logo
Northridge Mall demolition continues; project on schedule, budget

Northridge Mall demolition continues; project on schedule, budget

Yahoo31-01-2025

The Brief
Demolition at Milwaukee's Northridge mall remains on schedule and on budget, the city said Thursday.
The city said it expects all mall buildings to be demolished by mid-summer.
Mayor Johnson described what has been dubbed the "Granville Station" project as a "catalytic opportunity" for the city.
MILWAUKEE - As demolition continues at Milwaukee's Northridge Mall, the Department of City Development said Thursday that work remains on schedule and on budget.
Timeline
Demolition of the property began last year. The mall had been vacant since 2003.
SIGN UP TODAY: Get daily headlines, breaking news emails from FOX6 News
This week, the Boston Store space on the east end of the mall came down; work began in March 2024. Crews began razing the former JCPenney location this week, too.
The city said it expects all mall buildings to be demolished by mid-summer. Environmental work continues inside the remaining part of the mall.
The backstory
The mall closed in 2003, and an exodus of more businesses from the Brown Deer corridor followed.
"It's been difficult, having such a large area just standing there – especially with the decay that it's had over the number of years," Al Hill, a longtime Granville neighborhood resident and past president of the former Granville-Brown Deer Chamber of Commerce, told FOX6 News in November. "I think that's been a real detriment for the branding of the community."
FREE DOWNLOAD: Get breaking news alerts in the FOX LOCAL Mobile app for iOS or Android
The eyesore and frustration included multiple police and fire calls.
Mayor Cavalier Johnson described what has been dubbed the "Granville Station" project as a "catalytic opportunity" for the city. That opportunity could include new housing, businesses and jobs.
As for what will become of the former mall, Hill said he hopes it's not storage or light industrial – as found elsewhere in the area. Rather, he hopes whatever comes draws people to live, work and shop in a community atmosphere.
What you can do
The public can follow developments and provide input on the city's website. To learn more about what has been dubbed the Granville Station project, visit the city's project website.
The Source
Information in this report is from the Milwaukee Department of City Development and prior FOX6 News coverage.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Small business accounting: 10 terms you need to know
Small business accounting: 10 terms you need to know

CNBC

time3 hours ago

  • CNBC

Small business accounting: 10 terms you need to know

Running a small business can be exciting and rewarding. But it also happens to come with a long list of responsibilities and tasks that have little to do with the reason you decided to open a business. Unless you hire someone else to handle it, accounting will be one of those responsibilities. And even if you hire an accountant, understanding key accounting terms is still an essential part of being a successful business owner – helping you to spot red flags, stay in compliance with state and federal regulations and make more well-informed decisions for your business. Here are 10 important accounting terms for small business owners to understand. Costs may vary depending on the plan selected - click "Learn More" for details Tracks your business expenses as they happen, as well as your income. Users can use app to do invoicing, accept payments, manage their cash flow, maximize tax deductions, track travel miles, run reports, send estimates, manage bills and 1099 contractors, plus pay employees Yes Yes, bank and credit cards, plus third-party apps like PayPal and Square Accessible from any web browser and also offered in both the App Store (for iOS) and on Google Play (for Android) Verisign scanning, password-protected login, firewall protected servers and the same encryption technology (128 bit SSL) used by the world's top banks. QuickBooks also offers multiple permission levels that you can set for additional users' access Terms apply. One of the most fundamental accounting terms in the business world, accounts receivable, is the money your business is owed either for its products or for the services it provides to clients. In other words, your company has already provided the good or service in question, and an invoice has been issued but not yet paid. "Accounts receivable is money owed to you by customers, and managing accounts receivable ensures steady income and avoids cash delays that can disrupt operations," says Steven Terrigino, Partner and Small Business Advisory Service Line Leader at The Bonadio Group. Your accounts receivable is considered an asset and is the opposite of accounts payable. The money your business owes to others, such as vendors or suppliers, is referred to as accounts payable. These are unpaid bills and might include, for example, money you owe for inventory purchased on credit or payments due to contractors for services they provided your company. Accounts payable also include expenses like utility bills and any subscriptions your company may have. "Staying on top of accounts payable helps maintain good relationships and prevents overspending or missed payments to accounts," says Terrigino. Accounting software like QuickBooks can automate these payments so you won't lose track. Gross revenue, revenue, or gross income, is the amount of money your business generates. Gross revenue takes into account money from all sources, whether that's sales of a product or service or the sale of stocks. This calculation also encompasses any interest your business may earn, along with money generated from such things as selling property or equipment. This figure does not reflect the deduction of expenses incurred in the course of doing business. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. Net profit, also called net income, is the money remaining after a business's operating expenses have been deducted. "This reflects your gross revenue less all the expenses incurred in bringing that product or service to fruition," says David Leichter, CPA and CEO of Leichter Accounting Services. Determining net profit requires subtracting all types of operating expenses, everything from rent to salaries, along with taxes that your business must pay to the government. Cost of Goods Sold (or COGS) refers to the direct costs incurred to create the product your business sells or the cost associated with the service your business provides. Knowing the COGS is an essential part of establishing prices for your goods or services to ensure you make a profit. "This is easier to understand in a product-based business. For instance, the cost of the cotton required for a t-shirt is a Cost of Goods Sold," says Caitlynn Eldridge, CPA and CEO of Prospera Strategy. "The labor to make the t-shirt would also be considered a Cost of Goods Sold." Break-even point refers to the point at which your revenue is equal to your expenses. At your break-even point, there is no loss for your business. But there's no gain either. "Basically, it's the point where you're not losing money, but not making any either," says Paul Miller, CPA and managing partner for Miller & Company. "Knowing this number helps you set realistic sales goals and price your products or services correctly. It's a critical milestone every business should be aware of, especially in the early days." A balance sheet lists all of your assets, along with their liabilities. Balance sheets also include shareholder's equity, which is determined by calculating the difference between a business's liabilities and assets. It's a key statement that's prepared at the end of an accounting period in order to provide a financial snapshot of a business at that moment in time. "A balance shows your financial position and helps assess stability and value," says Terrigino. Similar to a business's balance sheet, a profit and loss statement (or P&L) is a key document that provides a summary of how much your business is earning and how much it is spending. Profit and loss statements are often prepared quarterly or annually by businesses in order to gauge their financial progress. "Your P&L shows your revenues, expenses, and profit over a specific period of time. It's one of the most important tools to see how your business is actually performing," says Miller. "As a small business owner, checking your P&L regularly can help you spot trends like rising costs or seasonal dips before they become big issues." An accounting software like QuickBooks can help you track all of these moving pieces. Depreciation is a tax deduction related to the cost of items you've purchased for your business, typically expensive items and assets. It is a term used to describe the gradual loss in value of those assets. The IRS allows businesses, over time, to recover the cost of purchasing some assets. This is accomplished through an annual tax allowance for the "wear and tear, deterioration, or obsolescence of the property." This means your business can claim a deduction for a portion of the cost incurred in purchasing the deteriorating asset. The depreciation allowance spreads the cost of a purchase over multiple years rather than claiming the entire cost in one year. While land your business purchased cannot be depreciated, the IRS does allow depreciation for buildings, machinery, vehicles, and even some intangible assets like patents or computer software. Finally, the portion of your business's net profits that you retain for future uses, rather than distributed as dividends or through owner's draws, is known as retained earnings. "The reason why the retained earnings figure is so crucial for the business is because it is a strong determinant in the businesses' ability to qualify for loans or get backed by investors," says Leichter. "Banks and investors will look at this figure to see that you're building a financially healthy and self-sustained business — not just for now, but for the future as well." "If you want to know whether your business is stable and profitable over time, retained earnings is where you go to gauge that," Leichter adds. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every debt-relief product review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of debt-relief products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Aldermen advance measure allowing Airbnb bans in Chicago precincts
Aldermen advance measure allowing Airbnb bans in Chicago precincts

Yahoo

time4 hours ago

  • Yahoo

Aldermen advance measure allowing Airbnb bans in Chicago precincts

Aldermen took a step Wednesday toward giving themselves the power to ban Airbnb's and other short-term rentals from opening in their wards. The City Council's License and Consumer Protection Committee advanced the ordinance that would allow aldermen to unilaterally block new short-term rentals one precinct at a time. It could now face a final vote by all aldermen as soon as next week. Sponsor Ald. Anthony Napolitano, 41st, called the city's current ordinance made a decade ago 'extremely sloppy.' The existing law allows short-term rentals to be blocked only when 25% of a precinct's registered voters sign a petition calling for it. 'This is the only ordinance written in the city of Chicago where, when there is a problem in the industry, the onus is put on residents to fix it,' Napolitano said. The Far Northwest Side alderman's ordinance seeks to reverse that, allowing aldermen to block short-term rentals in a precinct on their own. It would then give companies the chance to overturn the ban by collecting signatures from 10% of the precinct's voters. Most aldermen in attendance backed the ordinance in a voice vote. Several cited issues in their ward with disruptive parties at short-term rentals, a problem Ald. Brendan Reilly, 42nd, said is 'on steroids' in dense downtown high rises. 'The guests are taking over common areas, pool decks, lobbies, fitness rooms,' he said. 'With the late night parties and noise complaints, et cetera, God help you if you own a condo next to one of these nightly rental units.' Napolitano argued the ordinance will not hurt short-term rental companies, but instead simply gives aldermen a tool to advocate for residents when issues arise. But Airbnb is strongly opposed to the proposal. 'Alderman Napolitano's ordinance amendment is an over-broad and misguided violation of Chicagoans' property rights, which would punish responsible homeowners and local businesses who rely on the income from travel on short-term rentals — especially in neighborhoods outside of Chicago's traditional tourism hubs,' Airbnb spokesperson Jonathan Buckner said in a statement Wednesday. Mayor Brandon Johnson is continuing to not take a side on the issue. Asked where he stood on the ordinance at a Wednesday morning news conference, he said he wanted to 'continue to ensure that we are building a safe, affordable city.' 'This particular measure, quite frankly, I'll have to look into a little bit deeper,' Johnson said. 'But I know that there are a number of alders who mean well and are trying to show up for their particular pocket of the city.' Several aldermen noted the absence of staff from Johnson's Department of Business Affairs and Consumer Protection, adding that they wished someone could answer questions about how bans could affect tax revenue. Alds. Matt O'Shea, 19th, and Bill Conway, 34th, voted against the measure, with O'Shea noting taxes on the rentals sent around $4 million to fight domestic violence. 'Have we thought of how we are going to replace that?' O'Shea asked. 'It's been my experience working with Airbnb that when a problem is identified, it's addressed.' Ald. Marty Quinn, 13th, used the city's current process requiring residents' signatures to ban short-term rentals from every precinct in his Southwest Side ward. The whole-ward ban took 12,000 signatures and seven years to complete, he said. The ward is '95% single family dwellings,' and short-term rentals 'would have an adverse impact on our quality of life,' Quinn said. Asked what he thinks of Airbnb's argument that the ban is similar to historic racist efforts to keep Black and Latino people out of certain neighborhoods, Quinn called it a 'desperate statement from a company who got exactly what they wanted' when the original ordinance passed. 'I'm not saying that Airbnb isn't good in some parts of the city,' he said. 'It's just not good in the Bungalow Belt, and I have 12,000 signatures that would suggest that.' Aldermen also Wednesday advanced a measure to crack down on illegal pedicabs with potential impoundments.

Why Qualcomm's (QCOM) Long-Term Prospects Shine, Even if the Stock Doesn't
Why Qualcomm's (QCOM) Long-Term Prospects Shine, Even if the Stock Doesn't

Yahoo

time4 hours ago

  • Yahoo

Why Qualcomm's (QCOM) Long-Term Prospects Shine, Even if the Stock Doesn't

Qualcomm (QCOM) has underperformed over the past year, declining 26%, primarily due to macroeconomic factors rather than internal company mechanics. Although the company's fundamentals remain very solid, it has faced some headwinds, such as concerns that its business is too concentrated on Apple (AAPL) for modem revenue, despite its broader operations still being more rooted in the Android ecosystem. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Still, that doesn't stop me from seeing the stock as a long-term Buy—especially since my bullishness comes from Qualcomm's key competitive advantage: its ability to build the Snapdragon platform, which integrates a modem, CPU, and even a GPU chip—something no other competitor can currently match. This positions the company to tap into new business opportunities that could help offset its current customer concentration. Beyond that, Qualcomm's asset-light model allows it to generate very high returns on its investments, highlighting its operational efficiency, strong financial health, and consistent value creation for shareholders. This helps justify the company trading at a slightly stretched valuation when considering its operational profits relative to enterprise value. When looking for value stocks, one of the most important factors—if not the most important—is a company's ability to generate consistent earnings. Examining QCOM's balance sheet reveals a capital-light, high-margin model driven by intellectual property (IP) and characterized by heavy investment in research and development (R&D). As a fabless semiconductor company, Qualcomm relies on external manufacturing partners such as TSMC (TSM) and Samsung (SSNLF) for chip production. Notably, only approximately 7% of its $55.3 billion in total assets is allocated to property, plant, and equipment (PP&E), which is relatively low compared to the industry average. This underscores the efficiency of its asset-light business model and the minimal physical infrastructure required to support its operations. Roughly 18% of its assets are classified as goodwill, indicating a strong track record of acquisitions, which is clearly part of its strategy to acquire intellectual property (IP) or talent rather than build everything in-house. One recent example is the $2.4 billion acquisition of the UK-based semiconductor firm Alphawave. Additionally, approximately 12% of Qualcomm's total assets are tied to IP licensing and chip design. That makes sense, given its dominant position in the Android smartphone chip market, especially in the high-end segment with its Snapdragon lineup. Given that around 37% of Qualcomm's total assets are intangible, it's worth considering the company's actual operational efficiency once these intangibles are excluded. To gain a clearer picture, it is sensible to examine how Qualcomm allocates its limited tangible capital to generate profits. Over the past twelve months, Qualcomm produced an operating profit of $12.3 billion. During the same period, its net working capital was approximately $2.7 billion, and its invested capital—mainly property, plant, and equipment, and other intangibles—totaled roughly $8.28 billion. Dividing the operating profit by this invested capital plus working capital yields an eye-catching ~112% return on capital (ROC). That kind of number highlights Qualcomm's exceptional operational efficiency, something typically only seen in asset-light, IP-driven tech or software companies. For context, most of these firms operate with a return on capital (ROC) well below 50%. In short, despite a balance sheet loaded with intangibles, Qualcomm proves that it's highly efficient with the real capital it uses. And that translates into three key advantages: sustainable value creation, a durable competitive moat, and stronger financial flexibility. Even a company with a high return on capital isn't necessarily a buy—not if you're overpaying for it. That's why it's vital to assess operating profitability in relation to the company's total valuation, not just traditional P/E or P/B metrics. One way to do this is by comparing operating profit to enterprise value (EV), which reflects what the market is actually paying for the entire business. In Qualcomm's case, we can measure this by dividing its operating profit by its enterprise value (EV). Over the last twelve months, Qualcomm generated $12.3 billion in operating profit, while its current enterprise value stands at $164.6 billion. That results in an earnings yield of 7.5%. To interpret that number correctly, it should be compared to Qualcomm's cost of capital. Using a 10-year treasury yield of 4.5%, a beta of 1.2, and an equity risk premium of 4–5%, the estimated cost of equity falls between 9% and 10%. Since the earnings yield of 7.5% is below this range, Qualcomm doesn't appear particularly cheap at the moment. However, judged against historic performance against the S&P 500 (SPX), QCOM stock has underperformed. That said, this isn't necessarily a red flag. Even if the stock looks a bit expensive on this metric, Qualcomm continues to create value through its exceptional return on capital and strong cash generation. This is reflected in its sustainable 2.28% dividend yield and $16.5 billion in share buybacks over the past four years. Given Qualcomm's maturity, profitability, and operational efficiency, a lower earnings yield may be viewed as acceptable, reflecting a premium for quality and stability. Analyst sentiment on Qualcomm stock is somewhat mixed. Out of 17 experts who've issued ratings in the past three months, eight are bullish, eight are neutral, and just one is bearish. Still, there's little hesitation when it comes to upside expectations. Qualcomm's average stock price target is at $177.75, suggesting ~14% in potential upside over the next twelve months. While traditional valuation metrics may indicate that Qualcomm is undervalued, I believe that perspective overlooks the company's strong operational efficiency. Qualcomm doesn't need to appear 'cheap' to represent a compelling investment opportunity. Its robust, above-average returns on capital, driven by an asset-light business model, demonstrate its ability to create substantial shareholder value and may, in fact, justify a valuation premium. Viewed through this fundamental lens, and given Qualcomm's consistent track record of long-term value creation, I consider it a solid long-term investment, even at its current, relatively full valuation. Disclaimer & DisclosureReport an Issue Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store