LaBella To Design City Center Project
Arnold Duke recently announced that LaBella Associates has been awarded the commission to design the Jamestown City Center Project — the former Key Bank Building at 202-206 N. Main St. in downtown Jamestown. Lori Galster, project manager, has been working with The Duke of Jamestown LLC to plan and market this exciting initiative.
The Jamestown City Center Project was awarded $500,000 under the “Restore New York” Communities Initiative and $1,000,000 under the Jamestown Downtown Revitalization Initiative. LaBella Project Architect David Misenheimer said, “Our firm is very excited to have this opportunity to design this key component of downtown Jamestown’s continuing revitalization.”
The four-story, 40,000 square foot structure will be restored and renovated to include apartments, offices, commercial and community service space. The building is actually three structures. The 1919 Bank of Jamestown and the 1921 Swedish-American National Bank were combined in 1932 in a Neoclassical, limestone-clad bank and expanded in 1964 when a third structure was remodeled and given a complimentary masonry facade. The building is located on a prime corner in Jamestown’s Downtown Historic District, comprising 103 contributing buildings and added to the National Register of Historic Places in 2014.
LaBella’s Jamestown office is leading the project in conjunction with engineers from the firm’s Buffalo office. LaBella Associates, DPC is headquartered in the historic Rochester Button Factory in Rochester’s High Falls Area. The firm has a combined staff of 700 with offices in 15 cities in the Eastern United States and Spain. The architectural/engineering firm is a leader in downtown redevelopment and adaptive reuse design having completed projects such as Monroe Community College’s new downtown campus, Monroe County crime lab, Port of Rochester, Allegany County Couthouse, Neighborhood Health Family Health Center, Greater Ithaca Activities Center and more.
The city of Jamestown Department of Development, in conjunction with the Empire State Development Corporation, will be arranging an official groundbreaking ceremony in the coming weeks to kick-off construction.
TJ Maxx Reports Higher 4Q Profits
FRAMINGHAM, Mass. — The TJX Cos. reported higher fourth-quarter earnings and said it will boost its dividend and buy back up to $3 billion of stock during the next fiscal year, sending its shares up 7 percent.
The parent of T.J. Maxx, Marshalls and other “off-price” stores reported fiscal fourth-quarter net income of $877.3 million and a 4 percent increase in comparable store sales, or sales in stores open at least a year, an important metric retailers use which excludes the effect of new or closed stores. TJX reported $677.9 million in net income for the same period last year.
On a per-share basis, the Framingham, Massachusetts-based company earned $1.37. That beat the average estimate of $1.28 per share, based on a survey of 11 analysts by Zacks Investment Research.
TJX posted revenue of $10.96 billion in the period, surpassing Street forecasts of $10.79 billion.
Analysts noted that TJX continues to benefit from a stable economy and confident consumers. Companies paying bonuses to employees after the federal tax overhaul should also help TJX going forward, one analyst said.
“Many lower- and middle-income consumers who make up the majority of off-price shoppers intend to spend a considerable proportion of the additional amount in their paychecks,” said Neil Saunders of GlobalData Retail.
“Through its various brands, TJX has particularly strong exposure to these shoppers, and we believe it will get a nice chunk of the windfall.”
For the year, the company reported profit of $2.61 billion, or $4.04 per share, up from $2.3 billion, or $3.46 per share, the prior year.
Annual revenue rose to $35.86 billion from $33.2 billion.
For the current quarter ending in May, TJX expects its adjusted per-share earnings to range from 85 cents to 87 cents, with full-year earnings seen in a range of $4 to $4.08 per share.
TJX shares closed up $5.37 at $82.68.