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Thanks Dave Z
Same Time Next Year
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It’s been nearly a year since I wrote about the problems that come from
having 11 bosses who are not on the same page about anything, as well as
suggestion...
4 months ago
10 comments:
I think The Atrium Mall is for sale, but the only a partial interest (one of 3 owners selling their 1/3[?]interest) in the Greendale is for sale
And if they cant sell that owners interest then what? Put the whole thing on the block? That placed opened in 1988 or the late 80's. Does anyone see a similarity between this and the Former Worc center Mall? Seems about the time the malls in Worc get to be about 22-23 years old they flounder. Time for the Greendale Mall to call in Judy Light for a renaisance? PLus they just enlarged the place substantially maybe about 10 to 12 years ago.
We have to get that wrecking ball to the mall yesterday, opening up Front St to Union Station station the way it was in 1968. Maybe the hobos on the Common will find their way over to Union Station or worse yet teh new Front st serves as a gateway for hobos from the bus terminal to the Common.
how about we move the hobos to Tatnuck Square...make gentrifyiung my hood that much easier
Did you read the article? The Atrium Mall is for sale. And one group of investors, a new york investment fund, wants to sell their share of a controlling interest in 12 Simon malls. One of those 12 is the greendale mall. This is a far cry from "Greendale Mall for Sale". This is an investment group getting out of the mall business.
Anonymous
Yes, I read the story. An investment fund is trying to sell their interest in 12 Simon Malls. One of which is the Greendale Mall.
I should have said one of the partners in the Greendale Mall is trying to sell their interest. It is still "For Sale" no matter how you slice it?
From T&G (6-17) re: O.L. of Fatima Church.
Closed last year, the church, which overlooks the westbound lane of Interstate 290, now faces the wrecking ball.
According to officials and documents filed with the city, the church has been sold and the new owner, unable to redevelop the structure, is seeking to raze the landmark.
Last week, 43 Belmont Street Realty Trust, which has signed a purchase and sale agreement with the diocese, asked the Worcester Historical Commission to waive the “demolition delay ordinance” that automatically prevents historic buildings from being torn down or significantly altered for one year.
These T&G folks should learn how to research before they write a piece.
"Documents filed with teh city say the church has been sold"? Worc registry of Deeds indicates teh chuech is still owned by the bishop.
A purchase & sale agreement has been signed last week......this is not a sale, but merely an contract to enter into a sale....which contract I would bet my right arm is loaded with contingencies, including but not limited to an opt out clause if they are unable to raze the church.
No neeed to bring a 12 inch tape measure over to 43 Belmont St. I certainly do not advocate it, but why arent the windows plywooded up? B/c it's on Rte 9, a city gateway???
Just goes to illustrate how city ordninaces and laws are enforced in such a discriminatory fashion. If you're a "player" in Worc you can basically do as you please. Gotta be a some peeling paint there somewhere. I mean what painted structure doesnt have a few chips & dings
BTW, whats going on with the old brick church on Summer St that teh city basically got scammed on? It was going to be moved by the former pastor to the corner of Providence and Waverly St about 15 yrs ago. Instead there's a brand new duplex going up there now. East Side CDC??
Gentrify the VOP....!!!!!!
Surely you jest Paulie Hombre', but I do admire your diligence.
Why put them in Tatnuck? Why not just 40b that Tennis court over in the Montvale Historic District...seeing as how alleged Historic structures are front & center in today's rag
Anonymous said, "This is an investment group getting out of the mall business."
What if they can't find anyone to buy their share? Do you really think the other partners are going to step up to the plate to buy the group out? After all, there is one anchor already vacant and a 2nd one, Best Buy, which may or may not decide to stay at this location now that Millbury has opened. And that is over and above all of the smaller spots within the Mall that are vacant.
IMHO, the Mall for all practical purposes is up for sale and in deep trouble. I would love to see the overall sales figures per square foot for the Greendale Mall.
Back up about 25 years ago and that site was Astra Pharaceutical. Today it would be called a bio-tech co. They moved out to Otis St. in Westboro way back then and never looked back. Today they are owned by or are subsidiary of Astra Zenaca(sp?).
Only wish they were still here in Wormtown.
Meanwhile we have all other kinds of so called bio tech initiatives (like Pharma-disappear), thinking that biotech to Worc will be the manufacturing of the future here.
Then along came the idea of squeezing a mall onto the site. If my memory serves me well, all kinds of variances and special permits had to be issued to make it work and then 10 yrs later they go and double its size. The traffic configuration is and always has been a classic circle jerk. Wanna go north on Rte 12...first go north then west then south then a u turn an fianally you r e on Rte 12 northbound.
I'll bet i could go to the T&G back then and find all kinds of articles espousing all the benefits a new mall will bring. Problem is the planners never looked to see what direction the city demographics were headed.
David Z -
It is a share of 12 malls. You invest in all 12 of them. It is called spreading your bet.
Or do you think that the greendale mall is such a chain around their necks that nobody will invest in 11 other malls if greendale is part of the share?
All three investors would have to agree to dump the property. Which could very well happen. I am not saying the mall wont go under, i am just pointing out that the title "greendale mall for sale" is 1/12th of the story.
Again this is a story about one group of investors clearing the mall business from their portfolio.
33.3333% of TWELVE malls are up for sale.
This could also just the ending stages of an overly leveraged Mall(s) that was basically used as an ATM machine for the past 10 years and now the nut is just too great to handle given the alleged pending vacancies of anchor store(s).
Maybe a short sale is in order and this all just some posturing right now?
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