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King Street Station wins CoStar award
Five years after Urban Story Ventures bought an abandoned and windowless cold storage facility next to a flour mill on King Street, the redeveloped six-story building has been recognized as the Chattanooga Redevelopment of the Year in the 2023 CoStar Impact Awards.
The 77,000-square-foot brick structure was redeveloped into a commercial building that today houses several tenants, such as Goodfella’s Pizzeria, Wanderlinger Brewing Co. and KCH Transportation, one of the largest logistics and transportation companies in Chattanooga. Adjacent to the building, a Moxy boutique hotel has been built to help connect the Southside and downtown areas.
Around 400 employees are now based in the repurposed storage building.
King Street Station was included among the winners chosen for their growth, diversification and ability to overcome unique challenges in their particular markets.
“The positive community impact, job growth, economic benefits and new tax revenue realized through the revitalization at King Street paint the perfect picture of who we are and what we do,” Urban Story Ventures President Jimmy White said in a statement Wednesday. “From abandoned to fully leased, King Street Station today is a major Chattanooga success story of a transformational adaptive reuse development.”
A panel of more than 750 industry professionals drawn from each respective market participated in the judging for the 2023 CoStar Impact Awards.
Walmart to cut costs 20% with robots by ’26
Walmart Inc. is betting on greater supply-chain automation and hinting that a recent investment binge might lift profit beyond the retailer’s stated long-term goals.
Within three years, the unit cost of moving goods will fall 20% as warehouse robots play a larger role in speeding goods to customers, Walmart said in a statement Tuesday. While the company reiterated its outlook for this year and the longer term, the opportunity to boost operating income “could be better than what we’ve outlined,” said Chief Financial Officer John David Rainey.
The world’s largest retailer is trying to show off its long-term earnings potential to Wall Street after ramping up capital expenditures in recent years to keep pace with Amazon.com Inc. and other rivals. Walmart says its revamped supply chain will enable it to ease cost pressures tied to the rise of e-commerce and help end a decade of stagnation in U.S. operating income.
“The investments we’ve made have positioned us well and stand to generate steady and sustained growth at higher margins,” Rainey said in the statement, which Walmart released during the first of two days of meetings, store tours and warehouse visits with financial analysts.
Swiss cut bonuses for bank executives
The Swiss government says it ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions of dollars combined as the troubled bank heads toward a forced merger with rival UBS.
The country’s executive branch announced Wednesday that it’s instructed the Finance Department to cancel altogether or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management. That will amount to a loss of bonus pay totaling about $55 million to $66 million. The move comes after Swiss authorities scrambled in mid-March to cobble together a $3.25 billion sale to UBS of Credit Suisse, which suffered surging outflows of deposits and a plunge in its share price.
New Ram EV pickup gets 500-mile charge
An electric Ram pickup truck with up to 500 miles of range and a battery-powered Kia SUV are among the new vehicles being introduced April 7-16 at the New York International Auto Show .
The Ram 1500 Rev looks more like the current gas-powered model than a more futuristic concept vehicle the company showed off in January. Kia’s new EV9 is a little longer than the automaker’s popular gas-powered Telluride, and it can seat up to seven in three rows of seats.
— Compiled by Dave Flessner
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