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While the land may have an accessed value, the fact that it is losing money every month gives it a negative value. Whoever buys it will have factor in purchase price, demo and redevelopment costs into the deal. It will be pricey, for sure, but it will be the citizens of the community to frequent the place and ultimately pay the developer's bills
It loses money because it has a massive debt to service (principal and interest payments) which will be wiped clean by the bankruptcy. The land has intrinsic value since its in a high traffic, populated area. We are not talking about a bad area since its in Amherst and near the "proposed" rail extension. Thses malls are great for seniors to get their exercise.
It loses money because it has a massive debt to service (principal and interest payments) which will be wiped clean by the bankruptcy. The land has intrinsic value since its in a high traffic, populated area. We are not talking about a bad area since its in Amherst and near the "proposed" rail extension. Thses malls are great for seniors to get their exercise.
I'm just talking about the way it sits now. Who would give one dime for a property that loses, lets say $100,000 a month. It likely is worth more as bare land. Someone will have invest a huge chunk to make it profitable. I doubt very much that a bankruptcy would wipe out what's currently owed.
Amherst is asking for State for 100,000's of aid to pay for new landscaping to plant new plants and trees around the Boulevard Mall to make it more attractive
I'm just talking about the way it sits now. Who would give one dime for a property that loses, lets say $100,000 a month. It likely is worth more as bare land. Someone will have invest a huge chunk to make it profitable. I doubt very much that a bankruptcy would wipe out what's currently owed.
Someone will buy it. Everything has a price. What they pay will go to the creditors in bankruptcy court. Its not like Eastern Hills, which has been trending down for decades. Its right smack in the middle of a densely populated area. There are a lot of businesses on NFalls Blvd especially Boulevard Consumers Square. Its close to UB too. It wasn't viable the way it was with Sears going dark and the foolish move to close the food court.
Its not worthless. The property it sits on has value and its in a good area near UB. The Mall as it is constituted is no longer viable. It will be turned into a "lifestyle center" with a mix of retail, office and housing. One of the biggest shortsighted mistakes IMHO, was doing away with the food court to build a Dicks which people just went to and left and it decreased mall traffic. Sears closed (no surprise), Penneys is not doing great nationally and it just leaves Macy's. Some of the stores will be relocating to the newly revitalized Northtown Plaza along with Whole Foods. The Galleria sucked the life out of it and it has been dying a slow death along with Eastern Hills and McKinley. Its part of a national trend of failing malls exacerbated by the exodus of people leaving WNY and being replaced by refugees which helps with the headcount but hurts retail. There used to be significant Canadian shoppers who would continue on from Niagara Falls Outlets but as the Galleria grew the Canadians went there.
What was the rationale for getting rid of the food court entirely? Was the food cour mostly empty or what?
Boulevard Mall is a 'big housing play,' Sinatra says
Buffalo developer Nick Sinatra, who soon will own the Boulevard Mall, says his long-term strategy for the shopping center focuses on turning it into a “mixed use village.”
Sinatra outlasted several bidders in an online auction for the 902,000-square-foot enclosed mall. His bid was for $24.05 million.
For starters, Sears, Macy's, Dick's and JCPenney were not part of the auction. So what will happen to those 4 big boxes? Benderson owns the former Macy's Men store as well, which is another big box not part of the auction.
The housing is going to be for mostly college students from UB
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