KCRag Forum

Posted: **Mon Apr 12, 2021 10:16 am**

WoodDraw wrote: ↑Mon Apr 12, 2021 9:05 am
DColeKC wrote: ↑Mon Apr 12, 2021 8:34 am They’re actively trying to lease every ounce of space they have available with the exception of the 14th/main and Garment District spot. I’m told they’re trying to decide what to do with that space as it wasn’t a 3rd party lease.
Perhaps they should pay the city a fair market rate for spots they're actively not trying to rent?

It’s one location that they shopped for years but never got anyone to bite. It would have required a national chain considering it was a similar situation to the yard house location. After having trouble leasing it, they decided to utilize the space for a new residential tower which will generate far more money in taxes than even the most popular restaurant.

I don’t think they owe the city anything considering they’ve been historically 95% leased.

Posted: **Mon Apr 12, 2021 10:23 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 9:08 am I think it's honestly time to let someone else try and get them filled.

I’m not sure what they’d do that Cordish hasn’t. Cordish has long term existing relationships with other major developers and retail ownership groups. Simon Property Group for example has recently reached out about a few projects in Florida. Cordish’s entertainment division is going to double in size in the next 3 years. Empty spaces isn’t for a lack of effort.

There are plans for most of the existing empty locations. However with the current state of things, not exactly a massive rush to get those opened.

Posted: **Mon Apr 12, 2021 10:26 am**

The pandemic would be a more valid excuse if these hadn't been sitting empty since they were built in 2007.

I don't doubt Cordish is trying, I'm just saying maybe it's time for a new perspective. Seems Cordish is almost totally focused on "entertainment". There is still demand for retail.

Posted: **Mon Apr 12, 2021 10:43 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 10:26 am The pandemic would be a more valid excuse if these hadn't been sitting empty since they were built in 2007.

I don't doubt Cordish is trying, I'm just saying maybe it's time for a new perspective. Seems Cordish is almost totally focused on "entertainment". There is still demand for retail.

I'm curious what you see as retail demand presently?

Posted: **Mon Apr 12, 2021 10:52 am**

Downtown specifically I still think there is demand for another pharmacy, convenience store, and a general clothing store.

Posted: **Mon Apr 12, 2021 10:55 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 10:26 am Seems Cordish is almost totally focused on "entertainment". There is still demand for retail.

There are 2-3 c-store like establishments in the Crossroads now. Not sure if there is really a need for another soo close. Pharmacy could be a good add to Consentinos. Maybe renovate that top floor an add an entrance from the elevator?

Not too sure about the demand for a small format clothing store.

Posted: **Mon Apr 12, 2021 11:01 am**

DGX is not being utilized by CBD residents and visitors.

Posted: **Mon Apr 12, 2021 11:20 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 11:01 am DGX is not being utilized by CBD residents and visitors.

Agreed. People don't travel over a mile to hit up a convenience store. I'd expect a Walgreens downtown at some point, but I suspect that will eat both the C-store and pharmacy requirement.

The problem as I see it is there just isn't that much demand despite population growth because there still aren't too many of us and though the population has grown quite a bit it is still all spread out (at least by the standards a retailer would apply).

Posted: **Mon Apr 12, 2021 11:22 am**

A coffee shop owner once told me their reach is 1/8 of a mile. I'd expect the same for a c-store.

Posted: **Mon Apr 12, 2021 11:25 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 11:22 am A coffee shop owner once told me their reach is 1/8 of a mile. I'd expect the same for a c-store.

I could see that. I think it would be challenging to succeed as C-store in KC with that radius.

Posted: **Mon Apr 12, 2021 11:26 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 10:26 am The pandemic would be a more valid excuse if these hadn't been sitting empty since they were built in 2007.

I don't doubt Cordish is trying, I'm just saying maybe it's time for a new perspective. Seems Cordish is almost totally focused on "entertainment". There is still demand for retail.

What locations besides 14th/main and the alley retail location next to Garment has sat empty since 2007?

We all know retail has plummeted in demand. Most downtown residents get everything delivered. Cordish has been in talks with Target for a few years about this market and other cities. That deal could check all the boxes and if it happens in the next few years, is totally worth not putting in a single clothing tenant or solo convenience store that would just be crushed by a Urban Target.

Leasing an entire district is a long term game and not always about just getting every space full like a shopping mall.

I think it appears they're focused on entertainment more because that's a growing sector in this country as opposed to retail.

Posted: **Mon Apr 12, 2021 11:26 am**

KCPowercat wrote: ↑Mon Apr 12, 2021 10:26 am The pandemic would be a more valid excuse if these hadn't been sitting empty since they were built in 2007.

I don't doubt Cordish is trying, I'm just saying maybe it's time for a new perspective. Seems Cordish is almost totally focused on "entertainment". There is still demand for retail.

It's financial. They've borrowed money based on an asset that they have listing at a certain price per square foot. Cutting the price tumbles the cards of their valuations and reflects on other properties around the country that they own. They've determined it's better for spaces to be empty than lower the price. Other businesses want to be in the market and are going into other places DT. I assume they would want a better location like P&L if everything else were equal.

Posted: **Mon Apr 12, 2021 11:27 am**

DColeKC wrote: ↑Mon Apr 12, 2021 11:26 am We all know retail has plummeted in demand. Most downtown residents get everything delivered. Cordish has been in talks with Target for a few years about this market and other cities. That deal could check all the boxes and if it happens in the next few years, is totally worth not putting in a single clothing tenant or solo convenience store that would just be crushed by a Urban Target.

Cordish is going to get passed over for Target, I guarantee it. They think they have the upper hand for that play but they don't.

Posted: **Mon Apr 12, 2021 11:32 am**

beautyfromashes wrote: ↑Mon Apr 12, 2021 11:27 am
DColeKC wrote: ↑Mon Apr 12, 2021 11:26 am We all know retail has plummeted in demand. Most downtown residents get everything delivered. Cordish has been in talks with Target for a few years about this market and other cities. That deal could check all the boxes and if it happens in the next few years, is totally worth not putting in a single clothing tenant or solo convenience store that would just be crushed by a Urban Target.
Cordish is going to get passed over for Target, I guarantee it. They think they have the upper hand for that play but they don't.

Particularly with the streetcar expansion.

Posted: **Mon Apr 12, 2021 11:47 am**

beautyfromashes wrote: ↑Mon Apr 12, 2021 11:27 am
DColeKC wrote: ↑Mon Apr 12, 2021 11:26 am We all know retail has plummeted in demand. Most downtown residents get everything delivered. Cordish has been in talks with Target for a few years about this market and other cities. That deal could check all the boxes and if it happens in the next few years, is totally worth not putting in a single clothing tenant or solo convenience store that would just be crushed by a Urban Target.
Cordish is going to get passed over for Target, I guarantee it. They think they have the upper hand for that play but they don't.

Possibly, but they're also ok with a Target just simply being downtown. They don't need to be the landlord and Target is a hard negotiator. They'd make more money off a different tenant in the amount of square footage they'll need to lease to Target. However, the one advantage Cordish has is discussions about several markets happening with Target compared to this single location with one local downtown landlord.

Posted: **Mon Apr 12, 2021 11:51 am**

DColeKC wrote: ↑Mon Apr 12, 2021 11:26 am
KCPowercat wrote: ↑Mon Apr 12, 2021 10:26 am The pandemic would be a more valid excuse if these hadn't been sitting empty since they were built in 2007.

I don't doubt Cordish is trying, I'm just saying maybe it's time for a new perspective. Seems Cordish is almost totally focused on "entertainment". There is still demand for retail.
What locations besides 14th/main and the alley retail location next to Garment has sat empty since 2007?

We all know retail has plummeted in demand. Most downtown residents get everything delivered. Cordish has been in talks with Target for a few years about this market and other cities. That deal could check all the boxes and if it happens in the next few years, is totally worth not putting in a single clothing tenant or solo convenience store that would just be crushed by a Urban Target.

Leasing an entire district is a long term game and not always about just getting every space full like a shopping mall.

I think it appears they're focused on entertainment more because that's a growing sector in this country as opposed to retail.

These two along 13th
https://goo.gl/maps/YtXWzuq114JkXX5N6

As mentioned 1400 Main
https://goo.gl/maps/XSWK32cYCudjq4Go8

This space
https://goo.gl/maps/8TjbLrqzfBAZJ6KV7

Base of H&R
https://goo.gl/maps/4gu6bi8z3RWLFabJ8

Space by Tmo/Sprint store
https://goo.gl/maps/XwW1XKTe2pT3QTiL6

These 3 along main
https://goo.gl/maps/XGGs3F1yK9qyAy9JA

Posted: **Mon Apr 12, 2021 11:59 am**

smh wrote: ↑Mon Apr 12, 2021 11:25 am
KCPowercat wrote: ↑Mon Apr 12, 2021 11:22 am A coffee shop owner once told me their reach is 1/8 of a mile. I'd expect the same for a c-store.
I could see that. I think it would be challenging to succeed as C-store in KC with that radius.

Lot of foot traffic at 12th and Main. I think one would make it there or somewhere within a block of that point.

Posted: **Mon Apr 12, 2021 12:17 pm**

How do you link those Google Maps clips? Very neat

Posted: **Mon Apr 12, 2021 12:21 pm**

in streetview top left, 3 dot menu, share / embed and it gives you the short link to copy

Posted: **Mon Apr 12, 2021 12:32 pm**

KCPowercat wrote: ↑Mon Apr 12, 2021 11:59 am
smh wrote: ↑Mon Apr 12, 2021 11:25 am
KCPowercat wrote: ↑Mon Apr 12, 2021 11:22 am A coffee shop owner once told me their reach is 1/8 of a mile. I'd expect the same for a c-store.
I could see that. I think it would be challenging to succeed as C-store in KC with that radius.
Lot of foot traffic at 12th and Main. I think one would make it there or somewhere within a block of that point.

I think it would be very tough with Cosentino's right there. I suppose there is that little c-store inside Town Pavilion. Or perhaps was, not sure if it is still there post-COVID.

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