To stay afloat, CT malls are looking to fill large, empty retail spaces with apartments, condominiums and offices middletownpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from middletownpress.com Daily Mail and Mail on Sunday newspapers.
We have a challenge on our hands : With stores closing, Waterford mall s future uncertain
Josh LaBella
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With the future of shopping malls unclear, Waterford officials are looking to plan for the next iteration of the Crystal Mall’s life.Josh LaBella / Hearst Connecticut Media
WATERFORD With the future of shopping malls uncertain, town officials are considering what the next stage of the Crystal Mall’s property could be if it closed.
Abby Piersall, Waterford’s planning director, said the mall is a “property in limbo.”
“There’s been some shifts in investment priorities and commitments from Simon (Property Group),” she said of the owners. “As we look at vacancies and anchor stores moving and those kinds of things, there’s still viable businesses in there and folks who are doing well.”
Published April 04. 2021 12:01AM
The Crystal Mall in Waterford is primary real estate for something new and exciting. What is interesting about this mall, unlike many others, is that it is so close to colleges and the Coast Guard Academy. It is a prime location for affordable and safe college community living, apartments geared towards young adults. The Coast Guard Academy, Connecticut and Mitchell College alone have a combined student population of 3,974 with yearly turnover. Being two minutes away from both Interstates 95 and 395, it is a prime location convenient to Connecticut’s shoreline, casino’s and for young people on the move.
Commercial Real Estate: Too Much Debt, Not Enough Assets infowars.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from infowars.com Daily Mail and Mail on Sunday newspapers.
It’s hard to crack the headlines of the financial pages, what with GameStop, bitcoin, Tesla, and squeezes of one sort or another. There is a squeeze in commercial real estate that won’t shock anyone, or shouldn’t. That squeeze is tenants unable to pay owners and owners unable to pay lenders.
It’s possible the pandemic will fizzle, someone will snap their fingers, and everything will revert to the precovid economy. But indications are that commercial real estate will take lumps, some that will be fatal.
The
Timesreports that HSBC bank, employer of forty thousand people in the UK, occupying 3.3 million square feet at sixty-six locations, announced it’s cutting the bank’s real estate needs by 40 percent.