Baton Rouge Developbits

[dan326]

Well....

" Cortana Mall sold to Las Vegas company

Moonbeam Capital Investments, of Las Vegas, has purchased Cortana

Mall for

$6 million and plans to lease available space to retail, restaurant and

office users by working closely with the surrounding community.

The mall’s main anchor stores were not part of the deal, since they

are owned by the tenants.

Shawl Pryor Sr., Moonbeam’s senior vice president and director of

leasing and management, said Moonbeam specializes in overlooked

and underutilized centers. It “re-tenants” properties by finding out

what the community wants and working with organizations such as

chambers of commerce."

theadvocate.com/home/5555578-125/cortana-mall-sold-to-las

[itsjustme3]

They can plan and hope all they want, but if the area is bad around the mall (which it is) then this will be a huge waste of money in the end.

[dan326]

I knew I could count on you. :-)

[cajun]

I think the mall in Hammond was a good template for redevelopment.

I'm honestly not sure if it's too late for Cortana.

[Antrell Williams]

Something has to be done with the area around Cortana first.

[dan326]

Yeah, the area does need tweeking. I wish they turn those abandoned buildings back into green space.

[garrett_225]

Most of the non-restaurant outparcels continue to thrive. That has to be a good sign for the future viability of that location for retail. 

 

I would love to go to Cortana instead of Mall of LA, just to save myself the traffic headache. But there aren't any stores...

[itsjustme3]

Most of the non-restaurant outparcels continue to thrive. That has to be a good sign for the future viability of that location for retail.

Thrive?? Ummm. Your definition of "thrive" differs from mine.

[garrett_225]

Thrive?? Ummm. Your definition of "thrive" differs from mine.

 

Have you been to that Sam's? 

 

Lowes, Walmart Supercenter, Big Lots, etc all do brisk business.

 

They might not be the sexiest places to shop, but that doesn't stop people from spending their money there.

Edited March 30, 2013 by garrett_225

[Antrell Williams]

Have you been to that Sam's? 

 

Lowes, Walmart Supercenter, Big Lots, etc all do brisk business.

 

They might not be the sexiest places to shop, but that doesn't stop people from spending their money there.

I used to run that route on my job and yes those places were constantly busy.

[jefften10]

Have you been to that Sam's? 

 

Lowes, Walmart Supercenter, Big Lots, etc all do brisk business.

 

They might not be the sexiest places to shop, but that doesn't stop people from spending their money there.

 

I agree, they do alot of business.

 

Unfortunately its not the most attractive crowd of people that shop at those stores. I try and avoid that Sams at all costs if I can.

[itsjustme3]

Those people who live there have to shop somewhere, thats not in question. The businesses who stay chose to stay in business there. The trade off for those businesses is the crime, the "quality" of the shoppers, the "quality" of the employees who are willing to work there, etc, the litter, etc. A lot of businesses have opted out and left.

If you think that part of town is doing great or even ok because a few stores have customers then you're in denial. That area has huge problems.

Edited March 30, 2013 by itsjustme3

[Antrell Williams]

The area can support a Guitar Center and Bed, Bath, and Beyond, it's not that terrible. Those are leisure stores, not a place that carries many necessities like Sam's and Walmart.With that said, there won't be any major successful changes made to Cortana quite yet. That's at least a decade down the road only if the area improves.

[garrett_225]

Those people who live there have to shop somewhere, thats not in question. The businesses who stay chose to stay in business there. The trade off for those businesses is the crime, the "quality" of the shoppers, the "quality" of the employees who are willing to work there, etc, the litter, etc. A lot of businesses have opted out and left.

If you think that part of town is doing great or even ok because a few stores have customers then you're in denial. That area has huge problems.

 

All the crime on Cortana Place. Yea, okay. 

[cajun]

I was involved with some site selection for a nearby retail space. We found that Broadmoor and Tara are great areas with high income and low crime....then Villa Del Ray is nearby with very low income but with decent owner-occupancy rates. The traffic counts on Airline were good but Florida was unusual because of the service roads

Overall, it was a good area for retail but not necessarily good enough for a major mall.

It's a weird area. I think a power center with B and C level stores would do well there (like TJ Maxx, Toys R Us, Ross, Cato, Burlington, Target, and Wal Mart....essentially a place like Siegen village or Hammond Aire or what we'll eventually see at Juban Crossing).

I don't think a refurbished mall as big as Cortana will work there anymore. There's simply too much competition and the neighborhood can't support it by itself. Cortana is huge, and much of the outparcels are vacant or still undeveloped.

Edited March 31, 2013 by cajun

[garrett_225]

I was involved with some site selection for a nearby retail space. We found that Broadmoor and Tara are great areas with high income and low crime....then Villa Del Ray is nearby with very low income but with decent owner-occupancy rates. The traffic counts on Airline were good but Florida was unusual because of the service roads

Overall, it was a good area for retail but not necessarily good enough for a major mall.

It's a weird area. I think a power center with B and C level stores would do well there (like TJ Maxx, Toys R Us, Ross, Cato, Burlington, Target, and Wal Mart....essentially a place like Siegen village or Hammond Aire or what we'll eventually see at Juban Crossing).

I don't think a refurbished mall as big as Cortana will work there anymore. There's simply too much competition and the neighborhood can't support it by itself. Cortana is huge, and much of the outparcels are vacant or still undeveloped.

 

I'd say that's a fair analysis.

[itsjustme3]

I was involved with some site selection for a nearby retail space.

Same here, and the Cortana area with its litter, abandoned buildings, horrible road and traffic is a area that is in no way appealing to most businesses that are looking to set up shop.

We were once showing a site to a potential client and it was a steal. The property owner was practically giving away this site for free. When the client visited the area with us (roughly 3-5 blocks) he said, "if the people who live here don't take pride in their neighborhood how can I expect to find workers who take pride in their work or shoppers who value our services?"

They set up shop in south Baton Rouge. That scenario played out over and over with other potential clients to the point where we stopped offering sites in the area.

Business owners care about the look of nearby neighborhoods, the quality of the roads, the school graduation rates, the crime rates, the property values, etc etc.

Edited March 31, 2013 by itsjustme3

[dan326]

True

Overall, it was a good area for retail but not necessarily good enough for a major mall.

It's a weird area. I think a power center with B and C level stores would do well there (like TJ Maxx, Toys R Us, Ross, Cato, Burlington, Target, and Wal Mart....essentially a place like Siegen village or Hammond Aire or what we'll eventually see at Juban Crossing).

I don't think a refurbished mall as big as Cortana will work there anymore. There's simply too much competition and the neighborhood can't support it by itself. Cortana is huge, and much of the outparcels are vacant or still undeveloped.

[Antrell Williams]

Same here, and the Cortana area with its litter, abandoned buildings, horrible road and traffic is a area that is in no way appealing to most businesses that are looking to set up shop.

We were once showing a site to a potential client and it was a steal. The property owner was practically giving away this site for free. When the client visited the area with us (roughly 3-5 blocks) he said, "if the people who live here don't take pride in their neighborhood how can I expect to find workers who take pride in their work or shoppers who value our services?"

They set up shop in south Baton Rouge. That scenario played out over and over with other potential clients to the point where we stopped offering sites in the area.

Business owners care about the look of nearby neighborhoods, the quality of the roads, the school graduation rates, the crime rates, the property values, etc etc.

Can you give any specifics on the company and location? May I ask what you do?

[cajun]

If I'm reading the latter news stories correctly, it appears that the parish is looking to tie a TIF in with the new Costco as an anchor to provide low cost financing to the movie studio nearby.

I think in theory this could be a good move. That's a potentially big industry in town.

Can you give any specifics on the company and location? May I ask what you do?

I work for a multi national development firm that operates and builds commercial/retail properties. Sounds to me like he's some kind of commercial real estate broker. I deal with folks in that field frequently....he seems comes off as one. I don't mean that in a good way or bad way. Just a guess.

Am I far off, itsjustme? I'm kind of curious.

Edited April 17, 2013 by cajun

[itsjustme3]

Close

[buckett5425]

A big box retailer is looking to locate in the Cortana Area. Nothing special, but it is investment nonetheless, could spur some further power center type development. 

[itsjustme3]

Likeky nothing is going to spur anything in or around Cortana. Bad roads, crime, low income area, horrible reputation, lots of abandoned/closed businesses, low quality of life.

[buckett5425]

Likeky nothing is going to spur anything in or around Cortana. Bad roads, crime, low income area, horrible reputation, lots of abandoned/closed businesses, low quality of life.

 

Ok. 

[Antrell Williams]

The newest strip center is doing great.