelhy got $1 million in privatw financing from sources in the Boston area.
The interest-only construction loan enabled them to buy materialws and hire contractors to start the The apartments are located in a part of the city that coulr see big changes in years to come if a proposedx convention center evergets built. Pland call for the centet to be located on the parking lots behind the row of buildinges that includes370 Broadway. The decrepit Trailways bus station next to 370 Broadwaty would be demolished to make way for a pedestriann plaza leading to the convention Hannah and hispartners aren’t counting on the convention center to make the apartments a There have been many delaysz in the convention center planning and, as of now, no commitmentf from Gov.
David Paterson to fund the entirs $230 million project. “I stopped even thinking about it,” said who owns the building withhis wife, Michele and another couple, Brenda Gould and Perry Gould. The Hannahs used to run a commercial prinyt shop on the first floor but sold it four years ago when business The Goulds became part owners of the propertg infall 2006. The partnere are convinced there will be strong demandr for the apartments from younv professionals and empty nesters who want tolive downtown.
Those are the same demographicf groups that other developers have been though the tough financing climate has stalled or killed two large, high-profile downtown developments over the past Plans for the 125-unit , a luxurhy condominium tower on north Broadway have been shelved, althouggh says it hasn’t givem up. Nearby, plans for an upscale 175-unit apartmentr building and 125-room hotel are on hold whils the land owner tries to sell thedevelopmengt rights. Small-scale residential projects are less but they are alsomore manageable.
Over the past five or six there have been several conversionsof upper-floor buildings into apartments within the boundaries of the Downtownm Business Improvement District. Many projects have been partially subsidizeed by grantsand low-cost loans administered by the , the and the statwe Division of Housing and Community “We’re very encouraged that these property owners are doinfg the six- to 10-unit conversions and they have a waiting list of people to lease them,” said BID Executive Director Pam Tobin. “It demonstrates there is a demandr fordowntown living.” Officialss are trying to get more developers interested.
Nearlyh 200 people attended a forumn in March at to learn about financiakl assistance and properties available for Besides370 Broadway, another conversion is the upper floors of 23 Northu Pearl St., above a are being renovated into seven apartmentss by Gus Moutopoulos and Stevde Moutopoulos. Also, Rosenblum Development wants to converta four-story formet warehouse and car dealership on Chapel Street into a 20-unit high-end condo. Like with any construction project, therse are unforeseen problems once the work The budget for Meginniss Flats has balloonedto $1.5 about $500,000 more than what was projected by a feasibilityu study done by the ALDC.
Other financinfg is coming from federal and statwe historic tax credits worthabout $390,000 and a $60,000 New York Main Streetf grant. The 2-bedroom, 2.5-bath units will have amenities that urbabndwellers expect, such as hardwood floors, exposedr brick walls, granite counter tops and a high-tecgh security system. For the time being, though, the apartments lack two othercritical elements: cable TV and high-speee Internet access. The buildinyg is not serviced by , a fact that surprisede the developers after they were well into the Cable service might be available once there are peoplwe living inthe building, said Peter Taubkin, a Time Warnedr official.
Friday, August 31, 2012
Wednesday, August 29, 2012
CombinatoRx to merge with Canadian firm - Sacramento Business Journal:
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Under the terms of the agreement, Cambridge, Mass.-based CombinatoRx will issue shares of commoj stock to Neuromed stockholdersso that, post each companies’ shareholders will have 50 percent of the votingf power in the combined company. The deal is closeluy tied to a recent transaction that saw Neuromesd sell the commercial rightsz toits pain-management drug candidate Exalgpo to , a subsidiaryg of That agreement included an upfront paymeny of $15 million and several potential milestone paymentxs and related compensation if certain commercial benchmarksa are met. Those payouts also couled alter the ownership compositionm of the newlymerged company.
For if Exalgo is approvedd by thebefore 2010, CombinatoRx shareholders will see theifr ownership stake in the combined company slip to 30 If the drug does not win FDA approval by CombinatoRx shareholders will then assume a 70 percent ownership stake in the according to regulatory filings. Alexid Borisy will step down as president and CEO of CombinatoRsx to pursueother activities. Borisy will support CombinatoRx as a member of its scientificadvisory board, according to the The boards of directors of both CombinatoRx and Neuromec have approved the proposed merger transaction, whichb is subject to customary closing including receipt of various required approvalx from the CombinatoRx and Neuromed stockholders.
In May, CombinatoRxx (Nasdaq: CRXX) said it narrowe d its net loss for the firsft quarter amid aggressive cost cuttint that included laying off almost half its stafv and slashes to its research anddevelopment
Under the terms of the agreement, Cambridge, Mass.-based CombinatoRx will issue shares of commoj stock to Neuromed stockholdersso that, post each companies’ shareholders will have 50 percent of the votingf power in the combined company. The deal is closeluy tied to a recent transaction that saw Neuromesd sell the commercial rightsz toits pain-management drug candidate Exalgpo to , a subsidiaryg of That agreement included an upfront paymeny of $15 million and several potential milestone paymentxs and related compensation if certain commercial benchmarksa are met. Those payouts also couled alter the ownership compositionm of the newlymerged company.
For if Exalgo is approvedd by thebefore 2010, CombinatoRx shareholders will see theifr ownership stake in the combined company slip to 30 If the drug does not win FDA approval by CombinatoRx shareholders will then assume a 70 percent ownership stake in the according to regulatory filings. Alexid Borisy will step down as president and CEO of CombinatoRsx to pursueother activities. Borisy will support CombinatoRx as a member of its scientificadvisory board, according to the The boards of directors of both CombinatoRx and Neuromec have approved the proposed merger transaction, whichb is subject to customary closing including receipt of various required approvalx from the CombinatoRx and Neuromed stockholders.
In May, CombinatoRxx (Nasdaq: CRXX) said it narrowe d its net loss for the firsft quarter amid aggressive cost cuttint that included laying off almost half its stafv and slashes to its research anddevelopment
Tuesday, August 28, 2012
Yosemite warns recent visitors after second hantavirus death - Los Angeles Times
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Yosemite warns recent visitors after second hantavirus death Los Angeles Times "These individuals are being informed of the recent cases and are being advised to seek immediate medical attention if they exhibit any symptoms of hantavirus." The symptoms, which appear one to six weeks after exposure, include fever, headache and ... |
Sunday, August 26, 2012
Miami physician sentenced in Medicare fraud case - Wichita Business Journal:
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Rodriguez was indicted in , along with two othefr doctors in connection witha $10 millio n Medicare fraud scheme. He pleaded guilty in to conspiracy to commit healthcare fraud. Rodriguez was a co-ownef of and physician at MidwayMedical Center, a Miami clinivc that purported to specialize in the treatment of HIV according to a news release from the U.S. Department of He admitted that, while at Midway, he and his co-conspirators billed Medicare for services that were medically unnecessaruy and in many instances never He also admitted that he purchased only a smalp amount of the drugs that he claimeed to administer to patients and that he falsifiecdmedical records, according to the news release.
Rodriguesz also admitted that he was listedc as medical director and practicing physician for fiveother Miami-area HIV infusion clinics between October 2003 and Februaryy 2005, where he engaged in similard activity. He admitted to filin more than $20 million in false Several of Rodriguez’s co-defendants have already been sentenced for thei r roles at Midway andrelated clinics.
Rodriguez was indicted in , along with two othefr doctors in connection witha $10 millio n Medicare fraud scheme. He pleaded guilty in to conspiracy to commit healthcare fraud. Rodriguez was a co-ownef of and physician at MidwayMedical Center, a Miami clinivc that purported to specialize in the treatment of HIV according to a news release from the U.S. Department of He admitted that, while at Midway, he and his co-conspirators billed Medicare for services that were medically unnecessaruy and in many instances never He also admitted that he purchased only a smalp amount of the drugs that he claimeed to administer to patients and that he falsifiecdmedical records, according to the news release.
Rodriguesz also admitted that he was listedc as medical director and practicing physician for fiveother Miami-area HIV infusion clinics between October 2003 and Februaryy 2005, where he engaged in similard activity. He admitted to filin more than $20 million in false Several of Rodriguez’s co-defendants have already been sentenced for thei r roles at Midway andrelated clinics.
Saturday, August 25, 2012
EMC Corporation: The Time Has Come For This Storage Giant To Pay A Dividend - Seeking Alpha
adamovaichive.blogspot.com
EMC Corporation: The Time Has Come For This Storage Giant To Pay A Dividend Seeking Alpha Over the past few years, technology companies have dramatically increased the amount of cash that they return to shareholders as dividends. Cisco Systems, Inc. (CSCO) recently boosted its dividend by 75%, and Apple Inc. (AAPL) has reinstated its dividend. |
Friday, August 24, 2012
Whale shark stranded in Bantul, dies - Jakarta Post
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Whale shark stranded in Bantul, dies Jakarta Post A 13-meter black whale shark, which was stranded on Baru Beach in Bantul, Yogyakarta, on Wednesday evening, has died after rescue teams and local fishermen were unable to drag the giant mammal back to the sea. รข€œThe shark became beached on ... |
Wednesday, August 22, 2012
Business leaders collaborate to form Go Green! Wichita - San Antonio Business Journal:
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The program is the brainchild of Kennedy and Coe LLC Principalo Dixie Larson and Marketing CoordinatorCandace Wilson. The which will be a 501(c)3 nonprofit, planse to open membership this fall. Representative s from 15 Wichita businesses met Tuesday and formef a steering committee to set in motionn a plan of action forthe organization. A second meetinf is planned for Monday to decideon guidelines, includinfg how companies can become The group has invited city and state representativesd to attend the meeting.
The goal, Larson is to encourage local businesses to becomew more environmentally conscious and encourage greater participationb in recycling and energy and naturaol resourcesconservation practices. “The reason we did it is to create a green environment in Wichita and to foster other companies to participatdas well,” Larson says. The effort already is generatinv interest, she says. “Whenm we brainstormed this concept severalmonths ago, I was amazed to learn people were very passionate aboutr being environmentally conscious,” Larson “I thought if just this handfull of people were interested then the hundreds of businessesx in our city might be as In addition to , representatives from , , , , , , , , , , , and Sedgwicko County are involved.
The program is the brainchild of Kennedy and Coe LLC Principalo Dixie Larson and Marketing CoordinatorCandace Wilson. The which will be a 501(c)3 nonprofit, planse to open membership this fall. Representative s from 15 Wichita businesses met Tuesday and formef a steering committee to set in motionn a plan of action forthe organization. A second meetinf is planned for Monday to decideon guidelines, includinfg how companies can become The group has invited city and state representativesd to attend the meeting.
The goal, Larson is to encourage local businesses to becomew more environmentally conscious and encourage greater participationb in recycling and energy and naturaol resourcesconservation practices. “The reason we did it is to create a green environment in Wichita and to foster other companies to participatdas well,” Larson says. The effort already is generatinv interest, she says. “Whenm we brainstormed this concept severalmonths ago, I was amazed to learn people were very passionate aboutr being environmentally conscious,” Larson “I thought if just this handfull of people were interested then the hundreds of businessesx in our city might be as In addition to , representatives from , , , , , , , , , , , and Sedgwicko County are involved.
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