It is Mandatory to have retail… however the representative for the Mall, Michelle Barnes, clearly stated during Wednesday’s meeting that the commercial component would be *smaller* than it is currently because the RLF’s main goal is to “derisk” the mall. And it was explained that residential properties are less risky than commercial properties.
And commercial, of course, also includes offices and other non retail establishments. Many people are under the impression that this rezoning of the mall will lead to a vibrant development full of new business- but that clearly is not the case. If the point of having all of this housing around the mall is to encourage people to walk to the amenities and not use a car, why are we reducing the already very limited amount of retail businesses? Sarah Postlethwait On Sun, Nov 12, 2023 at 2:35 PM Margaret Olson <s...@margaretolson.com> wrote: > 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. >> >> -- > 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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