SPADC to End Management of Symphony Hall, CityStage
SPRINGFIELD — The Springfield Performing Arts Development Corp. (SPADC) said Monday it will no longer manage CityStage and Symphony Hall after its contracts expire at the end of 2018. “It is with great sadness, but also with a sense of accomplishment, we share the news that Springfield Performing Arts Development Corp. will cease operations at CityStage and Symphony Hall at the end of 2018 after a successful run in bringing entertainment to downtown Springfield for the past 20 years,” the organization posted on its website. “We are gratified to have played a role in bringing thousands of people to enjoy a diverse offering of high-quality entertainment at CityStage and Symphony Hall. Downtown entertainment is evolving, and we are proud of the contributions we have made in making the city an entertainment destination again.” The city of Springfield contracts for management of Symphony Hall, and the Springfield Parking Authority contracts for management of CityStage. Both entities are expected to discuss new requests for proposals for the two venues. MGM Springfield, which currently manages the MassMutual Center, could be an option to manage Symphony Hall and CityStage. MGM is currently obligated by its host-community agreement with the city of Springfield to book and underwrite at least three shows a year at the two venues. “Entertainment is a key component of the revitalization of downtown Springfield and the continued attraction of new visitors,” Talia Spera, executive director of entertainment at MGM Springfield, said in a news release Monday. “MGM Springfield will continue our conversations with the city leaders regarding the future of CityStage and Symphony Hall with the intent of supporting future dynamic performances in those venues.”
Cushman & Wakefield to Market Eastfield Mall Joint-venture Partnership
SPRINGFIELD — The ownership of Eastfield Mall in Springfield has appointed commercial real-estate-services firm Cushman & Wakefield to market a joint-venture partnership opportunity for the property’s mixed-use redevelopment. The 776,977-square-foot, enclosed regional shopping center sits on nearly 87 acres, providing scope and flexible zoning for a range of next-generation options. Eastfield Mall is currently 74% leased, with in-place net operating income offering interim cash flow while a redevelopment plan is put in place. Major tenants include Cinemark, Old Navy, Hannoush Jewelers, Ninety-Nine Restaurant & Pub, and Donovan’s Irish Pub, along with a non-owned Sears box that accounts for 254,446 square feet. The mall benefits from strong real-estate fundamentals, boasting a location along heavily trafficked Route 20 and access to downtown Springfield, the Massachusetts Turnpike, and interstates 291 and 91. Brian Whitmer, a member of the Cushman & Wakefield team serving as exclusive agent for the mall’s owner, Mountain Development Corp., noted that Eastfield Mall is well suited to become a mixed-use complex featuring a live-work-play atmosphere. “We expect this offering will attract an impressive level of interest from a diverse group of investors,” he said. “This is truly a distinctive opportunity given the many factors that support a successful repurposing.” That sentiment was echoed by Springfield Mayor Domenic Sarno. “Malls all throughout our country are reinventing and redefining themselves to be more multifaceted,” he said. “My chief Development officer, Kevin Kennedy, and I will continue to assist our Eastfield Mall to restore the glory of the past toward a successful and diverse future.” The Cushman & Wakefield investment sales and retail specialists heading the Eastfield Mall assignment span two Cushman & Wakefield offices. They include Whitmer, Andrew Merin, David Bernhaut, Seth Pollack, and Kubby Tischler in East Rutherford, N.J.; and Peter Joseph, Brian Barnett, Steffen Panzone, Pete Rogers, and Ross Fishman in Boston.
Employer Confidence Strengthens During August
BOSTON — Massachusetts employers were equally confident about the national and state economies during August, breaking an eight-and-a-half-year run in which they were more bullish about the Commonwealth than the nation as a whole. The brightening view of the U.S. economy boosted overall business confidence as employers headed for the end of the third quarter. The Associated Industries of Massachusetts (AIM) Business Confidence Index gained two points to 63.2 last month after tumbling more than five points during June and July. The gain left the Index two points higher than a year ago, comfortably within optimistic territory. Raymond Torto, chair of AIM’s Board of Economic Advisors (BEA) and lecturer at Harvard Graduate School of Design, said the last time employers were more optimistic about the national economy than the state was during the nadir of the Great Recession in May 2009, when the AIM Massachusetts Index was 33.1 and the U.S. Index was 34.4. “The confluence of opinion reflects gathering optimism about the U.S. economy rather than any weakness in the Massachusetts business climate,” Torto said. “The Massachusetts Index rose 1.5 points during the year, but the U.S. Index soared 4.5 points during that same period.” Meanwhile, the Company Index measuring employer assessments of their own operations rose 2.4 points to 62.1, up 1.2 points from August 2017. The Employment Index gained 2.4 points to end the month at 57.0, while the Sales Index lost 0.8 points to 61.0. The Current Index, which assesses overall business conditions at the time of the survey, rose 2.5 points to 66.1, leaving it 4.8 points higher than the year earlier. The Future Index, measuring expectations for six months out, rose 1.5 points during August, but remained down 1.0 point for the year.