He thinks there is more than meets the eye
I say this by way of introduction.
Why are PointeGroup and other landlords in the grove keeping so many vacant spaces open for so long? Johnny Rockets is the best example. PointeGroup claims the space was too small to get the kind of tenant they wanted. OK. I buy that. At least I bought it when they said it. But it’s been a year now. Why cancel a $15k/month lease a full year before the adjacent lease is up? You don’t think Johnny Rockets would have stayed for another year? What gives?
A group of local businesses got together to offer $50k/month for the old Guess store. They agreed on a boutique within a larger store concept. NOPE! Pointe Group turned them down. Rather have it vacant than $50k/month. The Arquetectonica family who bought the Engle Building used the “demolition clause” in the lease to terminate everybody on 6 months notice. Sounds like an excuse to get everybody out. Maybe not. Peek behind the paper at Harry’s Pizza and Panther Coffee. Nothing much happening. How long does it take to open a coffee shop or pizzeria? Even Arquetectonica claims they want to build a hotel over the parking lot.
Here is my theory. That whole triangle from the old Goose to Johnny Rockets is going to be another high-rise. PointeGroup also plans to build high into the sky at Fuddruckers. The Engle building might not go that high, but they want a boutique hotel in the parking lot. And they clearly have long term vision, because the Main Highway sewer rebuild, the South Bayshore reconstruction, along with “Regatta Park” an the associated monster condos, will make life miserable for all McFarlane and Main Highway businesses for years to come. Only if you plan to do your own construction does keeping those properties off the market make sense.
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