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A thought that came to mind after reading this thread : Are those who forget the history of Waverly Place are doomed to repeat it?
You've got a cutting edge high end development build to meet the latest fads of the current real estate bubble, it's across the street from a more reasonable & traditional strip mall, and it's now getting beat up by the economy. While some of the details are different, it at least sounds a bit familiar...
A thought that came to mind after reading this thread : Are those who forget the history of Waverly Place are doomed to repeat it?
You've got a cutting edge high end development build to meet the latest fads of the current real estate bubble, it's across the street from a more reasonable & traditional strip mall, and it's now getting beat up by the economy. While some of the details are different, it at least sounds a bit familiar...
AT least SCV is not a maze, or at least it isn't a maze on the order of incompetence that the design of Waverly Place presents.
And there is fairly good visibility from the street of the tenants that face the street.
Ted Bowl, 5 Guys, Kilwin's, Weichert, Chop House Grille, It's a Grind all have (had) visibility.
I think it is a matter of timing due to economic conditions, and investor patience and deep pockets to see if the place fills.
On this point we disagree. I think so many people had a view of that area that did not line up with reality. They priced things as if it was something it is not. They need to lower the rents to encourage businesses to set up shop that can do a business. Pricing high because you think it should be so does not make it so. They need to come back to planet earth and get things more in line with reality. My prediction is the landlord will go bankrupt.
First off, the Landlord is not going bankrupt. It is owned by JP Morgan. The immediate area is one of the strongest in all of North Carolina. Chop House closed because they are not a good operator. Other Chop House locations are closing too. They have a new restaurant in place of Chop House opening soon. Rumor is that another food user will open on the other end-cap across from the fountain. This project won the Triangle Business Journal's 2007 Retail Development of the Year. By January of 2010, I predict the center will be almost entirely full, with an outstanding mix of tenants. Harris Teeter, Chick-Fila, Five Guys, Red Bowl, Merrill Lynch, are all excellent tenants. Considering this development's proximity to Prestonwood (the area's largest country club neighborhood) and the new roads all leading to the Triangle's major employment generators in RTP, i.e. Davis Drive and Hwy 55 to Cisco, Biogen, etc. JP Morgan knew what they were doing by investing in this project.
The developers of any shopping center/mall/commercial community don't even break ground before they have two "anchors". In this one's case it is Walgreen's and Harris-Teeter. Chik-Fil-A is a bonus for them. The anchors pay the investors back to a break-even point. Everything after that is profit. The developers are not interested in filling the spaces with untenable/unprofitable/shoestring budget businesses. They are interested in attracting businesses with money. Business plan or not. They don't care about turnover. They care about money. They don't care about your likes, dislikes, convenience, or input. They care about money. Their money.
This doesn't make them bad people. It makes them smart people, and money-making people.
Look at all the half-abandoned shopping centers in Cary. Why don't the developers/managers of those properties sell them? Because they still make money.
By January of 2010, I predict the center will be almost entirely full, with an outstanding mix of tenants.
Now that is really funny. They have FEWER tenants now than they did a year ago and in 3 months they are going to be full, when they are half empty now on that side?
I need a new calculator. Mine must be broken.
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Stone Creek Village
