mgreen said:
Went to a lunch with the CS economic Development person this week. She said the owners of both Albertsons and Academy are still getting paid nicely from long term leases and have no intention of leasing again until their current contracts expire several years from now.
Not that I am for this - I am firmly against imminent domain abuse, etc - but would be interesting to see if any city has ever tried to force a better use of a retail property than the owner just sitting with an empty "box" collecting rent. The argument would go something like there being no sales tax, hotel motel tax, etc generated by the current "lowest use" of the property as an abandoned empty box. Or would city consider incentives like a tax rebate back to owner to encourage leasing out ASAP instead of end of lease.
Also interesting to see the different behavior with the owners of Albertsons/HEB and Academy properties vs the owners of Gander Mountain. Since GM went bankrupt = no lease payments = @Home in relatively short order. Might be a sign of things to come at POM Sears location.
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