Wednesday, August 09, 2006

Ka-Ching, Ka-Ching, Ka-Ching Went the Trolley

Wow, look at the latest property sale here in town. ScanlanKemperBard (SKB), essentially a real estate investment pool, has bought Trolley Square from Simon Property Group for $39.6 million and is planning another $40 million in renovations, starting with a facelift next year. Renovations also include a 50,000sf anchor building, new parking, and 150 condos.

Well, the place definitely needs parking, but I don't know about an anchor with a bunch of condos plopped on it. Sounds like it would dwarf everything else on the Square and would block the view of the landmark water tower, a real case of Stalinist planning aesthetics. Could definitely use new residential space in that neighborhood, though.

The real problem I see is that SKB is already talking about "improving the mix of tenants," which is Mall-fixer code for "We don't like small businesses and are going to run them out." If that's the plan, tenant and neighborhood groups need to get organized NOW. I know Daughter No. 2 will turn into a rabid dog if Black Chandelier is forced to close.


Post a Comment

<< Home