Quote:
Originally Posted by TheRitsman
See, there are multiple issues with this line of thinking.
1) This building will likely be here for 100-150 years minimum. Will there never be a need for retail immediately adjacent to a massive rapid transit LRT project? I doubt it. In fact I'd be willing to bet there would be demand immediately for spaces that went in here.
2) Hamilton struggles with vacancy for many reasons. Lack of customers with income to buy things is one, but also the issue of quality retail space. I'm as much a fan of Mulberry, The Brain and Bread Bar on James, but those are maintained buildings. Many retail and commercial spaces in Hamilton haven't been touched in 40 years and tenant is completely responsible to bring it up to shape in most cases. Those empty retail units nearby this building at likely empty because of this reason. Until the property is sold, someone fixes it up, and actually tries to find tenants you're going to have vacancies. My partner worked for the Barton Street BIA and told me many commercial unit owners on that street don't even want tenants, or want to rent it out.
3) New units are better for certain types of needs. While a cool, brick walled hipster dentist is cool in reality, most dentists want a new build with limited effort to fix up and maintain. Old buildings come with old problems, and even one that's fixed up can be difficult to deal with. A basement bathroom is a lot more suited to a bar than a dentist or optometrist. Accessible entrances also make more sense for these and a small doctors office.
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A dental office to me isn't vibrant retail and if this would just end up with a dental office, pot shop, bank, etc, why bother?
Also there's a spot adjacent to this lot that's been advertised for lease for a minute now; it looks to be in better shape than 40-year-untouched properties... so not really sure that point stands.
Anyway, I live nearby and the retail scene is very behind and as you mentioned the lack of customers with disposable income to shop is a major factor. The nearby plaza has anchors such as NoFrills and Dollarama (and has vacancies btw).
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