So there's no need for this parking. And the ceilings are way too low for storage. The whole thing is mess. To boot, unlike warehouse lots, no one wants to live or work in a low-ceiling concrete box without windows.
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Replying to @Molson_Hart
The real estate term is “functional obsolescence” A nice way of saying their best use is to be bulldozed.
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Replying to @mgirdley
There’s going to be so much of this. Going to have a crazy effect on our cities.
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Replying to @Molson_Hart
I am hopeful many of those malls get redeveloped into multi use walkable developments.
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Replying to @mgirdley
Hope so too but Will only happen if the malls were in excellent locations like Northpark in Dallas. I wonder if it’s cheaper to start from scratch or to demolish and keep the poured concrete? Probably start from scratch.
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Replying to @Molson_Hart
Concrete would come out because you need to run new utilities. It’s probably also questionable after 30-40-50 years.
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Replying to @mgirdley
Why do you need to run new utilities? Pipes for residential on floors 3+?
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Replying to @Molson_Hart
Let’s say you make it housing or a portion of it housing... Assuming (unlikely) that want the housing where the mall/retail building is then you’ll likely want to have bathrooms+kitchens in each one. The same kind of mess applies to making it light industrial, too.
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Replying to @Molson_Hart
That’s just a basic one. Another is concrete comes in different formulas based on the building. so the existing stuff might not be strong enough or whatever. Brutal!
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How’d you learn construction? Managing contractors etc seems a lot like managing manufacturing overseas and I have enough gray hairs doing that - is it?
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Replying to @mgirdley
You said no spoilers but one of the things that Zell says is that he eventually realized that he was not being sufficiently compensated for the risks in construction. So he just stopped doing it.
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