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Old 01-11-2019, 05:06 PM
 
Location: Oregon, formerly Texas
5,276 posts, read 3,514,530 times
Reputation: 8861

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They can be re-purposed as churches, community/technical colleges, art galleries, city/county offices, libraries, apartments, bus/transit stations, etc...

All kinds of things, really.

I think the most useful thing to do with them would be to make them into residential apartment communities.

Here are some examples: Moderator cut: link removed, competitor site


Malls are not dead, though. A-class malls, the kinds that are nicely sculpted, have a mix of indoor/outdoor amenities, and especially combine restaurant and entertainment space with the retail... those are doing fine. It's the old B and C-class malls, the ones that used to be anchored by discount stores, those are pretty much already dead.

Last edited by Yac; Today at 01:49 AM..
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Old 01-11-2019, 05:14 PM
 
Location: Oregon, formerly Texas
5,276 posts, read 3,514,530 times
Reputation: 8861
Quote:
Originally Posted by Lincolnian View Post
This is my old thread. I continue to drive around and despite an economic improvement there are even more vacant offices, retail space and commercial properties. On-line retail, a greater number of people working from home, and the move away from shopping malls has resulted in a glut of underutilized properties. Development that is taking place is mostly ground up development of new building taking advantage of incentives. Municipalities need to work with property owners to find ways to improve the use of existing properties especially ones that are brownfield sites. These properties sit on the tax roles but their values continue to diminish as sources of revenue and when the burden becomes too great to carry them the owners often walk away.
Long story short, the country's population is shifting, and doing so increasingly quickly. Where you see most of those vacant spaces are probably in the declining areas.
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Old 01-11-2019, 05:42 PM
 
854 posts, read 242,587 times
Reputation: 2036
Quote:
Originally Posted by Supposn View Post
Athena53, why do they need to reward someone for leaving the old building behind? Doesn't it cost money to demolish a building?
The math doesn't make sense to me, either. Maybe the grocery chain leased the building and vacating it didn't cost them much; it's now the landlord's problem to find a new tenant or demolish it.

Quote:
Regarding government subsidy of commercial ventures: One or more of the jurisdictional governments within my county, (I'm supposing it's all of them), have reduced sales taxes within a particular area to encourage retail commerce in a particular area. It's a deep reduction of approximately half of the approximate 8% normal sales tax. I would suppose that displeases retailers and landlords in other areas.
We have the opposite- I bought something in one newer, very upscale shopping plaza where it showed an extra 0.25% as some sort of special added tax for that district. I don't go there very often, just out of principle!

The small town (pop. about 50,000) where I live has a Wal-Mart. I didn't live here when it was built but I'm sure they were enthusiastically courted because they'd create jobs and increase sales tax revenues. Ironically, they have so many calls to the police for shoplifting and the occasional altercation that it's costing us more than we're getting in increased revenues.
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Old 01-13-2019, 04:42 PM
 
Location: Forests of Maine
30,058 posts, read 48,150,540 times
Reputation: 18105
In 2016, my Dw and I bought a commercial building on the main street of a mill town [population 7,800].

This building has two storefronts. The second and third floors were mostly vacant and had been vacant for decades.

We have been remodeling the building. We are nearly finished with the remodeling. Just a bit more work needs to be done to finish the Fire Sprinkler System and to get the up-to-date Certificate-of-Occupancy. Our building will have fourteen tenants, which includes a print shop, a church, a daycare center, and eleven apartments.

The purchase price and the remodeling combined should come in at ~$400k.

Taking into account all annual and monthly expenses to operate the building, [and including a $1,000 rehab for each apartment each year] we hope to Net around $50k a year.

The public housing office has already contacted me, wanting to sign a lease where the city would rent ten apartments as a block of units to be filled with homeless people.
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