The proposed zoning for the mall has a mandatory retail component. On Sun, Nov 12, 2023 at 2:13 PM Sara Mattes <samat...@gmail.com> wrote:
> So, are we now giving up retail at the mall? > > ------ > Sara Mattes > > > > > On Nov 12, 2023, at 2:08 PM, Rich Rosenbaum <s...@bcdef.com> wrote: > > Given the history of businesses leaving the mall, $165k seems to be a thin > margin for predicting future rental profitability. > > It might be noted that rental income is only part of the RLF financials. > Their overall net seems to be $212,000 for 2022 and -$251,431 (loss) for > the prior year. That doesn't paint a picture of financial stability to me. > > Rich > (not an accountant, either) > > On Sun, Nov 12, 2023 at 10:07 AM Karla Gravis <karlagra...@gmail.com> > wrote: > >> I want to emphasize that the Mall is currently a profitable concern.The >> RLF disclosed a rental profit of $164,571 in 2022. Details here >> <https://projects.propublica.org/nonprofits/organizations/46132391/202341749349301024/full>. >> However, if we rezone it by right, Civico would get to decide what >> mix of commercial and residential to build. As a private enterprise, they >> will choose to build whatever leads to the highest profits, which we know >> is residential. Ms. Barnes mentioned that commercial space will be >> reduced during the forum on Wednesday. We have no guarantees that Civico >> would maintain Donelan's or any of the existing commercial space. This >> outcome would be at odds with our goal of supporting our commercial center >> and reducing the town's carbon footprint. This is one of the reasons why it >> is so important that the Mall redevelopment goes through Town Meeting. >> >> It is also important to puncture the myth that building units at Lincoln >> Station would do much to boost the commercial prospects of the area: >> >> - The Planning Board released a Lincoln Station Planning Study in >> 2014. The study concluded that each 100 units added would only support >> 2,500 sq ft of space. For reference, Donelan's footprint is 20,387 sq ft. >> Study here >> >> <https://www.lincolntown.org/DocumentCenter/View/65765/Lincoln-Station-Planning-Study-3-27-2014bwfinal> >> - 2,500 sq ft of commercial space per 100 units is probably a very >> optimistic number. The Study assumed that the leakage (% of convenience >> buys by residents that happen outside of Lincoln Station) would come down >> from 80% to 50%. If we use the actual 80% leakage, those 100 units would >> only support 1,000 sq ft of space. >> - In all likelihood the leakage is actually higher than 80% today >> given the increased penetration of online sales in the nine years elapsed. >> >> -- > The LincolnTalk mailing list. > To post, send mail to Lincoln@lincolntalk.org. > Browse the archives at https://pairlist9.pair.net/mailman/private/lincoln/ > . > Change your subscription settings at > https://pairlist9.pair.net/mailman/listinfo/lincoln. > > > -- > The LincolnTalk mailing list. > To post, send mail to Lincoln@lincolntalk.org. > Browse the archives at https://pairlist9.pair.net/mailman/private/lincoln/ > . > Change your subscription settings at > https://pairlist9.pair.net/mailman/listinfo/lincoln. > >
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