It was mentioned in the most recent Planning Board/ HCAWG meeting that the owner of “Something Special” is very concerned this will put him out of business.
I think it would be a great idea to invite all the current mall business owners to a HCAWG meeting to discuss if they are viable now, if they can afford a rent increase, and if they plan to stay after the redevelopment. Sarah Postlethwait Lewis Street On Sat, Dec 16, 2023 at 4:33 PM Karla Gravis <[email protected]> wrote: > “Do the stores get enough foot traffic to remain viable? Is the mall > considered high enough quality space to attract new retail tenants? Keep > the ones we have? I don't know the exact answer to these questions.” > > Exactly. > > We are being told by the RLF that the mall is not sustainable and that > therefore we need to redevelop it. However, the P&L is the best and *only* > information we have and it does not show a lack of financial viability. If > there is any evidence that suggests otherwise, the RLF has not shared it. > The answers to the questions posed have not been provided. Without those > answers, claims such as “we need to help the mall remain viable” are > unfounded. > > One important note: a fully depreciated building, like a big portion of > the mall is today, has lower accounting costs and therefore can charge > lower rents. If a developer comes in and redos the mall, costs would > increase very materially and a developer would be forced to raise rents to > recoup its investment. If, as you imply below, the tenants are in a > marginal position today, a raise in rents would certainly drive them out of > business. I haven’t even mentioned the loss of commercial parking which is > bound to happen, which would negatively impact foot traffic. > > > > > On Sat, Dec 16, 2023 at 4:01 PM Rich Rosenbaum <[email protected]> wrote: > >> I would note that mall 'viability' goes beyond its P&L statement. Do the >> stores get enough foot traffic to remain viable? >> Is the mall considered high enough quality space to attract new retail >> tenants? Keep the ones we have? >> >> I don't know the exact answer to these questions but a mall without >> tenants won't remain profitable. >> >> As has been pointed out, the challenges we face are complex and >> multidimensional and (in my opinion) cannot be reduced to any single factor. >> >> Rich Rosenbaum >> member of town committees but speaking as a citizen of Lincoln >> >> >> >> On Sat, Dec 16, 2023 at 3:33 PM Karla Gravis <[email protected]> >> wrote: >> >>> I would like to address this statement in the email below: >>> >>> “The facts are that the Mall needs help to remain viable” >>> >>> Let's not conflate the RLF finances with the Mall finances. >>> >>> The 990 filings indicate that the Mall itself has been consistently >>> profitable over the last five years >>> <https://projects.propublica.org/nonprofits/organizations/46132391/202222509349300837/full> >>> : >>> >>> - 2018: $80,399 >>> - 2019: $191,279 >>> - 2020: $122,519 >>> - 2021: $111,795 >>> - 2022: $164,571 >>> >>> Now, in terms of the RLF finances, if there is a concern about its >>> sustainability, perhaps there should be a reflection about its cost >>> structure. The Concord Land Conservation Trust, which oversees double >>> the acreage (more than 1,000 vs more than 500 acres in Lincoln), has >>> expenses of $187K versus $334K for the RLF/LLCT >>> <https://docs.google.com/spreadsheets/d/1rFLf4j0m6zzM3qOox3b_I0xDz2RCX0Bxxw_W8msll_A/edit> >>> . >>> >>> >>> -- > The LincolnTalk mailing list. > To post, send mail to [email protected]. > Browse the archives at https://pairlist9.pair.net/mailman/private/lincoln/ > . > Change your subscription settings at > https://pairlist9.pair.net/mailman/listinfo/lincoln. > >
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