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
