chuckhoffmann Wrote:
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> 38BSI Wrote:
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> > > 4vvk6 Wrote:
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> > > > XMCKY Wrote:
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> > > > > 130 townhomes
> > > >
> > > > So let the place empty out on its own and
> let
> > > all
> > > > of the leases expire so they can build
> > > townhomes?
> > >
> > > Won't work because the ownership of
> Springfield
> > > Plaza is so fractured.
> > >
> > > One company owns the newer northeast portion
> of
> > > Springfield Plaza, while another owns the
> older
> > > south and west portion. To really make things
> > fun,
> > > neither of those companies owns the
> > > (soon-to-be-closed) Kmart or the parking lot
> > > directly in front of it.
> >
> > Who are thé property owners?
>
> The older south and west portion of Springfield
> Plaza (built in 1961, expanded in 1984 and 1987)
> is owned by Springfield Plaza LLC and managed by
> the Rappaport Company. (Show in green on image
> below.)
>
> The newer north and east portion of Springfield
> Plaza (built 1981) is owned by Springfield Plaza
> Section II LLC, which AFAIK is a subsidiary of AJ
> Dwoskin.(Blue)
>
> The Kmart (also built 1981) and the parking lot in
> front of it is owned by MFS Springfield LLC, which
> is affiliated with Finmarc. (Red)
>
> According to the Washington Business Journal, the
> Kmart itself is nearly 73,000 square feet and it's
> the only standalone big box in Springfield Plaza.
>
> Considering the building's nearly 40 years old, it
> might well be torn down and replaced with
> something a little more modern, but I'm not sure
> what big box retailer would want the location,
> considering most big box retailers already have
> stores within a few miles.
>
> Edit: Changed "west" to "east".
That entire area is prime real estate. The main thing holding down prices is the owner of the property behind the shopping center, on the other side of Commerce St. Currently it is cheap apartment buildings packed full of illegal beaners. The hoolios pay their rent on time, so the existing apartments represent reliable cash flow for the owner.
However the presence of that mass of low-income illegals is inhibiting what what business locate there and inhibit economic development. Currently there's actually a check-cashing business or pawn shop or the like on the back side of the shopping center. If those apartments were razed, the demographics would shift radically and it would open the door to new development. With the prime central location and easy access to major highways, the sky would be the limit.
It's surprising some enterprising investor hasn't engineered some kind of "gas leak" to destroy or render the apartments uninhabitable, thus forcing their sale and redevelopment. Redevelopment of the shopping center would quickly follow. Alternately, there is legal precedent for seizure to enhance economic growth.
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