NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Tuesday, August 13.
Hastings family plans to makeover North Hills Shopping Center in Sherwood
Ground will be broken this month on a 5,000-SF spec retail building that developers hope will inject new life into North Hills Shopping Center, the crumbling commercial strip on the dividing line between North Little Rock and Sherwood at the busy intersection of JFK and North Hills boulevards. "We think it's a good area, but sometimes you have to start moving dirt to make anything happen," said Stan Hastings, whose family has been part of the shopping center's ownership since the 1950s. The groundbreaking, scheduled for Aug. 27, will begin the first of three phases of redevelopment. But the ball really started rolling three years ago, when the Hastings family - led by Stan's father, Harry Hastings Jr. - and the family of Rolla Fitch unwound their 50-50 partnership in North Hills Development Corp. that dated back to the 1950s.
River Market's Arcade Building nearing completion
Bobby Roberts has attained a reputation for being half-librarian and half-developer as the executive director of the Central Arkansas Library System. Backed by property tax revenue, Roberts has overseen construction of a string of branch library projects as well as less conventional developments in downtown Little Rock. The newest addition to the CALS real estate roster will be the Arcade Building at 100 River Market Ave. The $14 million, 59,000-SF, mixed-use project represents a loose joint venture between CALS and private development interests. The building will be linked by a sky bridge to the $21 million Arkansas Studies Institute, a 66,383-SF center also championed by Roberts.
Crash tests show dog restraints fail in cars
As just about any motorist knows by now, the federal government has laid down stringent requirements regarding auto crash safety -- whether it's seat belts, air bags or dashboard materials. But what about the safety of dogs in auto accidents? There are no requirement on the strength of safety of pet restraints in cars, says the Center for Pet Safety, a non-profit service which has been conducting crash tests with dog dummies to test the effectiveness of dog restraints.
Hyperloop promises super-fast travel
Serial entrepreneur and billionaire Elon Musk unveiled design plans for his Hyperloop -- a superfast transport system that could cut the travel time from Los Angeles to San Francisco to 30 minutes, and cost a fraction of the currently proposed high speed rail project. Musk, a co-founder of PayPal and the man behind commercial space transport firm Space-X and electric car maker Tesla (TSLA), said up to 1,000 employees from both Tesla and Space X worked to come up with the idea, which is basically an elevated tube which moves travel pods at nearly the speed of sound. In a technical paper published Monday, Musk said his idea is similar to the "old pneumatic tubes used to send mail and packages within and between buildings," but would operate under much less pressure to save on energy.