A Different Look for Prado Walk

[cline]

If the developer can't afford to carry through with the original design plans, why not bring in some other investors or sell the property?

I doubt the issue is whether or not the developer can afford to build the original design, the problem is there are not willing buyers for the residential units.  It would not make sound business sense to build residential units when there are no buyers.  Do you honestly think it would be easy to find additional investors willing to take that risk in this market? 

[avonjax]

ok the examples you cited were very good but.....
Anything in Springfield should work...
3 Layers is awesome and a similar concept at this site would do very well too.....
Orsay is surely going to be a great local spot....
If an Orsay type establishment opens there it will probably do really well.
LIke I said if it's not special the place will close at dark....
And cline the original concept was apartments, just go back to that idea.
Apartments would probably do very well there.
And then at a later date they could be converted to Condos
My complaint is the developer scrapped the whole plan and came up with an inferior one.
If all the projects that are affected by the downturn in housing take a similar approach then we will end up with watered down strip centers and wasted opportunities.

[Jason]

If the developer can't afford to carry through with the original design plans, why not bring in some other investors or sell the property?

I doubt the issue is whether or not the developer can afford to build the original design, the problem is there are not willing buyers for the residential units.  It would not make sound business sense to build residential units when there are no buyers.  Do you honestly think it would be easy to find additional investors willing to take that risk in this market? 

If no other investors could be found then why not sell it or hold onto the property until the market turns?  Also, were the originally proposed units ever available for presale?

[thelakelander]

Knowing first hand the difficulty of moving forward with development projects during the current market, the revised version is fine with me.  Evidently, the original just wasn't feasible.  An urban strip mall (Five Points, Avondale's strip and San Marco Square are all urban strip malls), as long as there's no asphalt parking lot up front, beats having a vacant lot.  Besides,for all we know, it could be built in a manner that will allow for future expansion.

Sure, vacant lots suck, but why rush to develop the land when there's not enough financial backing to do what's best for the area? Once it's developed, it's developed. End of story (for a few decades anyway).

I don't know the developer's financial situation, but if they are paying interest on the land, everyday it sits costs money.  It could be in their best interest to move forward with a viable alternative instead of waiting for the market to correct itself.

And I don't think this thing will at all resemble Five Points', Avondale's or San Marco's strip. Sorry. I just don't buy it. Developers do what is least expensive, not what will stand the test of time.

I didn't mean to suggest that it would be a scale that resembles Five Points.  However, its about the same size as the building that houses Three Layers.  I don't think anyone would suggest that Springfield is better off without that establishment.  Depending on what goes in, this building could bring similar life to that corner.

[thelakelander]

My complaint is the developer scrapped the whole plan and came up with an inferior one.
If all the projects that are affected by the downturn in housing take a similar approach then we will end up with watered down strip centers and wasted opportunities.

Or they could demolish what was on the site before (this has already been done) and decide to wait out the market.  20 Years later, the project never comes to life again and we're left with a vacant lot.  The story I just described is how many of the surface parking lots in downtown became to be.

[RiversideGator]

Good point, Lake.

[Jason]

Alright Lake, you've changed my opinion.  Build the damn thing already!