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    Statement of The Problem - For 4-30-10 Meeting

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    Scott Glass
    The value of properties along the West Street Corridor has declined significantly due to the expansion of the Towne Center and Westfield Mall, which has led to an 11% drop in commercial occupancy, translating to an annual $48 million loss for property owners. While the effects of national economic declines are known, the local effects along the West Street Corridor pose an even greater threat, with property values estimated to fall by 10-30% over the next 2-3 years. A new program led by the city and promoted by the mayor is needed to increase foot traffic to the corridor and restore commercial activity to revitalize the area.

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    Statement of The Problem - For 4-30-10 Meeting

    Uploaded by

    Scott Glass
    9 views1 page
    The value of properties along the West Street Corridor has declined significantly due to the expansion of the Towne Center and Westfield Mall, which has led to an 11% drop in commercial occupancy, translating to an annual $48 million loss for property owners. While the effects of national economic declines are known, the local effects along the West Street Corridor pose an even greater threat, with property values estimated to fall by 10-30% over the next 2-3 years. A new program led by the city and promoted by the mayor is needed to increase foot traffic to the corridor and restore commercial activity to revitalize the area.

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    Statement of the Problem - For 4-30-10 Meeting

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    The value of properties along the West Street Corridor has declined significantly due to the expansion of the Towne Center and Westfield Mall, which has led to an 11% drop in commercial occupancy, translating to an annual $48 million loss for property owners. While the effects of national economic declines are known, the local effects along the West Street Corridor pose an even greater threat, with property values estimated to fall by 10-30% over the next 2-3 years. A new program led by the city and promoted by the mayor is needed to increase foot traffic to the corridor and restore commercial activity to revitalize the area.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    9 views1 page

    Statement of The Problem - For 4-30-10 Meeting

    Uploaded by

    Scott Glass
    The value of properties along the West Street Corridor has declined significantly due to the expansion of the Towne Center and Westfield Mall, which has led to an 11% drop in commercial occupancy, translating to an annual $48 million loss for property owners. While the effects of national economic declines are known, the local effects along the West Street Corridor pose an even greater threat, with property values estimated to fall by 10-30% over the next 2-3 years. A new program led by the city and promoted by the mayor is needed to increase foot traffic to the corridor and restore commercial activity to revitalize the area.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Download as ppt, pdf, or txt
    of 1

    Park Place Owners Share a Common Problem

    • The value loss from national events is well known


    (and conservatively estimated here)

    • Less visible – but just as real – is the local decline


    along the West Street Corridor 1 Partner
    • driver is Towne Center and Westfield Mall Item ship Residence
    expansion
    Prerecessio
    • commercial occupancy is already down by 11%
    n $160 $125
    and growing monthly (an annual $48 million loss
    to property owners) Value
    (Millions)
    • this problem is not yet seen in its proper
    context by local authorities, property owners Recession
    and residents Effects2 30%+ 30%+
    • however, the problem is growing and will Local
    have more impacts over the next 2-3 years
    Area 10%+ 10%+
    • We have concluded that a program, led by the City, Effects
    and vigorously promoted by the Mayor is going to be $ SHV
    required Loss $64 $50
    (Millions)
    • The business issue is ‘pull’. That is we must get enough Note 2. Several market analysts identify
    foot traffic to the inner corridor and restore the the value decline by as much as 50%
    commercial segment to vibrancy

    • The only mechanism to create this volume is the MTPA


    Note 1: Study conducted by Park Place Condo Association in April, 2010

    Park Place Condominium Association

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