Internet business turns up the heat on Hot Shoppe owners

Construction at Midler Crossing, the new retail development in Syracuse, has been on hold for several weeks.

But activity at the $30 million shopping center complex will pick up in July as Pioneer Cos. gets past "expected environmental issues," said Jed Schneider, project manager.

"The project has been in the design stages for some time, and we got through the demolition," said Schneider. "To no one's surprise, some environmental work needed to be done. You should see some activity there next month."

Coming to the center at Midler Road next to Interstate 690 is a 170,000-square-foot Lowe's home improvement superstore. Also in the complex is a State Employees Federal Credit Union building.

No other tenants have been announced, although the develop, which is based in Syracuse, has room for 33,000 square feet of retail space and a sit-down restaurant.

Pioneer is building Midler Center atop an industrial wasteland that has high visibility and high traffic volumes whizzing by, sandwiched between I-690 and Erie Boulevard East.

It will house Onondaga County's third Lowe's store. The first opened in Cicero a year ago. The second opened in Camillus earlier this year.

When announced in November, Pioneer said construction on the project would begin in the spring.

But after demolition of the former Prosperity Co. building a fire gave the demolition a head start and some site work, things ground to a halt over the past few weeks.

Going in, Pioneer admitted there would be some challenges. Michael P. Falcone, Pioneer's chief executive officer, said the 28-acre site was "an environmentally challenged industrial eyesore" that would be turned into a "revenue-producing retail complex."

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.