Pedro Picasso becomes a real estate expert

[franksolich]

http://upload.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6004232#6005023

Oh my.

DainBramaged  (1000+ posts)        Tue Jul-07-09 12:23 AM
Original message

"Ghostboxes" haunt communities across U.S.

Hundreds of anxious shoppers watched as city officials used power saws to cut 2-by-4s during Home Depot Inc.’s ribbon-cutting ceremony for its 102,700-square-foot building center in Bismarck. Less than three years later, the home improvement retailer shuttered the underperforming store, leaving a big orange empty eyesore on the outskirts of town.

The building, sitting derelict and silent on acres of asphalt, is now listed for sale at $10.5 million. But there’s been little interest in the near windowless warehouse-like building that occupies a lot the size of a dozen football fields.

For potential tenants “it’s a hard pitch because for most uses it seems to be a bit of a tough fit,” said Brian Ritter, business development director of the Bismarck-Mandan Development Association.

As the recession takes its toll on big-box retailers, more communities across the country are having to confront not just the eyesore of giant empty stores, but also the loss of jobs and tax revenue that follow.

Many are trying to find creative uses for those near windowless monoliths. In Minnesota, one became a Spam Museum. In Texas, an indoor go-cart track. In Illinois, a church moved into an empty Wal-Mart. The new tenants, however, often generate less revenue for local governments.

http://www.msnbc.msn.com/id/31748428/ns/business-real_e...

Atman  (1000+ posts)        Tue Jul-07-09 08:12 AM
Response to Original message
 
13. It's happening to giant malls, too. But I see a pretty cool option for them...

Most of the big shopping malls dotting the countryside, increasingly peppered with "FOR LEASE" signs instead of "SALE!" signs, are designed with food courts and most of the infrastructure necessary to turn them into low-cost housing for seniors or as largely self-contained communities. Many people already go to the mall hours before the stores open, just to use them as safe, smooth walking courses. Keep a few of the stores for groceries, a coffee shop and maybe a library or book store, plus a few eateries in the food court. Convert the rest of the storefronts to housing.

A large mall has hundreds of small-to-medium size spaces that could be converted to studios, lofts (high ceilings in malls!), and one/two bedroom apartments or condos. The space doesn't go to waste, you'd have a built-in tax/income base which would be fairly steady and predictable. I wish I had the money to do it! Alas, I'm no real estate mogul.

Atman  (1000+ posts)        Tue Jul-07-09 10:37 AM
Response to Reply #18

21. Actually, they are doing that at the Full Sail University near Orlando

Our son is going there. It's a school for media arts; sound and film production, CGI, motion graphics, etc. Not a community college, but a fully accredited university. Their original campus consisted of new buildings, but so many strip malls and big boxes have been going under in the surrounding community that they decided to buy them up and convert them.

Now the campus is huge, and many classrooms are in big old storefronts with plenty of parking right out front. They've had to do minimal changes to the exteriors, they just created a graphic motif that carries throughout all the storefront classrooms and window signage. The outdoor garden center at an old K-Mart is now part of the dining area/cafeteria. Pretty ingenious use of space. And for what it's costing us in tuition, I'm glad they're not spending the money on fancy new buildings.

Atman  (1000+ posts)        Tue Jul-07-09 10:41 AM
Response to Reply #19
 
24. Because they all want their distinctive look.

Raymore & Flannigan, Best Buy, Home Depot -- the look of the store is almost part of their brand, and that is much of the problem. A big porno store opened in an abandoned Raymore & Flannigan furniture store near us. It's funny to see the big tiled atrium at the entrance to the store decorated with maniquins dressed in crotchless panties and holding sex toys! But despite the fancy new sign that says "VIP" instead of R&F, it still looks just a Raymore & Flannigan.

[Lord Undies]

I drove past downtown Dallas last we as I was returning from Oklahoma.  I was amazed by the construction going on.  Tall cranes were everywhere.  How can that be?

[Ralph Wiggum]

Atman  (1000+ posts)        Tue Jul-07-09 08:12 AM
Response to Original message
 
13. It's happening to giant malls, too. But I see a pretty cool option for them...

Most of the big shopping malls dotting the countryside, increasingly peppered with "FOR LEASE" signs instead of "SALE!" signs, are designed with food courts and most of the infrastructure necessary to turn them into low-cost housing for seniors

Um, no.

That will never happen.

The development owners have rather large loans on these properties.  How will they ever pay them off by providing low-cost housing to seniors in their malls?  They are aggressively trying to make deals to lease the vacant spaces.  Very good deals, in fact.

Next thing you know, Pedro Picasso will start discussing how to turn golf courses into low-cost housing.  Moron.

[Lord Undies]

Um, no.

That will never happen.

The development owners have rather large loans on these properties.  How will they ever pay them off by providing low-cost housing to seniors in their malls?  They are aggressively trying to make deals to lease the vacant spaces.  Very good deals, in fact.

Next thing you know, Pedro Picasso will start discussing how to turn golf courses into low-cost housing.  Moron.

Why would "seniors" need low cost housing?  The "seniors" of the USA are the wealthiest demographic in the world.

The Little Goons pretend like all "seniors" are eating cat food and dressing in bedsheets.  That simple is as far from the truth as it gets. 

The Little Goons don't like to hear that about 80% of social security payouts go to cruiselines, golf courses, casinos, bingo parlors, and condo fees.

[Chris]

Some wrinkled old liberal that likes to walk around naked will move in, and that will be the end of that idea.

What about plumbing and residential building codes?  You can't just convert office space for residential use by throwing up a couple of partitions... it would never pass an inspection.

[Ralph Wiggum]

Some wrinkled old liberal that likes to walk around naked will move in, and that will be the end of that idea.

What about plumbing and residential building codes?  You can't just convert office space for residential use by throwing up a couple of partitions... it would never pass an inspection.

He's not even talking office space, which would be easier to convert (but VERY, VERY, VERY unlikely), he's talking about converting retail spaces.

[Lord Undies]

I will admit I find irresistible the idea of a bunch of "seniors" singing "We Shall Gather At The Food Court" during Sunday sunrise services.

[Chris]

He's not even talking office space, which would be easier to convert (but VERY, VERY, VERY unlikely), he's talking about converting retail spaces.

I think a few developers around here converted some multi-story office buildings to condominiums... they actually look really nice, but with a mall, all you've got are a series of open store fronts with maybe an office in the back and no plumbing or heating fixtures.  It's a ridiculous idea.

[Ralph Wiggum]

I think a few developers around here converted some multi-story office buildings to condominiums... they actually look really nice, but with a mall, all you've got are a series of open store fronts with maybe an office in the back and no plumbing or heating fixtures.  It's a ridiculous idea.

Yes, completely ridiculous.

You're right, converting office space to condos wouldn't be as difficult.  It's very market dependent and would only work in specific cases.  I highly doubt that entire office parks will turn condo or into apartment buildings anytime soon, though.

[Lord Undies]

The dynamics involved in converting a multi-story building into useable residential space is very different from trying to convert 15 acres of covered concrete into useable residential space.  The Little Goons cannot grasp why this is, I'm sure.  The entire idea is stupid.  It would be more cost effective to demolish the mall and build new apartments.

[Traveshamockery]

I will admit I find irresistible the idea of a bunch of "seniors" singing "We Shall Gather At The Food Court" during Sunday sunrise services.

 

[GOBUCKS]

Atman  (1000+ posts)        Tue Jul-07-09 10:37 AM
Response to Reply #18

21. Actually, they are doing that at the Full Sail University near Orlando

Our son is going there. It's a school for media arts; sound and film production, CGI, motion graphics, etc. Not a community college, but a fully accredited university. Their original campus consisted of new buildings, but so many strip malls and big boxes have been going under in the surrounding community that they decided to buy them up and convert them.

So, before long DUmmy Atman will be starting threads about what a lousy country this is, because a kid with a worthless degree from a storefront university can't find work.

[AllosaursRus]

Some wrinkled old liberal that likes to walk around naked will move in, and that will be the end of that idea.

What about plumbing and residential building codes?  You can't just convert office space for residential use by throwing up a couple of partitions... it would never pass an inspection.

Hey AssMan! It's zoned commercial, you idiot! It would take a zoning change to do what your dream is. Ya want to know what the difference is in worth is between residential and commercial?

What an idiot! Ya sure come by your handle honestly, doncha, AssMan!?