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Lewes, Delaware
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May 23, 1997     Cape Gazette
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May 23, 1997

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CAPE GAZETTE, Friday, May 23 - May 29, 1997 - 43 BUSINESS & REAL ESTATE Set sail for Rehoboth's newest shops - Mariner's Square By Trish Vernon Mariner' s Square has risen from the dust of the old "Strand" build- ing at 138 Rehoboth Avenue and three of the eight retail establish- ments calling the complex home plan to be open Memorial Day Weekend. Those unfamiliar with the ter- rain need look no further than the ocean blue facade of the Rehoboth Avenue side (near Browseabout Books) or the buffed yellow facade in the middle of the second block of Baltimore Avenue to find Mariner's Square. Bob Derrickson, who together with cousin Richard Derrickson, designed and developed the com- plex, spent long hours coming up with what they believe "imparts an interesting and unique flavor," to the resort's business district, Bob Derrickson said. Each individual shop's exterior sports its own distinctive hue, all in keeping with a "seaside Victo- rian" motif, which ihe Derrick- sons believe achieves the goal of community preservation. Another unique aspect of Mariner's Square is that the four middle retail shops are being sold as individual condominium units at under $200,000 each - a very reasonable price for prime com= mercial space. (The condos on either end may be placed on the market in the future.) Bob is also proud of the fact that all but one of the emporiums which have signed leases (only one unit is still vacant and negoti- ations are underway on that qnit) is new to Rehoboth Beach. The only one that is moving from a different Rehoboth Beach loca- tion is Earthly Wonders, owned by Carla Boynton. She is tripling her retail space from her previous shop at the corner of Baltimore and First Street, featuring her unique mix of decorative items, jewelry, handmade cards and paper products along with a Swedish gift selection. The three units expected to be open for Memorial Day include The Captain's Cottage, Pasquele's Italian Dell and Truva Traders, Ltd. Captain's Cottage, the first store facing Rehoboth Avenue is owned and operated by Connie Holdridge and Linda Tomassi, the same women who will continue their Penny Lane Mail enterprise, Old Salt. Captain's Cottage offers a different concept than Old Salt, Derrickson said, featuring unique gifts and decorative accessories for the home, as well as personal- ized invitations. Pasquele's Italian Dell will anchor the Baltimore Avenue side of Mariner's Square, the largest of the units. There Tom Messina of Fairfax, Va., will feature a wide variety of pastas, antipasto and cold cuts. The third store now opening is Truva Traders, Ltd., where Cem Sargiolu of Greenwich Village, N.Y., will offer handmade gifts and home furnishings imported from Turkey, along with old Kil- ims, carpets and furniture. Scheduled to open at later dates along with Earthly Wonders are The Greenhorn and Efexx. The Greenhorn will be the sec- ond Cape Region store specializ- Michael Short photo Mariner's Square is nearing completion in Rehoboth Beach and will house eight retail shops,three of which are expected to open for Memorial Day Weekend. ing in western goods, as Phoebe Sachs prepares to feature the same authentic Native American crafts and jewelry she also offers in Lewes. Efexx, owned and operated by Gene Harris and Jeff Eckman of Ft. Lauderdale, Fla., will feature select lines of men's apparel and accessories. Perhaps the most innovative aspect of Mariner's Square will be the emphasis on artwork in the public breezeway. The Derrick- sons commissioned Lewes artist Connie Miller to create one of her "Sailor's Valentines," this one three-feet high, perhaps the A Sailor's Valentine graces the walkway in Mariner's largest ever made. Square, an original work of art by Connie Miller of Lewes, Continued on page 44 and comprised of a variety of at least 30 types of seashells The most perilous f'mancial decade? Which decade of life could be communal college life needs a working lifetime - continually The answer, of course, is C. A IRA (check with your accountant considered financially most dan- gerous: a person's 30s when major career and purchasing decisions are made...the 40s when many parents are challenged by the cost of their children's education...the 50s when people suddenly realize their retirement plan is underfund- ed? My answer is none of these. I think that the period when people complete their education and get the first job of their mainstream career is the most dangerous time financially because that's when budgeting patterns are established that can last a lifetime. Call this decade the 'perilous 20s' and include all of this year's new grad- uates. With a person's first career pay- check, all those repressed material desires are unlocked: the sports car that was only a dream a few months ago now requires a lease payment of "just a few hundred dollars a month." Anyone tired of fashionable apartment, preferably with a nice view of the pool. Of course, the new job requires a whole new wardrobe. If these urges are acted upon, they can absorb all current income, and a little more than can be conveniently scheduled as con- sumer debt. Many people continue in this pattern for their entire FINANCIAL FOCUS trading up their material posses- sions for commensurably larger debts. All their future financial options are dictated by the amount of debt service that can be squeezed from each month's income. By contrast, a person's 20s can be the most financially enriching time of life for those who choose to save and invest .part of their income. Money invested in one's 20s can benefit from compounding to a greater degree than any other time of life. Here's another quiz: How much money could a person have at age 65 if he or she begins investing $2,000 a month each year at age 24, an average return of 10 percent is achieved and returns are com- pounded annually and tax- deferred as in a 401K or IRA? Check one of these figures before reading on: (A) $402,276; (B) $660,079, or (C) $1,075,274. person maintaining a plan of regu- lar investing throughout his or her working life can enjoy the benefits of compounding. During the 40 years of this example, you would have actually paid in $82,000. The miracle of compounding growth at a hypothetical 10 percent return can accomplish the rest of the work. Of course, our example is for illustrative purposes only. Actual rates of return cannot be predicted and can'fluctuate. Further, a plan of periodic investing does not assure a profit or protect against loss in declining markets. The trick is to convince today's youth that a couple hundred dol- lars a month should be set aside before one's capacity for purchase gratification is assessed. Those parents or grandparents who are especially helpful can jump start the process by helping tier son or daughter establish an or financial advisor on the rules). Above all, don't let the young person procrastinate. It is often too easy to think that putting off the investment program for five years wouldn't hurt much...after all, that's just $10,000 at $2,000 per year. But the curious - and wonderful - characteristic of compounding is that most of the growth occurs lat- er in the program. Choice (A) above, $402,276, was the result of this program after 30 years, and choice (B), $660,079, represented the result after 35 years. In other words, the last five years of this example program produced about $415,000! George E. McLaughlin is the branch manager at Legg Mason Wood Walker, Inc., Chestertown, Maryland's branch, a securities brokerage and financial services firm and member of the New York Stock Exchange, Inc. George McLaughlin