I don't know of any big developers that don't take advantage of TIF opportunities and the like. Why wouldn't they? Typically the city is excited to have them building a shopping center that will drive jobs, sales, growth and traffic. Have you noticed how much the adjacent and nearby commercial lots have gone up in price since RED cleared their land? I can promise you RED isn't the only one benefitting from their decision to enter this market! RED commonly goes into areas like Chenal - on the cusp of growth but still a little green. They end up with successful, fully occupied shopping centers that oftentimes are a regional draw. And why wouldn't they want to make money off of it - what developer honestly goes into a market with the sole purpose of being nice? It is their livelihood and making money is certainly a part of it - if the local real estate brokers and owners, other developers and home builders are going to make money by playing off of Promenade, why shouldn't they make money off of it too?
info2, I am not sure what you mean about their centers in other locations being in trouble. They just opened an 800,000 square foot hybrid center outside of Omaha that was over 95% leased upon opening and they brought the very first Crate & Barrel to the Kansas City market, which is a retail mecca...Crate and Barrel could have landed anywhere, but chose RED's more remote site for their reputation and smart site selection. Their LEGENDS center in Kansas City has been considered a prime example of a successful destination retail and entertainment center...and many of the stores there had the best opening of any of their locations in the country at Grand Opening.
All of that being said, I wouldn't be concerned about RED's ability to follow through and complete a great shopping center.
