HalcyonKC wrote:Commerce / Tower Properties has much more parking at this point than ever actually fills up during the day. With the local economy reasonably strong and downtown redevelopment in particular zooming along, it's bizarre to me that they aren't parting with even one or two small parcels in the north loop to cash out on the opportunity. They are a bank after all, do they not want the money? If a small business owner came to them and wanted a loan to buy one of those lots to actually operate it as a parking lot, they would shoot that business plan down for not having a sufficient rate of return, and yet it's exactly what they are doing as the owners. There is something complacent, sclerotic, and very stale about the way they are running.
You have to look at all that asphalt in the same way land investors have looked for sixty years to the perimeter of cities as they took control of land that did not produce a return. What is the pattern of growth and where does future value lie?
Those parking lots are today worth roughly $35 per square foot. A year from now they will likely be worth $45-50 per square foot. Two years from now.....$ ?.
Now of all times, I would not be in a big hurry to sell.
From a public position, I'm encouraged to have this vacant assembledge in place today. They represent a massive opportunity for great positive leaps. If the focus on downtown continues, some unanticipated billion dollar solution may emerge.