That Mall is sick and that Store is dead!

October 27, 2008

Burger King, Smithfield, VA (closed October 2008)

Filed under: dead stores,franklin,Smithfield — Anita @ 8:29 pm

He Didn't Get Stolen!

This picture is from Decmeber of 2004 when Spongebob Squarepants first graced the roofs of Burger Kings. Although I live in Staunton now, I still read the local news from time to time. I found out that some of the Burger Kings in Smithfield, Suffolk, and Franklin closed due to issues with the franchiser.

I lived in Franklin for two years, and I never took a picture of the Burger King there, or anywhere near the Burger King, so no picture of that one.

{{NY Times Article}} A City’s Horizon, Reshaped by an Empty Promise

Filed under: dead stores — Anita @ 7:58 pm
Ángel Franco/The New York Times

Photo: Ángel Franco/The New York Times

Article about the dead Pyramid in Memphis



NO SMALL WONDER The Pyramid in Memphis opened in 1991 as an arena for sports and concerts but, because money fell short, never became the attraction it was intended to be. It stands vacant now, 150,000 square feet of unused space that the city is trying to find a use for

October 6, 2008

“Local projects still moving a lot of dirt” {{Daily Press, 10-4-08}}

Filed under: "coliseum mall" — Anita @ 10:49 pm

Peninsula Town Center
The makeover of the former Coliseum Mall’s site is safe because Mall Properties, the New York-based firm building the mixed-use development, had financing complete before the project started and has a strong credit rating. Unlike some developers that live off borrowed money for projects and then sell them, Mall Properties regularly generates income from hotel, retail and office buildings it owns and manages.

“This is why companies like ours have been around for so long,” said Raymond Tripp, general manager of Peninsula Town Center. “We buy properties for investment opportunities.”

Almost every building in Peninsula Town Center — a mix of office, retail, residential and restaurant space — is well under way or even close to finished. The last building, which will have a movie theater and possibly a comedy club, has received approvals and will begin construction soon.

The Bennigan’s and Steak and Ale restaurants at the edge of the development along Coliseum Drive closed in July as the chains’ parent company went bankrupt. Tripp said that the loss of the income hurt but but that the plan was to eventually knock them down, anyway – which will happen once they get bankruptcy court approval.

“Those are great sites to use to entice another retailer or restaurant,” Tripp said.

The challenge at Peninsula Town Center is to entice retailers and restaurants when consumer spending is forcing the weakest companies into bankruptcy. Tripp won’t disclose specific names until almost all the tenants are in place, but he said some good deals were completed.

“We’re having some very good success and very good conversations with potential tenants,” Tripp said. “We’re having to work harder than if the economy was better.”

Retailers have been touring the development in the past six weeks. Having a high-quality mixed-use development is a big draw for the now-pickier retailers still adding stores.

“People are more interested in talking to us because we have a new product,” Tripp said.

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