Great story about the rise and fall of the DeSoto Squiare Mall in Bradenton (Sarasota: foreclosure)

[Sunshine Rules]

Here's a link to the story:

https://www.heraldtribune.com/story/...on/7772470002/


Back in the early 80's, when I arrived in Florida, the DeSoto Square Mall was a very popular place to shop and was always packed on the weekends. The mall would frequently host special events on the weekends as well.


Now it appears the Sarasota Square Mall by Palmer Ranch is going the same direction as the DeSotoa mall, as the Westfield group lost control of the mall earlier this year in foreclosure. (They sold the their Westfield Siesta Key mall last year, it's been rebranded as Crossings at Siesta Key.) Both malls are sadly lacking in retail options, with more vacant store fronts than open stores.


The University Town Center mall and adjacent Benderson shopping centers have taken over the lion's share of the retail business in our area, with their Benderson Park to the south becoming a premier location national and international rowing championships. It will be interesting to see if Benderson can maintain the momentum going into the next decade.

[loves2read]

Originally Posted by Sunshine Rules

Here's a link to the story:

https://www.heraldtribune.com/story/...on/7772470002/


Back in the early 80's, when I arrived in Florida, the DeSoto Square Mall was a very popular place to shop and was always packed on the weekends. The mall would frequently host special events on the weekends as well.


Now it appears the Sarasota Square Mall by Palmer Ranch is going the same direction as the DeSotoa mall, as the Westfield group lost control of the mall earlier this year in foreclosure. (They sold the their Westfield Siesta Key mall last year, it's been rebranded as Crossings at Siesta Key.) Both malls are sadly lacking in retail options, with more vacant store fronts than open stores.


The University Town Center mall and adjacent Benderson shopping centers have taken over the lion's share of the retail business in our area, with their Benderson Park to the south becoming a premier location national and international rowing championships. It will be interesting to see if Benderson can maintain the momentum going into the next decade.

One aspect of Benderson that looks more long lasting…
No food court and no movie theater or aspect that encourages kids to hang out
Restaurants are not fast food or cheap
Mote is also building new aquarium across the street from mall just north of the park

[jacques_meihaufer]

Benderson is smart enough and nimble enough to understand trends, capital markets, leverage and market timing.


It's obvious they know how to "ride the wave", and know when to exit markets and enter markets.


Market cycles at this point are in their favour and should be for a long time horizon, but if inflation continues, smaller lease-holders will fold which will affect their cash flow, but that will be offset by the voluminous raw land holdings of that company.


They seem to fully understand decentralization of the area, not trying to be a big cog in the wheel of the dream of high density urban living. (They did buy and lease back the SCG building). The population and services move is East of 75 and shall remain so for a very long time. They also seem positioned to take advantage of that.


I predict they will unload The Mall in a few, and will continue to invest and build many satellite service areas including medical, retail,resort, and multi-family projects in future places east of 75 that people now would say "no-way that area will be successful". Keep in mind, the loudmouth naysayers and the "West of the Trail" promoters consistently badmouthed and vehemently criticized the viability of the development of Palm Aire, The Meadows, University Park, Lockwood Ridge corridor, and even dog-cussed the concept of "Lakewood Ranch"...in fact some actually worked against the development, chief among the non-believers was Michael Saunders co and many others in DT SRQ, LBK, Bird Key, Siesta Key and many others. Many actually worked against these projects at the time. Some are still at it with criticism of the expansion of LWR into eastern Sarasota County, because it takes the "focus" and "shine" of what "glitters" in DT City of Sarasota. Manatee County is doing no such thing! In fact they are embracing de-centralization.


It's going to be a "tale of two (or several) cities".....no doubt no true cities or townships (not yet) and I truly believe that Benderson Development knows that.


Perhaps they will unload a few plazas to a few eager chumps....that's how it's done. It's also a function of economies of scale on the other hand.