SmellyCat
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Posts posted by SmellyCat
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Is it even real ice or is it a fake ice rink?
I'm sorry, i have to ask....what is fake ice?
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BTW, is Northlake Mall serviced by public transportation? Is there highway access?
I believe it should be fairly easily accessible via rail once the North Corridor Line is completed. I'm assuming shuttle buses will run from the harris blvd station to the mall.
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Somehow, in the zeal to turn this into an oppurtunity to rain on StevenRocks' parade, I've been labeled a racist, or at least an ignorant person making unfounded statements. If anyone here has tried through small-time activism to save Eastland Mall, it has been me. I have been a tireless supporter of the place, warts and all, ever since I've been here. I don't appreciate the inisnution that somehow I'm ignorant because I see what's going to happen in the future if nothing is done for the youth in this city.
Steven...those of us who are regulars on here know the truth...which is that your commentary is thought-provoking, enlightening, informational and honest, and anything but racist. Unfortunately, there are certain posters on here who have their antennae up looking for anything controversial to grandstand against - including, but not limited to, anything that THEY perceive as the slightest hint of racial stereotyping, whether unfounded or not.
I say... rock on, Steven!
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I'm interested to see the way Taubman handles this. Their target malls are predominantly very upscale. Will they give up on it quickly if the target market suddenly shifts away from what they projected for Northlake? Most of their best relationships are with the highest end tenants, not sneaker stores or urban clothing stores. I know they got a ridiculous financing package and are fully cashed out on about as much loan proceeds as they could possibly get from a mall of this type. So it wouldn't surprise me to see them bail out and sell it rather quickly, and take a large gain. Hopefully not to a scrub B/C-mall operator and then we'd have to watch another Eastland unfold before our eyes.
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I agree that Northlake will be the next Eastland. Sad but unfortunately likely. At least Northlake has plenty of stores (Brooks Bros., Pottery Barn, etc.) that don't appeal to people who hang out at Eastland- so maybe that will be Northlake's saving grace.
When I was there, Brooks Brothers was completely empty. J. Crew almost was empty.
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I went shopping this weekend at NorthLake. The mall seemed to be pretty crowded. I hadn't been there in months, but did notice a very evident demographic change in shoppers from the last time I went there, as there definitely appeared to be considerably more African Americans there. In fact, they were the majority of the shoppers in the mall at the time.
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Some early returns from Northlake are good. Sales from opening through January were $394/sf, which looks fairly good next to SouthPark's high $400s(?). The mall is now 98.4% leased including anchors.
Other interesting stats I didn't know: The mall's trade area has an average household income of $73,283 and a population of 386,000 (as of YE 2004). The rapidly growing North Charlotte area had an annual growth rate of 4.46% from 2000-2004 compared to 2.27% for the entire Charlotte MSA and the U.S. national average of 1.01% during the same period.
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Population wide, Atlanta is 30 years ahead of Charlotte (including culture and all the other aspects of the NEW ATLANTA)...let's see Atlanta 1976....
There was NO Aquarium, no CNN (maybe headline news on local TV in the morning), No Congress Center, No Phillips Arena, No Centennial Park, etc.
Don't forget about The World of Sid and Marty Krofft (from Land of Lost, Lidsville, Bugaloos fame), which opened in 1976. THAT was a big deal at the time. It was the world's first indoor amusement park, located in the Omni International complex in downtown Atlanta. Unfortunately it was closed in 1977 after just 6 months. The space the amusement park occupied is now used for CNN's Atlanta operations.
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2007
opening no later than March 31, 2010. Wow, that's a long way off
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Having multiple hall of fames is pretty absurd.
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that is awesome news...congrats to Charlotte!
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I'm with you on the utility wires. I could take or leave highway lights, but a spiderweb of wires just annoys the heck out of me.
Until I moved to Charlotte, I never gave much thought to the visiual blight of utility poles or overhead tension wires. But now I notice them all the time, especially after hearing the complaints about them on this board. I was in NYC a few weeks ago and to my surprise there are even lots of utility poles and overhead wires there too! ...mostly in the outerboroughs though, not Manhattan. So I guess this is an unsightly plague that exists all over, to some degree.
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I agree- and after the heat Simon Properties got due to simply giving up Biltmore Square Mall in Asheville (which damaged Simon's credibility in capital markets), Glimcher might hang on for a somewhat decent price. Hopefully they'll sell it before the Dillard's closes!
Simon throwing back the keys on Biltmore Square was no surprise - how long is an owner supposed to milk a 25% occupied mall in a saturated market? Although admittedly it certainly wasn't a good event for capital markets, I doubt any major lending institution or the public bond market is going to turn the largest mall company in America away if it came asking for money.
Glimcher is relatively small cap company with a junk debt rating that operates in B/C malls and redevelopment projects, which, by association, puts them near the bottom of the public real estate company food chain. Therefore, they don't have a reputation to lose here, because there wasn't really one to begin with. I don't believe they have a mortgage on this mall, so at least there is no danger of them walking away from it and leaving it to the bankruptcy court to dispose of. However, I do believe they will soon realize that in the face of a steeply eroding asset, today's firesale prices might look awful good in a few months time. In the meantime, Eastland just sits there fermenting while we wait for something to happen.
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Glimcher had its 4Q05 earnings call today. Sadly, not much news on Eastland, other than a reaffirmation that the property was still up for sale. It appears interest in the mall is tepid, at best.
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Atlanta has double the projected yearly attendance as you guys
I think most people feel Atl's figure is highly padded and probably not realistic.
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Assuming Eastland continues its current downward trajectory ultimately into the ground, what will become of the section of the trolley line that is supposed to run out to that area?
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It would be a ice cold reception if we haven't been award the NHOF.
I, for one, will be armed with tomatoes.
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Taubman reported 4Q05 earnings but unfortunately didn't give a figure for Northlakes sales/sf. However, they did say that it had a strong opening quarter and expected the mall to return 11% in 2006.
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Is K-Swiss one of the 15 sneaker stores they have there?
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Word is that the original contractor on Court6 was fired in the middle of the project. Another one has been hired, but the change will delay completion by 6 months until this fall.
Eastland Mall Redevelopment
in Charlotte
Posted
Security costs money. Glimcher likely has no interest in throwing good money after bad into an underperforming property that is approaching firesale price levels. And I have a hunch that the tenants will not be interested in picking up the tab, especially if it means declining foot traffic (as increased security might deter certain patrons from shopping).
If a new owner has to spend moolah on things like metal detectors and rent-a-cops, the impact on the property's yield will render it cost prohibitive.