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City landlords work to help small business
• Rents adjusted for a down economy
Monday,
February 16, 2009
In a recent meeting with storefront tenants, Margate city officials reassessed commercial leasing in the CRA district to accommodate the downturn in the economy. The city determined that some tenants were paying too much per square foot and, unless unoccupied storefronts were leased competitively, they could remain empty for some time.
The three strip mall properties the end of Margate Boulevard near State Road 7 are owned by The Margate Community Redevelopment Agency (MCRA), a quasi-government within the city that controls the destiny of the area shown by clicking on this map. The MCRA cost taxpayers nothing and is supported by an increase in the taxable value of the land it controls.View Financials.
The majority of storeowners at the meeting were optimistic about city plans. Some were indifferent and one long-time tenant voiced displeasure with the way the city determined rent redistribution.
Currently, the properties have a 17% vacancy rate, substantially higher than normal. New tenants will pay approximately $10 per square foot and all existing leases will be extended two years out. Should the city find an interested developer in the interim, business owners would be compensated for the remainder of their lease.
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