![]() The privately owned Shoppes at Buckland Hills is the second-highest taxpayer in Manchester with a net assessment of nearly $122.7 million, according to the 2020 grand list. regional malls reached a record 11.4% in the first quarter of 2021, up from 10.5% in the fourth quarter of 2020. Moody's Analytics reported in April that the vacancy rate for U.S. It's a burden on the community to have this vacant space sitting there." "I think the state should have some rules about how long you can hold substantially vacant space without occurring additional taxes," Clapp said. He referred to the Regency Mall in Augusta, Georgia, which has sat empty for two decades, as an extreme example of an issue that hampers a surrounding community. ![]() Clapp said that high-density housing "makes a whole lot of sense" as an alternate use depending on the town and its surrounding amenities, such as transportation hubs.Ĭlapp said his main concern regarding malls is their lack of haste to fill vacancies. John Clapp is a retired University of Connecticut business professor with a particular interest in the economic viability of shopping malls. And the Westfield Trumbull Mall will soon get 260 luxury apartments on its property, according to the Hartford Business Journal. ![]() The Hawley Lane Mall in Trumbull recently converted about 7,000 square-feet of retail space into co-working space. Other Connecticut malls are also turning vacant retail space to other uses. Another empty store next to Macy's will soon be occupied with a massage and spa parlor called Relax Zone. In October Spinoso opened Studio Buckland, or Studio B., a collaborative space for a variety of initiatives. The company appears to be finding creative ways to fill vacancies at its Manchester property. The mall can either choose to bring in another department store tenant or find an alternate use. While Macy's has closed stores in several other Connecticut malls, it has maintained its two in Buckland. Macy's occupies two of the five anchor stores and JCPenney is in another. Syracuse, New York-based Spinoso Real Estate Group, which manages the Shoppes at Buckland Hills, did not respond to requests for comment. He pointed to Colliers' recent sale of a 6,000-square-foot building formerly occupied by Sam's Club as an example of retail space being repurposed for industrial use. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.Empty stores actually offer malls a unique opportunity to repurpose because of their spacious interiors and accessible parking, Morizio said. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. The test_cookie is set by and is used to determine if the user's browser supports cookies.Ī cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile. These cookies track visitors across websites and collect information to provide customized ads. It does not store any personal data.Īdvertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". ![]() This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category. These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.
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