Apr 20, 2012
commented on Another One Bites the Dust
in general, i'm with j-lon. at the same time, i think s/he's a little too "go with the flow" on the whole thing. yes, development happens and neighborhoods change and ebb and flow and all that.
what's hard for me about this, and what i think the article does a good job pointing out, is that MDG's other developments have a LOT of vacant street-level retail. so they have a track record of taking out thriving stuff and putting in ugly stuff that, in addition to being ugly, is not even accessible to smaller, local tenants who could make it less ugly. MDG would rather eat the cost of waiting for a safeway or a qfc to come in than lower rents to a level that would encourage participation in the local economy by local businesses.
which, yes, makes sense economically - lowering rents and dealing with tenants who don't have billion dollar credit lines would take a little bit away from the revenue these guys earned on the property - but it does not make sense community-wise or long term value-wise.
so, yeah, development happens. my problems with this thing are the short-sightedness and the siphoning of money from local economies to big box headquarters and developers who don't even live in the area. i think the real estate development world would do well to start thinking about their investment returns in terms of more than just dollars.
Apr 20, 2012
joined My Stranger Face