P&L District: 13th & Walnut Site Proposal
- KCPowercat
- Ambassador
- Posts: 34045
- Joined: Mon Oct 07, 2002 12:49 pm
- Location: Quality Hill
- Contact:
Re: P&L District: 13th & Walnut Site Proposal
I maybe misremembering but I swore we were told on here that Cordish wouldn't sacrifice their leasing rent prices just to "fill a space"
- DColeKC
- Ambassador
- Posts: 3915
- Joined: Thu Jul 25, 2019 10:50 am
Re: P&L District: 13th & Walnut Site Proposal
They’re just like any other landlord and each space is negotiable. Why do you think the Dubliner still exists? It’s not paying even 1/4th what Ragland Road paid for the same space. Cordish would rather have it occupied for something than empty for nothing but they can’t discount every space just to get them filled or else every tenant would expect to renegotiate. So yes. In some instances holding out for more money and having an empty space is the better option. Each lease is unique. Some feature lower monthly rent but the landlord gets a percentage of profits after a certain threshold is reached. Some have a very high monthly rent but a very low percentage of profits after a very high income level.KCPowercat wrote: ↑Fri Jan 21, 2022 3:03 pm I maybe misremembering but I swore we were told on here that Cordish wouldn't sacrifice their leasing rent prices just to "fill a space"
- beautyfromashes
- One Park Place
- Posts: 7290
- Joined: Mon Mar 21, 2005 11:04 am
Re: P&L District: 13th & Walnut Site Proposal
Should have cut Ragland Roads rent before they left. Made a bad play.DColeKC wrote: ↑Fri Jan 21, 2022 4:39 pmWhy do you think the Dubliner still exists? It’s not paying even 1/4th what Ragland Road paid for the same space.KCPowercat wrote: ↑Fri Jan 21, 2022 3:03 pm I maybe misremembering but I swore we were told on here that Cordish wouldn't sacrifice their leasing rent prices just to "fill a space"
- DColeKC
- Ambassador
- Posts: 3915
- Joined: Thu Jul 25, 2019 10:50 am
Re: P&L District: 13th & Walnut Site Proposal
Ragland Road made a bad play by overspending on the build out by a few million dollars. They could have had the space rent free and it still would have failed. Cordish will work with local owners more than national chains as they want local owners and concepts in the district.beautyfromashes wrote: ↑Fri Jan 21, 2022 4:47 pmShould have cut Ragland Roads rent before they left. Made a bad play.DColeKC wrote: ↑Fri Jan 21, 2022 4:39 pmWhy do you think the Dubliner still exists? It’s not paying even 1/4th what Ragland Road paid for the same space.KCPowercat wrote: ↑Fri Jan 21, 2022 3:03 pm I maybe misremembering but I swore we were told on here that Cordish wouldn't sacrifice their leasing rent prices just to "fill a space"
- beautyfromashes
- One Park Place
- Posts: 7290
- Joined: Mon Mar 21, 2005 11:04 am
- AlkaliAxel
- Broadway Square
- Posts: 2948
- Joined: Wed Jun 16, 2021 9:58 pm
- Location: West Plaza
Re: P&L District: 13th & Walnut Site Proposal
It's amazing how out of town places like Cordish are better local stewards than most local firms.beautyfromashes wrote: ↑Fri Jan 21, 2022 9:50 pmGood to hear! I have been pushing that for a decade.