4.25.2018

Project "Agora" is nomora



Redevelopment plans falls through for vacant Four Seasons Mall in Plymouth

Excerpt:

Residents eager to see the demolition of the vacant Four Seasons Mall in Plymouth will have to wait a bit longer, as the city-approved redevelopment plans have fallen through.

According to city officials, from the time the initial concept was presented to the city until the project was submitted for final approval, market demand for some of the intended uses had changed. 

“The developer (Rock Hill Management) had been working to secure partnerships with different site users based upon current market conditions and ultimately was unable to finance the project on his own under the timeframe provided in agreement with Walmart (the current owner),” said Plymouth Community Development Director Steve Juetten.

Jim Prom, the council member representing Ward 4 where the 17-acre property is located, provided further details, citing the collapse of the retail market as one of the obstacles the developer faced for filling the 61,400 square feet of intended commercial/retail space. The plan, which was approved in January, also included two hotels and a senior housing building. 

“It’s sad,” said Prom, adding he also sympathizes with the developer who invested money into the site only for it to not come to fruition.

As of now, it will be up to Walmart to find a new buyer for the property. And although city officials have met with a newly hired broker, a new proposal has yet to be presented, according to Juetten.

Until then, “we wait,” Prom said. “Hopefully, we can get a developer in there that will be a good fit for the area.”

Originally built in 1978 on the southwest corner of Highway 169 and Rockford Road, the Four Seasons Mall has been empty since the site was sold to Walmart in 2010 for $10.6 million. Finding resistance from both residents and city officials, the big-box retailer chose not to build on the property, and in January 2012 decided to sell the property. Today, the property has an estimated market value of $8.9 million, generating about $321,000 annually in property taxes, according to Hennepin County Property tax data. While the 40-year-old vacant building may be an eyesore to neighbors and the motoring public, it is not in the condition to be condemned without the city having to go through a costly court process, Prom explained.
Comment: It was a mistake for residents to oppose the Wal-Mart redevelopment plan! Previous post

1 comment:

  1. Might have been a mistake, or might have been a bullet dodged; are Target and Walmart going to be the next Amazon victims? I also have to wonder what needs to happen for people to re-use retail space. Having shopped in buildings that were hundreds of years old in Europe, the U.S. notion that a building is used up after 20-40 years is just strange to me.

    I won't be holding my breath, but I'm holding out for a revival of stores which actually have something worth buying. Less Payless, more Schuler Shoes, less Wal-Mart, more decent men's clothing like Bill's in Shakopee, etc..

    ReplyDelete

Any anonymous comments with links will be rejected. Please do not comment off-topic