Kyle Motor wrote:Henry Vilas wrote:Kyle Motor wrote:How about that old Fyfe's building? Is that still vacant?
Vacant and owned by the Mullins Group. They would drive a hard bargain for rent. The Mullins family owns many empty buildings along the E. Wash corridor and they are willing to sit on them until further development occurs when the economy turns around.
I figured as much. So much wasted space on E. Wash.
Hi everyone. First post here.
In regard to arts/music/entrepreneurship/new life in downtown Madison, the quoted text from the 'Madison needs to get serious...' thread sums up the core of the problem to me.
Not just Mullins Group, but - to my knowledge - the whole slew of them. This is coming from someone who has been trying to find - dare I say - a 'locally-minded' commercial RE company/space downtown for the last year. To me it's a greed and city policy/regulation issue.
It's more 'economically rational' for these fat cat commercial RE owners to have half or even a whole building empty when people like me are offering to rent it.
Instead, they are waiting for an 'economic upturn' to cash out on their properties and retire to Cancun, or something. Ironically they are preventing an upturn which would originate from the local downtown economy.
The only people who can afford a city block are the ones who desire to put up a 'luxury' apartment or urban strip mall so 'the people' can FINALLY get a Sbarro Pizza. (ie recent Frautschi purchase of 100 block of State?).
In my head, if a space has been vacant for years and someone is offering to reasonably pay you each month for say, six months, wouldn't you accept? Oh you can't commit to a three-year lease? OK, well let's put it in the contract that if someone can commit to that longer time period, you will have a month to move out. Creative contract. Done.