Their Home Renovation Was Almost Complete. All That Was Missing Was a Turret.
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Their Home Renovation Was Almost Complete. All That Was Missing Was a Turret.

The circular tower in Louisville, Ky., capped off an update that was long overdue

By VAISHNAVI NAYEL TALAWADEKAR
Thu, Jan 5, 2023 8:37amGrey Clock 3 min

On a leafy lane in Audubon Park, in Louisville, Ky., sits a house that looks like it could have once belonged to Rapunzel. With a fairy-tale turret and Dutch Colonial Revival architecture, the home stands apart from its neighbors. But when Heather and Stefan Rumancik, both 43, purchased the 1930s home in 2009 for $225,000, it was a far cry from its present-day version.

“We bought the house from its second owners, who had owned it since the 1940s, but the home itself hadn’t been updated in 30 years,” says Mrs. Rumancik, a competitive intelligence executive at a pharmaceutical company, who shares the home with Mr. Rumancik and their daughter, Adrienne.

Although the Rumanciks renovated the original 3,025-square-foot home in parts over the years, the turret remained an unfulfilled wish for Mrs. Rumancik until 2020, when Mr. Rumancik, a builder and general contractor, was forced to pause his business due to the pandemic.

“Our ongoing projects were halted by clients, so it was an ideal time to pivot to working on something that had been kept on the back burner for far too long,” says Mr. Rumancik, adding that the turret addition was appealing both for its aesthetic value and because it challenged him to try something new. For Mrs. Rumancik, the turret was a great way to expand the home’s footprint: She and Mr. Rumancik agreed on having a banquette on the first floor, the primary bathroom shower on the second, and a cocktail tasting room in the basement. They set a budget of $350,000 for the three-story addition.

To help with the architecture of the addition, Mr. Rumancik tapped friend and longtime collaborator, architect Mark Foxworth of Foxworth Architecture, for $35,000. Together, the two sheathed the turret in the same materials as the rest of the house: cedar shakes and Kentucky limestone, the latter removed and repurposed from the home’s exterior. “We made it special by capping it with a copper finial,” says Mr. Rumancik. “I think what’s unique is that you can’t see the turret or the addition from the street. It’s at the back, so the original architecture is really unchanged.” To minimise the extension’s energy consumption, Mr. Foxworth specified insulated concrete forms and high-performance glazing on the windows.

For the interior design of the addition, including the turret and the surrounding spaces, the Rumanciks enlisted Bethany Adams, founder and principal of her eponymous Louisville-based interior design studio, who had previously engaged Mr. Rumancik and his company, Designer Builders Inc., to help renovate her 1897 Victorian home. They agreed on a fee of $35,000, excluding material costs. “We told Ms. Adams to take our ideas and make them better,” says Mrs. Rumancik.

“She proposed layout ideas that we hadn’t thought of, and also simplified some of the structural changes I thought we’d need, which ended up saving us quite a lot of money,” Mr. Rumancik says.

It was important for the Rumanciks that the home’s heritage be honoured. “Audubon Park was developed at the height of the Arts and Crafts movement when there was a true appreciation for the beauty of natural materials,” says Ms. Adams, who introduced a lot of walnut wood, stone, and decorative glass to pay homage to the craftsmanship of that period. To optimise the flow between the addition and the main house, she designed a large vestibule with arched openings leading into the various spokes: namely, the mudroom, the kitchen, the living room, and the hallway.

Additionally, Ms. Adams mirrored the turret architecture in the main home by using curved handles in the bathroom and powder room. “I also used circular mirrors and light fixtures, and there’s a circular motif on the marble bathroom floor too. It’s a subtle reminder of the geometry of the addition,” she says. In the same vein, the original foyer and hallway were painted the same colour as the new kitchen and mudroom. For the floor, Mr. Rumancik installed white oak planks that perfectly matched the rest of the house.

In the kitchen, the turret was built to accommodate a banquette. Mr. Rumancik made the breakfast table himself as a Christmas gift for his wife using walnut wood from his father’s farm in Danville, Ky., and leftover quartzite from the kitchen counters. Ms. Adams arranged for custom navy blue cabinetry, a walnut island, and a bar top, which collectively cost $58,000. She also upholstered the banquette in the same chartreuse fabric as the West Elm bar stools, which cost $500 apiece. The banquette cost a total of $10,000.

For Mr. Rumancik, the tiling of the circular shower walls was an exercise in both mathematical proficiency and patience. “Even though the shower tile came on a mesh backing, many pieces had to be cut and placed individually in order to follow the curve of the walls and afford uniform grout joints. We spent four weeks tiling that shower,” he says.

All in all, the Rumanciks say the 2021 renovation—completed just before the holidays to the tune of $425,000—was compensation for a year gone awry. “Despite the challenges of the previous year, it was quite possibly the best Christmas of all,” says Mrs. Rumancik.



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Strong consumer spending and tight supply have driven retail to the top of commercial property, but signs of pressure are starting to emerge.

By Jeni O'Dowd
Mon, May 4, 2026 2 min

Australia’s retail property sector entered 2026 as the strongest performing commercial asset class, but rising geopolitical risks and cost pressures are beginning to test its resilience, according to new research from Knight Frank.

The latest Australian Retail Review shows the sector rode a wave of consumer spending and constrained supply through 2025, delivering total returns of 9.2 per cent and driving transaction volumes up 43 per cent year-on-year to $14.4 billion.

That momentum carried into early 2026, with around $3.6 billion in deals recorded in the first quarter alone.

“Retail clearly emerged as the standout commercial property performer in 2025,” said Knight Frank Senior Economist, Research & Consulting Alistair Read.

“Improving household spending, limited new supply and stronger leasing fundamentals combined to drive better income growth and renewed investor confidence in the sector.”

Spending rebound drives retail strength

A lift in household spending has been central to the sector’s performance. Consumer spending rose 4.6 per cent year-on-year to February 2026, supported by easing inflation and improving real incomes.

That shift flowed directly into retailer performance, with average EBIT margins across major retailers rising to 8.9 per cent in the first half of 2026, their strongest level in several years.

“Stronger consumer spending was critical in restoring momentum to the retail sector,” Mr Read said.

“Retailers have generally been better able to absorb costs, rebuild margins and support sustainable rental outcomes, particularly in higher-quality centres.”

Improved trading conditions also pushed leasing spreads up 4.2 per cent in 2025, reinforcing income growth and supporting capital values.

Geopolitical tensions begin to bite

But the outlook has become more complicated. The report warns that escalating conflict in the Middle East and its impact on fuel prices, supply chains and interest rates could weigh heavily on consumer spending.

“Higher fuel prices, flow-on cost pressures across supply chains, and recent interest rate increases are collectively squeezing household budgets, and early consumer sentiment data suggests confidence is already softening,” Mr Read said.

“While household balance sheets remain generally resilient, heightened uncertainty over future costs is likely to weigh on spending — particularly in discretionary categories — in the months ahead.”

The impact is already being felt in investment activity. While the year began strongly, transaction volumes slowed in March as investors paused amid the uncertainty.

“Early indicators suggest elevated uncertainty has already begun to affect the market. While retail investment enjoyed its strongest start to a year in a decade, with nearly $3 billion transacted by the end of February, activity stalled in March, as investors took a pause amid elevated uncertainty,” Mr Read said.

Solid foundations support medium-term outlook

Despite the near-term headwinds, Knight Frank maintains that the sector’s underlying fundamentals remain strong. Limited new supply, high construction costs and population growth are expected to continue supporting rental growth over the medium term.

“Retail has entered this period of uncertainty from a position of strength,” Mr Read said.

“Supply-side constraints, population growth and improving income fundamentals remain powerful structural supports for the sector.”

The report highlights several trends shaping the year ahead, including steady yields as interest rates rise, mounting pressure on tenant margins, continued outperformance of prime centres, the growing need for logistics integration, and risks linked to underinvestment in capital expenditure.

For now, retail remains a sector with momentum, but one increasingly at the mercy of forces far beyond the shopping centre.

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