Who’s the new owner of iPic’s planned theater in Delray?

iPic Theater set for Delray Beach

iPic Entertainment is underway with construction of a luxury movie theater, office and retail complex in downtown Delray Beach.

But even before the shovels hit the ground this summer, iPic decided to bring aboard its developer, Samuels & Associates, as a partner in the venture, called 4th & 5th Delray.

In May, an iPic entity assigned its contract with the city’s Community Redevelopment Agency to a new entity, dubbed Delray Beach 4th & 5th Avenue LLC.

The LLC’s manager is, in turn, Delray Beach 4th & 5th Avenue Developer LLC, consisting of a Samuels & Associates entity and another iPic entity.

iPic Chief Executive Hamid Hashemi said iPic and Samuels are 50-50 partners in the deal to build the theater complex along Federal Highway, south of Atlantic Avenue between 4th and 5th avenues.

Earlier this year, iPic purchased the property from the CRA for $3.6 million, the same value assigned to the new entity.

A 20-year lease, with several options, has been signed and all the elements of the deal crafted by iPic are the same, Hashemi said. “Nothing is going to change,” Hashemi said. “The use cannot change. It’s a theater and offices.”

Cary Glickstein, Delray Beach’s mayor, agreed. Whatever entity owns the property is limited by the approved uses for a theater, offices, some retail space and a parking garage.

Glickstein said he was comfortable with Samuels & Associates being brought in as a partner in the deal. “iPic are not developers,” Glickstein said. “And this is a complicated project. This is right in Samuels’ wheelhouse, this mixed-use construction project.”

Indeed, Hashemi said he brought Samuels & Associates in as a partner because the company is an experienced developer with a deep knowledge of building mixed-use projects in urban locations. As such, Samuels will handle the “day-to-day” of running the job, Hashemi said.

“Developing in in an urban environment is much different than buidling on 441,” Hashemi said, referring to the western main road of Palm Beach County, which has plenty of wide-open space.

“It takes a high-level of supervision, and they have a team that does this on a day-to-day basis in multiple locations. They’re a good fit for us. But we’re still 50-50 partners in the site and very much involved,” Hashemi said.

Samuels has completed various projects in New England, particularly Boston. For instance, it built Van Ness, a Boston mixed-use project featuring apartments, shops, restaurants and an urban Target retailer.

The company also is familiar with the Palm Beach County market: The Samuels family has a home in Boca Raton, Hashemi said.

Foundation work is underway on the site, said Mark Butters, vice president of Butters Construction, the project’s builder.

Plans are to try to have the project completed by November 2018, barring any weather or government delays out if Butters’ control, he said.

If not completed by year end 2018, then the first quarter of 2019 will be the opening, Hashemi said.

Meanwhile, Hashemi said he’s busy with other deals nationwide. In fact, he said he has 20 other deals in various stages of completion, including in San Francisco and Dallas.

Hashemi’s ambitious expansion will be aided by a planned initial public offering of iPic stock, an offering he hopes will net the company between $30 million to $50 million.

Capital is important for iPic’s expansion. While most Palm Beach County residents are familar with its retrofit of an old theater at Mizner Park in Boca Raton, Hashemi said the bulk of its growth is in new theaters.

A successful IPO will bode well for iPic’s headquarters, slated to take office space in the new Delray Beach theater/office complex. The company employs 60 now in its Boca Raton headquarters but Hashemi said the space in Delray Beach can hold up to 150 people, more than double the headquarter’s current job count.

Glickstein said having a publicly-traded company in the heart of downtown Delray Beach “is a good thing for the city,” diversifying its core  with a growing workforce, in addition to the already numerous sources of entertainment and dining.

See which new store just opened at CityPlace

CityPlace

Natuzzi Italia has opened a 9,000-square-foot store at CityPlace in West Palm Beach, a move that signals the shopping, dining and entertainment center continues to boost its home furnishings offerings.

The Italian furniture brand is located on Rosemary Avenue, just south of the Cheesecake Factory restaurant.

Natuzzi’s products, made in Italy, feature sofas, armchairs, furniture and home furnishing accessories. The company is known for its sleek, contemporary styles.

Natuzzi has six other stores throughout Florida but only one other in Palm Beach County, in Boca Raton. Worldwide, Natuzzi has 1,200 stores.

In a statement, Natuzzi’s global retail chief, Nazzario Pozzi, said the company is moving quickly to expand its presence in the United States.

Plans for Natuzzi’s new store first were revealed to the Palm Beach Post in September 2015 by Ken Himmel, president of Related Urban, the mixed-use unit of New York-based Related Cos. and the developer of CityPlace.

At the time, Himmel predicted the store would open in the spring of 2016. It’s not clear why the store is opening more than a year later.

But back in 2015, Himmel said Natuzzi was lured to the site by the presence of a massive  “mansion” being built in the median of Okeechobee Boulevard for Restoration Hardware, a furniture and home furnishings store.

The 60,000-square-foot store is slated to open soon and will kick off Himmel’s plans to transform CityPlace into a home furnishings destination.

CityPlace has changed up its retail roster during its 17 years of operation.

It was designed as a large retail destination, with a number of high-end stores. Then it focused on home furnishings during the real estate boom. It then switched heavily to entertainment and dining when the recession hit.

Lately, women’s retailers have cycled out due to the advent of on-line sales, so Himmel has said home furnishings stores will play an important role at the center.

Last September, The Shade Store, a  Port Chester, N.Y.-based company selling premium custom window treatments, opened at CityPlace.

 

4th of July sales: Here’s where to find the best deals

If you are planning to shop 4th of July sales, you may want to consider these tips before you hit the stores.

The deal-hunting experts at FatWallet.com have put together a list of recommendations on what to buy, and what to skip this holiday.

Here are their tips:

View of customers at Rocky’s Ace Hardware store during Small Business Shopping day Nov 29, 2014 in Wellington.”We are up from last year with more than 400 customers so far,” said Bill Butler assistant manager. (Bill Ingram / Palm Beach Post) Beach Post)

 

Outdoor Sporting Gear — BUY

Hiking, camping and fishing gear will see deep discounts. Shoppers will also find some of the best deals of the summer on pools and outdoor toys and games.

RELATED: This retailer plans to open in The Gardens Mall

Swimwear — BUY

Swimwear and beachwear sales will feature discounts on top brands ranging from 25 to 75 percent off.

Kids Clothing — BUY

Many popular clothing brands offer site-wide sales that focus on summer apparel for children and babies. Savings of 20 to 40 percent can be found on shorts, polo shirts, dresses and sandals as retailers look to make room for new back-to-school items later in July.  Shopping through a cashback website like Ebates will earn additional discounts.

Air Conditioners — BUY

Stores like Walmart and Sears will offer 25 percent discounts on portable and window units. Expect to see fewer discounts and more limited selection after 4th of July sales events.

Furniture —  BUY

July is one of the best months to purchase furniture for the home. The holiday sales kick-off clearance of last year’s living room and bedroom sets. Furniture stores reduce prices on existing inventory to make room for new models arriving in late August.

Electronics — WAIT 

Those seeking good deals on most consumer electronics products will want to hold off until Prime Day and Back-to-School sales. Expect to see better pricing on Amazon products (Echo, Dot, Fire Tablets, Kindles and Fire TV), as well as TVs, home theater and wireless tech after the holiday.

Jeans/Denim — WAIT

The best denim sales of the year happen during August’s Back-to-School events for kids and in October for adults. Waiting can offer shoppers twice the savings over buying jeans in July.

Laptops and Tablets — WAIT

Main back-to-school laptop deals loom large in late July and August. Waiting offers parents a much larger selection of desktop, tablet and laptop deals. Those stack with additional savings from the summer’s Back-to-School sales tax holidays, student discounts and shopping rewards, often making prices better than Black Friday deals.

Wellington mall launches indoor farmer’s market

The Mall at Wellington Green will host an indoor farmer’s market during the warm summer months, officials announced Tuesday. 

The “Live 360° Indoor Farmer’s Market” kicks off on Saturday (June 10) and will feature freshly baked breads, plants, flowers, jams, jellies, honey, specialty dips, and gluten-free items. There will also be musical performances and demonstrations by local artists.

RELATED: Michael Kors closing up to 125 stores

The farmer’s market will be held the second Saturday and Sunday of every month through October in the City Furniture Court.

MORE: Top summer staycation spots in Palm Beach County

Market hours are Saturday from 10 a.m. until 9 p.m., and Sunday from 11 a.m. until 6 p.m.

 

 

Michael Kors closing up to 125 stores

Michael Kors, a high-end accessory and clothing company, announced Wednesday that it plans to close up to 125 stores over the next two years amid plummeting sales.

The company did not release a list of the stores that would close. In Palm Beach County, Michael Kors has locations in Palm Beach, Palm Beach Gardens and Boca Raton.

FILE – In this Nov. 27, 2015 file photo, a doorman holds the door for a shopper at a Michael Kors store at the Cincinnati Premium Outlets in Monroe, Ohio. For those willing to wait, there’s a best time of year to buy all kinds of things, from TVs to bathing suits. (AP Photo/John Minchillo, File)

Michael Kors is the latest in a series of retailers to announce store closings amid a surge in online buying. Macy’s, JcPenney, Hhgregg and BCBG Maxazria have all announced closures.

RELATED: These stores are closing in Palm Beach County

According to an earnings report released Wednesday, sales at the Michael Kor’s stores tumbled during the last quarter of the fiscal year. Total revenue fell by 11.2 percent to $1.06 billion from $1.20 billion in the fourth quarter of fiscal 2016, the report said.

As of April 1, Michael Kors operated 827 retail stores, including concessions, compared to 668 retail stores, including concessions, at the end of the same prior-year period. The Company had 133 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 960 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2017.

New Xfinity app helps parents monitor children’s Wi-Fi usage

Comcast has launched a new app that helps parents monitor the amount of time their children spend online.

The Xfinity xFi app, which is available across South Florida, shows customers what devices are connected to their home network and gives users control over their access.

The app’s  “Who’s Using What” feature allows customers to create personal profiles and assign devices to individual family members.

Users can also instantly pause Wi-Fi access on their home network, by device or user.

To get started, customers can go to http://www.xfinity.com/myxfi or download the xFi app (for iOS and Android).

This national chain has opened in the Boca mall

Papyrus, an upscale chain selling greeting cards, stationary, invitations, wrap and unique gifts, has opened its doors at the Town Center at Boca Raton. 

The 791-square-foot store is located in the Nordstrom wing, next to Pottery Barn.

“We are thrilled to have such an exciting announcement to share with our community,” Sean Carroll, director of marketing and business development at Town Center at Boca Raton said in a statement. “We are continually looking to enhance our visitor’s shopping experience by offering a vast array of retail offerings.”

Macy’s Backstage outlet store to open this weekend at this local mall

Macy’s Backstage, the company’s outlet store, will open its first Florida location on Saturday (April 29) inside the Macy’s at the Boynton Beach Mall.

Caption:CHICAGO, IL – AUGUST 14: A shopper carries a purchase from Macy’s along the Magnificent Mile shopping district on August 14, 2013 in Chicago, Illinois. Macys reported lower than-expected second quarter sales today and cut their profit outlook for the year. Some analysts fear the disappointed news will reverberate throughout the retail sector because Macy’s is looked at as a barometer of spending among middle- to upper-income shoppers. (Photo by Scott Olson/Getty Images)

To mark the occasion, the company plans to give away $20 gift cards to the first 100 customers. A ribbon cutting ceremony is set for 10 a.m.

The 19,000-square-foot outlet space will boast the “best of the Macy’s department store brand,” the company said.

The outlet’s opening comes less than a month after Macy’s closed its CityPlace location.  The 108,000-square-foot store in CityPlace is one of 68 locations the retailer plans to close this year as part of a downsizing effort aimed at boosting the retailer’s digital sales, outlet stores and luxury beauty division.

Sears to close 50 auto centers; 92 Kmart pharmacies

Sears plans to close 50 auto centers and 92 underperforming Kmart pharmacies as part of its ongoing restructuring effort, the company announced Friday.

(Photo by Spencer Platt/Getty Images)

Sears did not give a time frame for the closures or identify the locations of the stores that would be impacted.

RELATED: See the list of retailers closing in Palm Beach County

Sears has auto centers at its stores in Palm Beach Gardens, Boynton Beach and Boca, according to its website.

Friday’s announcement is expected to save the company about $250 million a year.

“Earlier this year, we initiated a strategic restructuring program and committed to improving our operating performance and financial flexibility in a very challenging retail environment,” Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings, said in a statement posted on the company’s website. “While we have made significant progress in reducing our cost base and enhancing our member value proposition, we need to take further action.”

Sears had previously announced it was closing 150 non-profitable stores, including 108 Kmart locations and 42 Sears locations.

 

 

Delray officials plan orchid giveaway for those who shop downtown

In celebration of Mother’s Day, the Delray Beach Downtown Development Authority is planning to give away Phalaenopsis orchid plants to those who spend $200 shopping at downtown fashion boutiques, specialty stores, gift shops, art galleries, spas, salons and fitness studios. 

The promotion is available to who spend $200 between May 1 and May 13. Shoppers who save their receipts can pick-up their orchid between May 10 – 13 at one of two Orchid Stations located in front of Hands Stationers, 325 E Atlantic Ave. and Petite Connection, 1049  E Atlantic Ave.

Orchids can be picked up on Wednesday, May 10, Thursday, May 11 and Friday, May 12 from 11 a.m. – 4 p.m. and Saturday, May 13 from 11 a.m. – 5 p.m.

From May 1-17, shoppers can also enter to win a Mother’s Day prize package at DelrayOrchidGiveaway.com. Valued at over $500, the package includes Downtown Delray Beach dining, spa, shopping and attraction certificates.

For more information visit downtowndelraybeach.com and facebook.com/DelrayDDA, or call the DDA Office at (561) 243.1077.