[BobNJ1960]

Originally Posted by JayCT

Of course they did, they want to make a significant change to their property. What else are they going to say to get their approval? I’m not against them developing their property. I just think they are exaggerating a bit to get it approved. Jay

https://www.trumbulltimes.com/news/a...s-15544402.php

Exaggerate in what way? We are seeing retail liquidations in huge numbers in 2020. Milford mall's assessed value dropped $27 million in last ten years, or just over 15%. A large % of malls have closed permanently.

https://patch.com/connecticut/milfor...s-want-save-it

[BobNJ1960]

Originally Posted by CTartist

I live in Trumbull and I go to a lot of the zoning meetings for the mall area. You are correct, they do say that. I agree with them. I have lived in Trumbull over 20 years and the mall has gone from bustling in the 1990's to just about dead now except for Target and LA Fitness. LA Fitness was busy before Covid-19.

Milford mall is also in bad shape. 20% fewer visitors the last 5 years. I was there 15 minutes Sunday. The Milford library used to be noisier than the mall has been my last 3 visits.

Like millions around the region, I am now buying all I can online, delivered to my door.

[ayoskillz]

Originally Posted by BobNJ1960

Milford mall is also in bad shape. 20% fewer visitors the last 5 years. I was there 15 minutes Sunday. The Milford library used to be noisier than the mall has been my last 3 visits.

Like millions around the region, I am now buying all I can online, delivered to my door.

I think Milford mall, Trumbull will survive. New London mall is one i can see going bye bye.

[CTartist]

Originally Posted by BobNJ1960

Milford mall is also in bad shape. 20% fewer visitors the last 5 years. I was there 15 minutes Sunday. The Milford library used to be noisier than the mall has been my last 3 visits.

Like millions around the region, I am now buying all I can online, delivered to my door.

I believe it's in bad shape.

I have not been to the Milford Mall in a long time. When I did go it would be mainly for Dick's Sporting Goods. That end was always pretty busy but I never really went walking around the Milford Mall.

I think that this will be a blessing is disguise for Trumbull if the mall is basically torn down and rebuilt into a series of stores, restaurants etc. with no big dining area with all low end fast food stores. I have not been in the fast food court in over 10 years. It is just place for the trouble makers to hang out. It's such a shame what happened to the Trumbull Mall. That mall is now pushing our crime rate higher. I say "blow it up" and start over.

[CTartist]

Originally Posted by ayoskillz

I think Milford mall, Trumbull will survive. New London mall is one i can see going bye bye.

The area of the mall will survive as a shopping destination but not as a traditional mall. There was a big zoning change there. It's now mixed use. In about 10 years it will be like a little mini city below the Parkway in Trumbull. Main Street below the Parkway is all rezoned too. Houses have already been knocked down and commercial buildings are going in already.

[BobNJ1960]

Originally Posted by CTartist

The area of the mall will survive as a shopping destination but not as a traditional mall. There was a big zoning change there. It's now mixed use. In about 10 years it will be like a little mini city below the Parkway in Trumbull. Main Street below the Parkway is all rezoned too. Houses have already been knocked down and commercial buildings are going in already.

I applaud our 2 malls on the coast for thinking outside the box. I think this could allow the mall to last a few more years, due to spending by those living on the grounds.

[Stepfordct]

Originally Posted by CTartist

I believe it's in bad shape.

I have not been to the Milford Mall in a long time. When I did go it would be mainly for Dick's Sporting Goods. That end was always pretty busy but I never really went walking around the Milford Mall.

I think that this will be a blessing is disguise for Trumbull if the mall is basically torn down and rebuilt into a series of stores, restaurants etc. with no big dining area with all low end fast food stores. I have not been in the fast food court in over 10 years. It is just place for the trouble makers to hang out. It's such a shame what happened to the Trumbull Mall. That mall is now pushing our crime rate higher. I say "blow it up" and start over.

I don't see that kind of investment happening in this landscape.

[CTartist]

Originally Posted by Stepfordct

I don't see that kind of investment happening in this landscape.

Do you mean with Covid-19?

I watch the zoning meetings. I have been on a zoom meeting with the mall owners. They want all the approvals now for the apartments. Don't forget the apartments won't be done for another two years at least.

The mall owners where showing pictures of what they want the mall area to look like in the future. I think they showed something down near Washington DC? I can't remember where this particular development was but it looked really nice. That is why I am all for it. The mall owners also talked about having more restaurants and not a food court and I really liked that. By the pictures I saw it will not look anything like the Trumbull Mall does now.

The mixed use zoning for the mall land where the mall sits is a done deal and all passed. In fact it was a done deal a few years ago.

The zoning on lower Main Street is all passed to. Someone already built a big white building (where houses used to be) near the mall right on Main Street. It looks like it might be for doctors but I am not sure.

[Stepfordct]

There will be a record amount of restaurant and retail closings coming down the pipeline over the next year or so.
Anyone motivated to open a new restaurant going forward can have their choice of location already built out with leasehold improvements for free at a cheaper rent than what the mall can offer...

Saw a 3 yr. old location all built out, offered with 9 months free rent, plus build out money. That's without negotiating.
And it's on a very busy road.
Another location I'm involved with lost all the financing this winter. Banks are asking how can you pay us if the tenants can't pay you?
This is a 100M deal. It's half built....going nowhere

[BobNJ1960]

Originally Posted by Stepfordct

There will be a record amount of restaurant and retail closings coming down the pipeline over the next year or so.
Anyone motivated to open a new restaurant going forward can have their choice of location already built out with leasehold improvements for free at a cheaper rent than what the mall can offer...

The large corps who own malls are highly leveraged no doubt, but that adds to the incentive for banks to finance new ideas like this, to add to the malls cash flow, and decrease odds of any defaults on the mall that may well occur without fairly quick action.

Its the same reason Simon was reported to have shown interest in several retail chains in its malls. No deal to keep them alive..must write off rent owed, write off future lease value..incentivizes lenders to "assist".