iGROWyourBiz2

iGROWyourBiz2 OP t1_iszcgl8 wrote

Reply to comment by g11235p in Newark Biz Scene by iGROWyourBiz2

I think it takes about twenty years to see such areas begin to see development traction. Then another ten to get popping. So if this started in 2008, it might be on par with the norm.

Doesn't mean there are not opportunities for catalysts.

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iGROWyourBiz2 OP t1_isyxm94 wrote

Reply to comment by g11235p in Newark Biz Scene by iGROWyourBiz2

Are the apartments actually going in? Are people able to afford them? Are they in demand or was it a boom and now empty no matter what?

Something similar happened in Tampa Bay Florida. The housing book occurred and everyone wanted to be on there beach. So from Tierra Verde/ft DeSoto to Indian rocks beach north (the entire county up the gulf of Mexico) began to change.

Whereas, there were hotels, apartments, condos, retail shops all up and down the beachfront.

The comm hit and developers paid ridiculous prices for every. Single. thing.

They converted everything into condos. The first ones sold out, so more developers got them.

They overbuilt and what was once a great place to stroll the beach became something less exciting.

The problem was, many condos say empty. I left in 2014, not sure if it has fully bounced back yet.

But I get what you are saying.

I have some ideas, but of course, the plans and openness of the developers will determine what's possible.

Have local businesses gotten together to discuss this issue?

That would be the first step. Money talks. If they are willing to make lease commitments, there are options that is a win for everyone.

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