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 > <mailto: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. >
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