Two months ago, 10% of downtown storefronts were vacant. Now, just one is. #
News and meta-news about Charlottesville, VA, since 2001.
Sideblog
Police announced this afternoon that their investigation into what was initially believed to be a fatal fire on Rugby Avenue is now a homicide investigation. #
The Virginia Supreme Court has denied George Huguely’s appeal. His second-degree murder conviction will stand, WRIC reports. #
In a carefully worded story, and not citing specific sources, WTVR reports that forensic evidence belonging to Jesse Matthew Jr., the main suspect in the disappearance of Hannah Graham, matches forensic evidence collected during the investigation of Morgan Harrington’s 2009 murder. #
In the wake of Hannah Graham’s disappearance, and the evidence that came from private security footage, city officials are revisiting the question of installing security cameras on the downtown mall. #
Both Charlottesville Registrar Sheri Iachetta and former Electoral Board member Stephanie Commander have turned themselves in to the police on
foursix and four felony counts of embezzlement, respectively. #Ten years ago, the National Institutes of Health budget doubled and schools like the University of Virginia built massive new research facilities. A decade later, those buildings remain largely underutilized. NPR visits UVA in this story on the effect of federal binge and spurge spending in the sciences. #
In 2012, Council approved a new student housing complex on West Main—now some council members are questioning whether what they were shown matches what was built. #
The Architectural Review Board has approved a bike-themed mural on West Market, below the McGuffey Art Center, although at least one member expressed concerns that it might look like the bicyclists were riding away from Charlottesville’s downtown. #
City Police Chief Tim Longo is meeting with city leaders to work on protocols regarding the use of military surplus police weapons in Charlottesville. #
A 100-year-old Colonnades resident received military honors for her service in the WWII Women’s Army Corps #
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“Many of the lease holders, the landlords that have shops and storefronts on the mall, lowered their square footage prices, so that’s definitely helped out as well,” said Barrick.”
I wonder if these lower rates are sustainable.
I suspect the issue was that the higher rates were the ones that were unsustainable. I’m glad that reality struck home for the property owners to stop holding out for high rents.
If the sum total of the rents do not cover the mortgages and carrying charges then the rents are not sustainable.
Mall front properties do not change hands all that often, and thus most are mortgaged based on out of date values (unless owners have been pulling equity out). There’s plenty of equity there and most owners could afford to suffer significant cuts in rent. The fact that we’re seeing them do so means they’ve more or less collectively decided that vacancy is bad for business and this economic downturn is going to last some time.
Actually, quite a few properties have changed hands in the last ten years, including the buildings beside the old Jefferson National Bank, the Hardware Store and the old Gilmore, Hamm, and Snyder building. It is very difficult to speak to the issue of equity because we have no idea whether the owners have employed their equities in other ventures.
Sure some have. But the majority have not. Additionally, it has only been the last 10 years that the values have really spiked. But for every property sold, there remains one like Daedalus Books, where the entire building was bought for 17K and still in that owners hands.
Apparently, the article was only covering store fronts on Main Street since it did not include the forever-vacant former dry cleaning pickup on 5th Street SE. Oh, well. Only time will tell when it comes to sustainable.
Still, the downtown mall is looking better now.
Businesses are still emptying store fronts though. Drive north of town. The old Circuit City space is empty and further north, into Greene County, there is empty space everywhere.
Yep. been to lots of malls. So many are just cookie cutter corp. entities. The mall may not be big time, but it is unique, with lots of homegrown biz that are owner operated and unique.
well, it’ll be 2 in about a month if the ice park closes.
:(
Anybody notice that the city appears to have caved in on the old Victory Shoe Store building? I wonder if it was because they wanted a tenant in there.