AUBURN, ALA. — SiO2 Materials Science will invest $163 million to expand its Auburn plant that will produce vials and syringes to aid a potential COVID-19 vaccine. Construction is underway on the 70,000-square-foot project, which is located at 2425 Innovation Drive, less than one mile from SiO2’s current plant located at 2250 Riley St and seven miles southwest of Auburn University. SiO2 expects to create 220 jobs when the expansion is complete. In June, SiO2 announced a $143 million contract with federal government agencies for a production scale-up of the company’s packaging platform for storing coronavirus vaccines and therapeutics. Auburn-based SiO2 applies a patented glass-like coating to plastic surfaces.
WASHINGTON, D.C. — The National Retail Federation’s (NRF) chief economist Jack Kleinhenz surmises that the recession brought on by the outbreak of COVID-19 may have already ended. Citing encouraging tailwinds such as a rebound in jobs (7.5 million jobs in May and June combined) and a strong quarter by the stock market, Kleinhenz says that the recession could be over just as fast as it came, though that won’t be determined by the National Bureau of Economic Research for a while. “While it would be unusual for a recession to last less than six months, it is possible,” says Kleinhenz. “The bad news is there is plenty of uncertainty on the shape of the reopening of the economy, and the recovery will be slow even if we are no longer in recessionary territory.” Despite the upward trajectory of the U.S. economy on metrics such as consumer spending and retail sales, Kleinhenz emphasizes that the economic recovery will still be dictated by whether efforts to end the pandemic are successful. The veteran economist warns that the second wave of COVID-19 outbreaks in markets such as Florida and Texas is a “major threat” to the recovery. “These outbreaks are alarming, and if …
Taubman Centers Reopens All Properties Across Portfolio Following Temporary Closures Due to COVID-19
BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills, Mich.-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, chairman and CEO. Taubman’s portfolio consists of 26 super-regional and outlet shopping centers. The company is currently being sued by Simon Property Group over a merger agreement, the latest details of which can be found here.
CHARLESTON, S.C. — Iron Bridge Capital Partners will install a medical-grade air filtration and UV light system at Charleston Tech Center to prevent the spread of COVID-19 or other pathogens through its ventilation system. Iron Bridge, the lead developer of the 92,000-square-foot building, expects to open the property by the end of the year. Charleston Digital Corridor will anchor the property. The system will include an electrostatic filtration process similar to what surgery centers and medical facilities install to prevent the spread of airborne bacteria and viruses from room-to-room. Additionally, the system features a bank of UV lights that will treat any remaining pathogens, as well as reduce the amount of airborne mold and dust. In addition to the air treatment system, Charleston Tech Center will also include COVID-19 protocols and features such as occupancy maximums for elevators and shared conference spaces, hand sanitizer stations in the lobby and at each elevator, touchless faucets and the strong encouragement for workers and guests to wear masks in all common areas.
LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has delayed its U.S. reopening date until July 30. The company will resume operations of 450 U.S. theaters as part of a phased plan that is expected to bring the 600-plus U.S. theaters to full operation by early August. AMC says the new reopening date aligns with updated release timing for major movies such as Teneton Aug. 12 and Mulanon Aug. 21. Previously, AMC had expected to be fully open globally in July when Christopher Nolan’s spy film Tenet was scheduled to release on July 17 and Disney’s live-action Mulan on July 24. Once the U.S. reopening commences, AMC will have theaters open in all 15 countries in which it operates. Theater general managers across the U.S. started working full time on June 29 to begin readying theaters for reopening. AMC maintains approximately 1,000 theaters across the globe.
WASHINGTON, D.C. — Freddie Mac and Fannie Mae have updated their multifamily forbearance programs for borrowers still being affected by the COVID-19 pandemic. In late March, Freddie Mac and Fannie Mae enacted 90-day relief plans for borrowers. With that period ending soon and several borrowers still struggling to fulfill their mortgage payments in the midst of the outbreak, the two government-sponsored enterprises (GSEs) have extended deadlines and terms of their respective forbearance programs. Under Fannie Mae’s guidelines, borrowers will have up to 24 months following its forbearance period to repay any missed payments. While in forbearance, a borrower may not evict any resident for missed payments. Borrowers with loans from both Freddie Mac and Fannie Mae with a forbearance agreement in place may not charge tenants late fees or penalties solely because of the nonpayment of rent during the forbearance period or the borrowers’ repayment period. The forbearance program also requires borrowers to provide flexibility to tenants, allowing the repayment of back rent over time and not in a lump sum. The borrower must also give tenants a 30-day notice to vacate prior to any evictions taking place.
ALBANY, N.Y. — Some outdoor and indoor entertainment businesses, including aquariums, zoos and professional sports venues without fans, have reopened in the West New York region, according to a statement from New York Gov. Andrew Cuomo’s office on Tuesday, June 30. New York has gradually reopened businesses on a region-by-region basis according to a multi-phased reopening plan, but Cuomo has decided to remove shopping malls, gyms and movie theaters from the phase after observing recent spikes in virus cases in other states. Other businesses cleared to reopen as part of Phase IV of the plan include higher education, film and movie production and botanical gardens. As of June 29, the Centers for Disease Control and Prevention reported more than 394,000 confirmed cases of COVID-19 across the state of New York and more than 31,700 deaths.
AUSTIN, TEXAS — On Monday, a group of about 25 bar owners filed a lawsuit in Travis County District Court challenging Texas Gov. Greg Abbott’s executive order to shut down bars across the state following a recent surge in COVID-19 cases. The Austin-American Statesman first reported the news and notes that the lawsuit is predicated on the notion that Abbott’s order suspends state laws, a power that is reserved strictly for the Texas Legislature. Multiple outlets including The Texas Tribune have since confirmed the report. In the order issued on Friday, June 26, Abbott demanded that all bars and establishments that earn more than 51 percent of their gross revenue from sales of alcoholic beverages close their doors, effective as of noon that Friday. The order permitted restaurants to remain open for dine-in services but at 50 percent or less of their stated indoor capacities, effective Monday, June 29. As part of the order, rafting and tubing businesses were also ordered to close, and local governments must now approve outdoor gatherings of 100 or more people. According to the Texas Restaurant Association, about 800,000 industry workers have lost their jobs since the pandemic began. Over the weekend, Abbott noted that …
HARRISBURG, PA. — Indoor dining and entertainment establishments have been cleared to reopen in 12 counties, according to a statement from Pennsylvania Gov. Tom Wolfe’s office on Friday, June 26. The counties include Berks, Bucks, Chester, Delaware, Erie, Lackawanna, Lancaster, Lehigh, Montgomery, Northampton, Philadelphia and Susquehanna, leaving only one county in the state still in the more restrictive yellow phase of reopening. Businesses in the state have reopened in recent weeks according to a phased system as the COVID-19 pandemic has gradually eased in the state. Businesses allowed to reopen in the governor’s green phase of reopening include restaurants and bars at 50 percent capacity, childcare, indoor recreation, fitness and wellness facilities, gyms and spas. Casinos, theaters and shopping malls have also been cleared to reopen at 50 percent capacity. As of June 28, the Centers for Disease Control and Prevention reported nearly 85,500 cases of COVID-19 across the state, and more than 6,600 deaths.
AUSTIN, TEXAS — Texas Gov. Greg Abbott announced on Thursday that the state would be pausing any further phases of reopening businesses following a recent increase in COVID-19 cases. Businesses that had been permitted to reopen under previous phases may continue to operate under previously established occupancy restrictions and social distancing guidelines. As part of this initiative, Gov. Abbott is also temporarily banning elective and nonessential surgeries to allow medical facilities the bandwidth to adjust to the rise in cases. The strongest uptick in new cases of late has been concentrated in Harris County, which has seen more than 1,300 new cases per day over the last three days. In addition, over the past weekend, the Texas Alcoholic Beverage Commission suspended the alcohol licenses of more than a dozen bars in Texas, including some in the Houston area, that were noncompliant with occupancy and social distancing mandates. As of Thursday, June 25, the Texas Department of Health and Human Services had identified approximately 132,000 cases of COVID-19 and 2,300 fatalities across the state.