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Unfortunately, the property management is charging an arm and a leg and a few toes for rent and this has hindered new businesses going in there. I actually was looking at one of the spaces there and for as small as it was they were asking waaaaaaaaay too much in rent. Especially for a complex that has had no traffic for a long time.
We had looked into opening a dinner theater there (similar to the Gaslight Theater in Tucson Arizona), but the property management were very difficult to deal with and made me cringe at the thought of wanting to lease a space there.
Sounds like your experience was the same as mine. High 30's for rent. They keep that up they are going to lose all interest in the place. I currently have a spot at Crossroads and can live with it for the price difference.
I remember it. It had a Greek name, I think. Never ate there (that was during my poor days), but I remember it looking really nice through the windows.
I was talking about at Waverly, not MacGregor. The one I was thinking of was Spartacus, but before that I think it was China Pearl maybe????
I think I remember the place. They had live jazz. Can't think of the name.
This is the place I was talking about. I also liked Sparatacus but this place was on the upper level and was gone long before Spartacus. Could it have been Gregory's (someone mentioned that before)?
This is the place I was talking about. I also liked Sparatacus but this place was on the upper level and was gone long before Spartacus. Could it have been Gregory's (someone mentioned that before)?
OH!!! My bad, now I remember the place but like you cannot recall the name lol!!!!
This is the place I was talking about. I also liked Sparatacus but this place was on the upper level and was gone long before Spartacus. Could it have been Gregory's (someone mentioned that before)?
The method of building this out with high $ with no real anchor store is nuts!
Whole foods is not an anchor, its a niche
all the other stores that are slowly opening are the type that would be around an anchor.
Many people dont even know about this place because it lacks frontage, you realy can only see an empty parking lot from the street.
Wrong time in the econ0my to build something like this....even in Cary.
Well it was built 20+ years ago and had a movie theater and a Harris Teeter. Both have moved on in the intervening years and they are trying to do what they can to improve an existing, if lagging, asset. It's been through a few different owners with different visions and levels of funding plus a crappy economic climate where banks would not lend you the money for a fully leased building without you kicking in half out of your own pockets. So, while it is and always has to some extent been a disappointment, the owners are trying to make chicken salad out of chicken manure here, not building something new without an anchor.
The people I spoke with, liked the idea of putting in a dinner theater. They asked so many questions about how it would work and if we would play off a restaurant that came in or do our own. I had some awesome ideas, but the fact is, it all came down to money and they wanted waaaaay too much. You would think that if they really wanted to get this place hopping and get some good traffic in there, they would be a bit more opne to new tenants and offer a better deal. I even told them how we could do special comedy nights and community talent shows in the courtyard and bring in people...
Yeah I don't really understand why they're charging such high rent. It would seem to be smart to offer "introductory" rents to get the tenants you want in the door and then raise rates as fit over subsequent years.
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nuts
