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		<title>Mother Foucault Bookshop Has The Best Bookstore Name Around. And Now They Bought Their Own Building.</title>
		<link>https://www.ourstoryinsight.com/mother-foucault-bookshop-has-the-best-bookstore-name-around-and-now-they-bought-their-own-building/</link>
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		<pubDate>Mon, 23 Feb 2026 23:00:22 +0000</pubDate>
				<category><![CDATA[Literature]]></category>
		<category><![CDATA[Bookshop]]></category>
		<category><![CDATA[bookstore]]></category>
		<category><![CDATA[bought]]></category>
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					<description><![CDATA[<p>This content contains affiliate links. When you buy through these links, we may earn an affiliate commission. Welcome to Today in Books, our daily round-up of literary headlines at the intersection of politics, culture, media, and more. Mother Foucault Bookshop Has The Best Bookstore Name Around. And Now They Bought Their Own Building. Powell’s is [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/mother-foucault-bookshop-has-the-best-bookstore-name-around-and-now-they-bought-their-own-building/">Mother Foucault Bookshop Has The Best Bookstore Name Around. And Now They Bought Their Own Building.</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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										<content:encoded><![CDATA[<p></p>
<p>This content contains affiliate links. When you buy through these links, we may earn an affiliate commission.</p>
<p>Welcome to Today in Books, our daily round-up of literary headlines at the intersection of politics, culture, media, and more.</p>
<h2 class="wp-block-heading">Mother Foucault Bookshop Has The Best Bookstore Name Around. And Now They Bought Their Own Building.</h2>
<p>Powell’s is the iconic Portland bookstore, but for real heads, Mother Foucault Bookshop might just edge it out. Specializing in used and rare books, Mother Foucault also hosts performances by local musicians and artists. It’s the kind of place you want in your city if you care about the arts. And like all indie bookstores, MF is subject to the vicissitudes of the economy, labor, and real estate. One thing I have learned covering bookstore news is that the single most stabilizing thing a store can have is ownership of its own space (it is no mistake that the two best-known indies in the US (Powell’s and The Strand), control their own real estate destiny. Mother Foucault has now joined them by forming a non-profit to buy the building in which they currently exist. A Kickstarter to tackle the down payment launched in the fall with a goal of $300,000 that didn’t hit the target, but now they have announced that they had enough to proceed. (sounds like maybe a deep-pocketed individual stepped in?). Whatever happened, bully for them.</p>
<h2 class="wp-block-heading"><strong>Dr. Abbot Reads Books</strong></h2>
<p>One of my favorite offshoots of a hit is secondary content plays: quick interviews, fashion recaps, where have you seen them befores, and the like. And rarely, very rarely, do you get something that turns out to be book-related. Someone at Cultured was clearly trolling Shawn Hatosy’s (Dr. Abbot on The Pitt) socials and saw that there were some books on there. So they got them on the horn to ask him about it. I was a little suspicious when he name-checked The Great Gatsby because while it could be true it is also the kind of thing you might just say. But one thing you would not just say is that your favorite recent read is a book about the dictionary called Unabridged. And you know what, if you did happen to think that pretending Unabridged is a book you love, I will still award full marks. </p>
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<h2 class="wp-block-heading">Leonardo DiCaprio quietly funds a tiny library in the middle of LA</h2>
<p>Speaking of books and celebrities, here is a small item I had never heard before: the computer room at the Loz Feliz branch of the Los Angeles public library sits exactly where Leonardo DiCaprio’s childhood bedroom once stood. And when the branch was originally built in 1999, the DiCaprio family kicked in some cash, resulting in the computer room actually being named for Leonardo DiCaprio. Along with containing computer workstations, the room is lined with posters for his biggest hits.</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/mother-foucault-bookshop-has-the-best-bookstore-name-around-and-now-they-bought-their-own-building/">Mother Foucault Bookshop Has The Best Bookstore Name Around. And Now They Bought Their Own Building.</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>OpenAI is building an AI jobs platform that could challenge Microsoft’s LinkedIn</title>
		<link>https://www.ourstoryinsight.com/openai-is-building-an-ai-jobs-platform-that-could-challenge-microsofts-linkedin/</link>
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		<dc:creator><![CDATA[admin]]></dc:creator>
		<pubDate>Fri, 05 Sep 2025 07:50:37 +0000</pubDate>
				<category><![CDATA[Technology]]></category>
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		<category><![CDATA[challenge]]></category>
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		<category><![CDATA[LinkedIn]]></category>
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		<category><![CDATA[OpenAI]]></category>
		<category><![CDATA[platform]]></category>
		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=9213</guid>

					<description><![CDATA[<p>OpenAI CEO Sam Altman (L) attends a meeting of the White House Task Force on Artificial Intelligence Education in the East Room of the White House on September 04, 2025 in Washington, DC. Chip Somodevilla &#124; Getty Images News &#124; Getty Images OpenAI has announced it is developing an AI-centered jobs platform as part of [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/openai-is-building-an-ai-jobs-platform-that-could-challenge-microsofts-linkedin/">OpenAI is building an AI jobs platform that could challenge Microsoft’s LinkedIn</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
<p>OpenAI CEO Sam Altman (L) attends a meeting of the White House Task Force on Artificial Intelligence Education in the East Room of the White House on September 04, 2025 in Washington, DC. </p>
<p>Chip Somodevilla | Getty Images News | Getty Images</p>
<p>OpenAI has announced it is developing an AI-centered jobs platform as part of broader efforts to expand AI literacy, and as the company grows its consumer and business-facing AI applications.</p>
<p>The ChatGPT maker&#8217;s &#8220;OpenAI Jobs Platform&#8221; will utilize AI to help connect qualified job candidates to companies, which could put it in competition with Microsoft&#8217;s LinkedIn. </p>
<p>OpenAI and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Microsoft<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> have an uneasy partnership, with Microsoft formally labeling the AI startup as a competitor in search and news advertising in its annual filing last year. Microsoft is OpenAI&#8217;s biggest investor, having reportedly poured $13 billion in the company.</p>
<p>The news was announced by Fidji Simo, chief executive officer of applications and the former head of Instacart, in a blog post on Thursday. </p>
<p>&#8220;Importantly, the jobs platform won&#8217;t just be a way for big companies to attract more talent. It will have a track dedicated to helping local businesses compete, and local governments find the AI talent they need to better serve their constituents,&#8221; Simo said.</p>
<p>She didn&#8217;t elaborate further on details regarding the platform, but a company spokesperson told TechCrunch that it expects to launch the service by mid-2026. </p>
<p>Additionally, OpenAI will introduce a new certification program in connection with its &#8220;OpenAI Academy,&#8221; an online learning platform that teaches workers how to use AI on the job better. This could also put it in competition with LinkedIn&#8217;s learning platform, which also offers video courses across business, technology and creative fields, with certifications.</p>
<p>&#8220;[W]e&#8217;re going to expand the Academy by offering certifications for different levels of AI fluency, from the basics of using AI at work all the way up to AI-custom jobs and prompt engineering,&#8221; Simo said, adding that the program will utilize ChatGPT&#8217;s Study mode<strong>. </strong>The study feature turns the chatbot into a teacher that questions, hints and provides feedback, instead of giving direct answers.</p>
<p><span class="InlineVideo-videoButton"/><span/></p>
<p>Organizations will be able to make the certificate part of their own learning and development programs, with OpenAI already working with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">Walmart<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span>, the largest private employer in the U.S. OpenAI said it plans to certify 10 million Americans by 2030.</p>
<p>The plans come amid fears about how AI is impacting the labor market. Business leaders like Salesforce&#8217;s Marc Benioff have recently announced layoffs due to AI, while new studies have linked the technology to mass job loss for certain workers.  </p>
<p>Simo acknowledged the &#8220;disruptive&#8221; force of AI in her post, saying jobs and companies will look different and need to adapt. </p>
<p>&#8220;[W]hat we can do is help more people become fluent in AI and connect them with companies that need their skills, to give people more economic opportunities. </p>
<p>Recent research from labor market data company Lightcast found that roles that require AI skills pay higher salaries on average than those that don&#8217;t. </p>
<p>The new initiatives were also said to come as part of OpenAI&#8217;s &#8220;commitment to the White House&#8217;s efforts toward expanding AI literacy.&#8221; </p>
<p>The company has been strengthening ties with Washington, launching a new offering called OpenAI for Government on June 16, the same day it was awarded a contract of up to $200 million by the U.S. Department of Defense. OpenAI is also part of the $500 billion Stargate project, which aims to invest in AI infrastructure in the U.S. over the next four years. </p>
<p>OpenAI CEO Sam Altman was part of a group of tech leaders that met with U.S. President Donald Trump on Thursday to discuss topics including the development of artificial intelligence. </p>
<p>Before the dinner, first lady Melania Trump made a speech highlighting the importance of AI in education and American progress, but that &#8220;we must manage AI&#8217;s growth responsibly.&#8221;</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/openai-is-building-an-ai-jobs-platform-that-could-challenge-microsofts-linkedin/">OpenAI is building an AI jobs platform that could challenge Microsoft’s LinkedIn</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>TikTok building new version of app ahead of expected US sale: report</title>
		<link>https://www.ourstoryinsight.com/tiktok-building-new-version-of-app-ahead-of-expected-us-sale-report/</link>
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		<pubDate>Sun, 06 Jul 2025 18:37:21 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=8041</guid>

					<description><![CDATA[<p>TikTok is building a new version of its app for users in the US ahead of a planned sale of the app to a group of investors, The Information reported on Sunday, citing unnamed sources. This comes as President Trump said on Friday he will start talking to China on Monday or Tuesday about a [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/tiktok-building-new-version-of-app-ahead-of-expected-us-sale-report/">TikTok building new version of app ahead of expected US sale: report</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>TikTok is building a new version of its app for users in the US ahead of a planned sale of the app to a group of investors, The Information reported on Sunday, citing unnamed sources.</p>
<p>This comes as President Trump said on Friday he will start talking to China on Monday or Tuesday about a possible TikTok deal.</p>
<p>He said the US “pretty much” has a deal on the sale of the TikTok short-video app.</p>
<p>TikTok plans to launch the new app in the U.S. on Sept. 5, according to The Information.  <span class="credit">REUTERS</span></p>
<p>Last month, Trump extended to Sept. 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok.</p>
<p>TikTok has developed a plan to launch the new app to US app stores on Sept. 5, the report said.</p>
<p>The report added that TikTok users will eventually have to download the new app to be able to continue using the service, although the existing app will work until next March, though the timeline could change.</p>
<p>TikTok did not immediately respond to a Reuters request for comment. Reuters could not immediately confirm the report.</p>
<p>President Trump said Friday that he will begin talking to China this week about a possible TikTok deal.  <span class="credit">AP</span></p>
<p>A deal had been in the works earlier this year to spin off TikTok’s U.S. operations into a new U.S.-based firm, majority-owned and operated by U.S. investors. That was put on hold after China indicated it would not approve it following Trump’s announcements of steep tariffs on Chinese goods.</p>
<p>Trump said the U.S. will probably have to get a deal approved by China.</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/tiktok-building-new-version-of-app-ahead-of-expected-us-sale-report/">TikTok building new version of app ahead of expected US sale: report</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>Owners of luxe steakhouse opening in Trump-owned building used COVID funds for personal expenses: lawsuit</title>
		<link>https://www.ourstoryinsight.com/owners-of-luxe-steakhouse-opening-in-trump-owned-building-used-covid-funds-for-personal-expenses-lawsuit/</link>
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		<pubDate>Tue, 20 May 2025 11:47:01 +0000</pubDate>
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		<category><![CDATA[Covid]]></category>
		<category><![CDATA[expenses]]></category>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=7131</guid>

					<description><![CDATA[<p>The owners of a luxury Chicago steakhouse who are opening an outpost at a Midtown tower that’s partially owned by Donald Trump allegedly used federal funds meant to pay employees’ salaries during COVID for personal expenses – including $2 million on Learjet, according to a bombshell lawsuit. Maple Hospitality Group, the owners behind Maple &#038; [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/owners-of-luxe-steakhouse-opening-in-trump-owned-building-used-covid-funds-for-personal-expenses-lawsuit/">Owners of luxe steakhouse opening in Trump-owned building used COVID funds for personal expenses: lawsuit</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>The owners of a luxury Chicago steakhouse who are opening an outpost at a Midtown tower that’s partially owned by Donald Trump allegedly used federal funds meant to pay employees’ salaries during COVID for personal expenses – including $2 million on Learjet, according to a bombshell lawsuit.</p>
<p>Maple Hospitality Group, the owners behind Maple &#038; Ash, was accused of “fraudulently” tapping  $7.6 million in Small Business Paycheck Protection Program funds, according to the civil suit brought by investors in Chicago’s Cook County Circuit Court.</p>
<p>“The MA restaurants never received a dollar of these funds,” according to the suit, which was obtained by The Post.</p>
<p>Maple &#038; Ash, which opened its flagship steakhouse in Chicago in 2015, is the nation’s fourth-highest-grossing restaurant with more than $35 million in revenue a year. <span class="credit">Google Maps</span></p>
<p>According to the complex case, the alleged misappropriation was part of a wider pattern of fiscal wrongdoing by Maple &#038; Ash co-owner Jerald Lasky, his brother James Lasky and by companies controlled by them.</p>
<p>Although the lawsuit refers only to “private jet expenses,” the Chicago Sun-Times and radio station WBEZ traced the payment for the pricey Learjet in 2021 to “a company whose president is James Lasky.”</p>
<p>The owners have denied the charges in the complaint, which was first filed three years ago but received little media attention outside the Windy City.</p>
<p>As reported in The Post in February, Maple Hospitality Group signed a lease for 12,000 square feet at 1290 Sixth Ave., which is majority-owned by Vornado Realty Trust but where the Trump Organization has a 30% passive stake. Trump’s position reels in more than $60 million in annual rent revenue.</p>
<p>Maple &#038; Ash co-owner James Lasky and his brother Jerald denied using federal funds meant to pay employees’ salaries during COVID for personal expenses. <span class="credit">Maple Hospitality</span></p>
<p>Maple &#038; Ash, which opened its flagship steakhouse in Chicago in 2015, is the nation’s fourth-highest-grossing restaurant with more than $35 million revenue a year.</p>
<p>But there seems to be as much sizzle in the Chicago court as on its fancy plates.</p>
<p>Investors who helped raise $3 million each to open Maple &#038; Ash in Chicago and in Scottsdale, Ariz., also claim the company wrongfully used profits to fund the owners’ other restaurant brands in other cities, according to the complaint.</p>
<p>The Laskys allegedly retaliated against the investors for filing the suit by dissolving their interests in the company, according to an amended filing.</p>
<p>A Maple &#038; Ash restaurant will be opening at 1290 Sixth Ave. later this year. <span class="credit">J. Scott Wynn</span></p>
<p>James Lasky has been sanctioned by the judge in the case for failing to comply with court orders to turn over bank records and other information. He was ordered to cover plaintiffs’ $191,000 legal fees resulting from withholding information, court records show.</p>
<p>The lawyer for the investors, Michael Forde of Forde &#038; O’Meara, said he hoped the case would finally go to trial early next year.</p>
<p>James Lasky’s lawyer, James Stamos of Stamos &#038; Trucco, didn’t immediately respond to an email and phone call.</p>
<p>Maple &#038; Ash’s newly opened restaurant in Miami. <span class="credit">Google Maps</span></p>
<p>The hospitality group launched another steakhouse in Miami in March. Haut Living magazine said the restaurant “brings [the brand’s]  signature blend of refined dining, uninhibited energy, and indulgent luxury to the Magic City.”</p>
<p>The Big Apple opening is slated for later this year.</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/owners-of-luxe-steakhouse-opening-in-trump-owned-building-used-covid-funds-for-personal-expenses-lawsuit/">Owners of luxe steakhouse opening in Trump-owned building used COVID funds for personal expenses: lawsuit</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>Famed NYC building lands major retailer to keep Ladies&#8217; Mile bustling</title>
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		<pubDate>Sun, 15 Dec 2024 18:03:24 +0000</pubDate>
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					<description><![CDATA[<p>Shrugging off speculation that the Ladies’ Mile shopping corridor was losing its juice, Burlington Coat Factory is doubling its space by moving to 620 Sixth Ave., the 1896-vintage, cast-iron building that’s one of the most iconic structures on the avenue between West 14th and West 23rd streets. The clothier signed for just under 80,000 square feet, [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/famed-nyc-building-lands-major-retailer-to-keep-ladies-mile-bustling/">Famed NYC building lands major retailer to keep Ladies&#8217; Mile bustling</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Shrugging off speculation that the Ladies’ Mile shopping corridor was losing its juice, Burlington Coat Factory is doubling its space by moving to 620 Sixth Ave., the 1896-vintage, cast-iron building that’s one of the most iconic structures on the avenue between West 14th and West 23rd streets.</p>
<p>The clothier signed for just under 80,000 square feet, eating up what remained of nearly 100,000 square feet of retail space left behind by bankrupt Bed Bath and Beyond. The lease for three levels nearly doubles Burlington’s presence in the corridor, where it will leave  40,000 square feet at nearby 695 Sixth Ave.</p>
<p>The 12-year Burlington deal marks another back-from-the-brink success for building joint-venture owners RXR Realty and Hudson Bay Capital, which recapitalized 620 Sixth with a $320 million loan when Hudson Bay came in as a partner in October.</p>
<p>The 1896-vintage, cast-iron building at 620 Sixth Ave. continues to rebound after being half-empty following pandemic. <span class="credit">RXR Realty</span></p>
<p>The pandemic and tenant bankruptcies left 620 Sixth half-empty in 2021. Today, of 500,000 square feet of office and retail space, almost none remains available after recent transactions, RXR managing director Bill Elder said. (The entire building has 700,000 square feet but property-services union BJ 32 owns 200,000 square feet as a condominium unit).</p>
<p>“Virtually it’s all leased except for 8,000 square feet where we have a great store coming,” Elder said. </p>
<p>He declined to name the incoming tenant.</p>
<p>The asking rent for Burlington was $100 per square foot for mid-building space and $175 per square foot for the two corners.</p>
<p>Meanwhile, both T.J. Maxx and Marshalls signed five-year retail renewals for roughly 68,000 and 38,000 square feet, respectively.</p>
<p>The owners also had their hands full on the office front after WeWork left behind its huge block. </p>
<p>“We had to reposition the whole building,” Elder said. </p>
<p>It didn’t take long. Tech firm Palantir signed for 140,000 square feet, mobile banking app Current took 72,000 square feet, and Cole Haan renewed on 62,000 square feet.</p>
<p>Burlington Coat Factory signed 12-year lease at 620 Sixth Ave. <span class="credit">Google Maps</span></p>
<p>Burlington was represented by CNS Real Estate’s Cliff Simon. RXR was repped in-house by Daniel Birney and by RIPCO’s Richard Skulnik, Lindsay Zegans, Ben Sabin and Mary Schwagerl.</p>
<p>The nine-block-long, city-designated  Ladies Mile historic district shows no  evidence of a  retail exodus. Huge outposts of Trader Joe’s, Container Store and Old Navy share the blocks with such diverse users as Men’s Wearhouse, Blick art supplies, Nut Factory, “wellness” restaurant Oases and Genius Gems, a play-and-learn experience built around magnetic tiles.</p>
<p>Vacancies are mostly in small spaces. Sources said the space Burlington will leave behind won’t be on the market. The unconfirmed buzz is that 695 Sixth landlord Cudge Realty hopes to convert the building to apartments.</p>
<p>Meanwhile, big change is coming two blocks north. The National Museum of Mathematics leased over 34,000 square feet at 635 Sixth Ave. at the corner of West 20th Street. It’s nearly twice as large as the museum’s original space at 11 E. 26th St. and even larger compared with its current pop-up at 225 Fifth Ave. </p>
<p>It wasn’t known what the museum is paying to rent the new space, but the numbers clearly added up.</p>
<p>The deal’s a combination of a direct lease with landlord Spear Street Capital and a sublease from former tenant Lowe’s, Commercial Observe reported.</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/famed-nyc-building-lands-major-retailer-to-keep-ladies-mile-bustling/">Famed NYC building lands major retailer to keep Ladies&#8217; Mile bustling</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>Why developers are building housing at shopping malls</title>
		<link>https://www.ourstoryinsight.com/why-developers-are-building-housing-at-shopping-malls/</link>
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		<pubDate>Sun, 08 Dec 2024 23:06:57 +0000</pubDate>
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					<description><![CDATA[<p>Say hello to life at the mall.  The classic American mall is undergoing a dramatic transformation as real estate developers swap out dying department stores for apartments, ushering in an era where living at the mall could soon become a new norm. Some U.S. developers are knocking down department stores like Macy&#8217;s or JCPenney and [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/why-developers-are-building-housing-at-shopping-malls/">Why developers are building housing at shopping malls</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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										<content:encoded><![CDATA[<p><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
<p>Say hello to life at the mall. </p>
<p>The classic American mall is undergoing a dramatic transformation as real estate developers swap out dying department stores for apartments, ushering in an era where living at the mall could soon become a new norm.</p>
<p>Some U.S. developers are knocking down department stores like <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Macy&#8217;s<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> or JCPenney and using the spaces and their parking lots to put up apartment buildings next to the mall or connected to it via walkways and green spaces. In other cases, they&#8217;ve built apartments inside of shuttered storefronts and other shopping center properties or gutted them altogether to make way for a mix of housing, retail, restaurants, outdoor spaces and experiences. </p>
<p>&#8220;The mall is becoming cool again,&#8221; said Jacob Knudsen, the vice president of development for Macerich, which is currently redeveloping the FlatIron Crossing Mall in Broomfield, Colorado to add housing. &#8220;So being able to live by it, work by it, play by it, go to restaurants by it, we&#8217;re definitely seeing this as a trend.&#8221; </p>
<p>Rendering of the redeveloped FlatIron Crossing</p>
<p>Source: Macerich</p>
<p>Rendering of the redeveloped FlatIron Crossing</p>
<p>Source: Macerich</p>
<p>This new version of the American mall comes as shopping centers across the country fight for survival and look to transformation to avoid extinction. It&#8217;s clear that consumers still enjoy shopping in person after the Covid pandemic, but the traditional anchor department store has been in decline since 2001 and is no longer the draw it once was.</p>
<p>As companies like <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-2">Macy&#8217;s<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span>, JCPenney and Sears shrink or cease to exist altogether, real estate developers have been forced to get creative to repurpose those spaces, which typically take up at least half of a mall&#8217;s footprint. </p>
<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">Amazon<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> distribution centers, pickleball courts and even an NHL training facility have all replaced big-box stores at American malls. But as the country contends with a housing crisis, the fastest growing use of these spaces is apartment complexes, real estate developers said. As of January 2022, at least 192 U.S. malls planned to add housing to their footprint, and at least 33 had constructed apartments since the pandemic began, according to Realogic, a real estate consulting firm. At least a dozen more apartment projects are underway at malls across the country, including in California, Florida, Arizona and Texas. </p>
<p>&#8220;There&#8217;s just too much retail in the U.S,&#8221; said Oscar Parra, the principal of Pacific Retail Capital Partners&#8217; Special Situations Group. &#8220;[It&#8217;s] like four times higher than any other nation … I don&#8217;t know of a market that needs a million square foot mall.&#8221;</p>
<p>A U.S. shopping mall with 1 million square feet could hold more than 17 football fields</p>
<p>Parra, whose firm is building housing at the site of a former Carson&#8217;s department store at a mall outside of Chicago, pointed to a similar project underway at Westfield&#8217;s Garden State Plaza in Paramus, New Jersey — one of the largest and most lucrative malls in the U.S.</p>
<p>&#8220;They have excess land, instead of using it for retail, they&#8217;re putting in apartments,&#8221; said Parra. &#8220;They didn&#8217;t see value in adding more retail to one of the most productive malls on the planet and that&#8217;s a signal.&#8221;</p>
<p>For mall owners, the numbers make sense. While top-tier malls continue to be in high demand, nearly 34 million square feet of U.S. mall space is vacant and off the market. Most Americans live within an hour of a mall with a high vacancy rate or low consumer traffic — or is abandoned altogether.</p>
<p>A vacant escalator in the Shops at Sunset Place mall on April 07, 2021 in Miami, Florida.</p>
<p>Joe Raedle | Getty Images</p>
<p>Add in the nationwide housing deficit of 4.5 million homes and it makes a trend that experts say is poised to continue. For developers, adding apartments can not only fill a need, but also bring people closer to their remaining retail stores and restaurants.</p>
<p>&#8220;Malls are an opportunity,&#8221; said Knudsen. &#8220;This is an opportunity to find land and have a built in customer base to get people into the mall.&#8221;</p>
<p>While living at the mall is a unique opportunity, it comes with challenges and hurdles. Construction costs are high, and developers need to navigate a maze of zoning laws and antiquated lease agreements to get projects off the ground because malls aren&#8217;t typically zoned for multifamily developments. Plus, the shape of a typical mall and department store almost always requires a complete teardown to bring in housing.</p>
<p>It might seem easy enough to transform an old Macy&#8217;s store into a few dozen apartments, but given the shape of the building, it&#8217;s difficult to do in a way that gives every apartment access to natural light and air.</p>
<p>&#8220;What we&#8217;ve learned is it&#8217;s better to disconnect it from the mall, not in every case, right? If you&#8217;re very dense urban retail, then you might want to integrate [apartments] into the property itself and we&#8217;ve seen some examples of that,&#8221; said Parra. &#8220;But mostly the idea is, tear the box down&#8230; scrape it, get rid of it, and then create a little bit of a buffer between the mall and the [apartment building].&#8221;</p>
<h2 class="ArticleBody-subtitle">What&#8217;s it like to live at the mall? </h2>
<p>Apartments at U.S. malls aren&#8217;t everywhere yet. Many of the housing developments are still under construction and will start renting over the next few years, while others are just now opening their doors.</p>
<p>The Lafayette Square Mall in Indianapolis is slated to open 1,200 apartment units, including affordable housing in a former Sears building, beginning in 2025. The Paradise Valley Mall in Phoenix just opened up 400 luxury units on Nov. 15. </p>
<p>While apartment development has picked up in recent years, housing at the mall has been around for at least a decade. Take The Arcade in Providence, Rhode Island – the oldest indoor shopping mall in the country. The shopping center, which had long been a focal point of Providence&#8217;s bustling downtown, fell on hard times after the Great Recession. By the end of the 2000s, it was completely vacant. </p>
<p>Passers-by walk through the the newly renovated Arcade mall, in Providence, R.I., Monday, Oct. 21, 2013.</p>
<p>Steven Senne | AP</p>
<p>However, rather than letting the historic building fall into ruin, developers came in and built 48 micro units on the second and third floors. Dozens of tenants now live there, and real estate investors have bought other units to rent on Airbnb.</p>
<p>&#8220;It&#8217;s cool to be part of such a historic building and knowing that every single one of these units used to be a shop of some kind,&#8221; said Amy Henion, a 33-year-old graphic designer who moved into The Arcade two years ago. &#8220;You have access to amenities that you don&#8217;t get if you&#8217;re just living in a home in a suburb, like, if I want to get my hair cut, I can walk downstairs and get my hair cut. If I want to pick up lunch, I don&#8217;t even have to leave the building, even if the weather outside is awful.&#8221;</p>
<p>Amy Henion, a graphic designer, said living at a mall is both unique and convenient </p>
<p>CNBC</p>
<p>Scott Sheehan, a 31-year-old tax advisor and real estate investor, purchased an apartment inside the mall for $250,000 in October so he can rent it out on <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-7">Airbnb<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span>. He chose the space because of its proximity to the train station, airport and nearby Brown University, along with major employers like big financial firms.</p>
<p>He estimates he can earn between $25,000 and $45,000 in revenue annually by renting the unit out to tourists. </p>
<p>&#8220;At the end of the day, it&#8217;s a unique experience,&#8221; said Sheehan. &#8220;It&#8217;s a great alternative to a hotel room.&#8221;</p>
<p>Scott Sheehan purchased an investment property at The Arcade and is renting it out on AirBnB</p>
<p>CNBC</p>
<p>The Grand Avenue Mall in Milwaukee, Wisconsin went through a similar renovation to add apartments that began in 2017. The once bustling shopping center in Milwaukee&#8217;s downtown was half empty by the end of the Great Recession and was later sold to developers, who began converting the space in the late 2010s. Dozens of apartments were opened up for rent in the last few years, and tenants now have access to amenities like a pickleball court, a &#8220;doggy wellness center&#8221; and a gym.</p>
<p>Shops Of Grand Avenue on September 20, 2014 in Milwaukee, Wisconsin. </p>
<p>Raymond Boyd | Michael Ochs Archives | Getty Images</p>
<p>&#8220;We&#8217;re on the fourth floor. It used to be the YMCA. So where our apartment unit is was like the weight room of the YMCA and our hallway that goes around the whole building used to be the track,&#8221; said John Borchardt, 40, who moved into the former Grand Avenue Mall three years ago with his wife and dog Rodger. &#8220;It still kind of looks like a mall on the second floor.&#8221;</p>
<p>On that level, apartments were built inside of former storefronts. The units are unique but they also come with quirks. For example, they all have elaborate foyers with floor-to-ceiling windows, but those front rooms are also on full display to the public, which can create privacy concerns. Plus, some of the units don&#8217;t have windows because developers had to work with the storefront&#8217;s originally layout, said Borchardt.</p>
<p>Some apartments were built inside of former storefronts, which make for unique foyers that are on full display to the public.</p>
<p>Courtesy: John Borchardt</p>
<p>He said his unit, which does have windows, is in a different part of the complex and doesn&#8217;t have the same architectural challenges.</p>
<p>Downstairs, he has access to a <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-8">TJ Maxx<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-9">Foot Locker<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> — the only remaining storefronts from the original mall — which he said is &#8220;super convenient&#8221; when he wants to take his dog shopping for new toys at the off-price store.</p>
<p>&#8220;He&#8217;s like a celebrity in the building. Everyone knows our dog. So it&#8217;s a very dog friendly space,&#8221; he said. &#8220;If it&#8217;s cold outside, or if it&#8217;s snowing or raining, we can walk the dog around, you know, like mall walkers back in the 90s or whatever, we can just walk around like five city blocks without ever going outside. It&#8217;s very cool.&#8221;</p>
<p>John Borchardt&#8217;s dog Rodger enjoys going for walks inside of the former Grand Avenye Mall and visiting TJ Maxx.</p>
<p>Courtesy: John Borchardt</p>
<p>The former Grand Avenue Mall in Milwaukee is now home to dozens of apartments and a few retail shops</p>
<p>Courtesy: John Borchardt</p>
<p>A <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-10">Kohl&#8217;s<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> recently moved in and renovations are underway at different parts of the complex, said Borchardt. Plus, there&#8217;s the new food court, which has more than a dozen restaurants and is a draw for tourists, locals and building residents alike. Borchardt said the &#8220;very busy&#8221; area boasts separate dining areas and a self-serve beer tap with rotating brews.</p>
<p>While the renovated food court is convenient, Bordchardt said easy access is also &#8220;a little bit of a problem&#8221; because of how easy it is to avoid cooking. </p>
<p>&#8220;We can just order online, pick it up. There&#8217;s ice cream down there. So it&#8217;s just a little too easy to get takeout,&#8221; he said. &#8220;But it&#8217;s really convenient to have, like, if we were ever snowed in we can survive without ever leaving the building for quite a while.&#8221;</p>
<p>The 3rd St. Market Hall is a modern day food court, open to building residents, locals and tourists</p>
<p>Courtesy: John Borchardt</p>
<p>Najla Kayyem, Pacific Retail&#8217;s executive vice president of marketing, said the ease of access is kind of the point. </p>
<p>&#8220;It&#8217;s really services and amenities based so creating convenience for our residents at every corner, so that they don&#8217;t have to leave, and so that they can get all of their daily needs done within that shopping experience,&#8221; said Kayyem.</p>
<p>While it could take years to get there, Kayyem said living at the mall could one day be similar to vacationing at a resort, where everything is charged to one account using a centralized system. </p>
<p>&#8220;It&#8217;s tough when you have a mix of ownership groups, but ideally, you&#8217;re living somewhere and you have an account, and you can shop and dine and eat and buy things on your account,&#8221; said Kayyem. &#8220;That would be real, true, seamless integration to make it frictionless for someone to live there.&#8221;</p>
<p>— Additional reporting by DeLon Thornton and Shawn Baldwin</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/why-developers-are-building-housing-at-shopping-malls/">Why developers are building housing at shopping malls</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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