Retail foreclosures hitting Atlanta

[marmar]

Atlanta retail foreclosures part of troubled economy
By Rachel Tobin Ramos

The Atlanta Journal-Constitution


John T. Adams, a self-described lover of American history, envisioned retail destinations from bygone eras.

The developer of two suburban Atlanta retail centers‚ Crabapple Mercantile Exchange in Milton and Ellard Village in Alpharetta, paid attention to the little details. Wrought-iron fences, wooden overhangs, historic-looking brick facades.

But recently, both of his elegant projects were repossessed by his bank, Flagstar of Troy, Mich.

To be sure, Adams’ ambitious projects are part of what made them financially unwieldy.

But economic conditions‚ a lengthy recession that has hurt retailers as much as anyone‚ are part of the formula that is making retail foreclosures a new part of the economic landscape in Atlanta.

According to several retail experts, banks are beginning to foreclose on retail projects as they see little hope for the current owners to keep them stable — meaning full of tenants that help pay the mortgage. ..........(more)

The complete piece is at: http://www.ajc.com/business/atlanta-retail-foreclosures-part-172055.html

[RamblingRose]

1. They're still building new shopping centers here in Gwinnett where right across the street there is

a Vacant one.

[marmar]

2. I can't believe the lunacy.....I drove past a half-empty strip mall in suburban Detroit today.

...... as a new strip mall was going up across the street.

[Brigid]

5. You're serious?

There are no words . . . :crazy:

[AllentownJake]

4. I got flamed the other day

for questioning an article that showed a small business building a new office with a loan from the stimulus money. I was like in this commercial real estate market do we really need to be building more office space?

Needless to say I hated the President and America for even asking the question.

[Liberal_in_LA]

7. It's un-American to ask such questions. ;-)

[NightWatcher]

3. Milton and Alpharetta...can you say Yuppie-Fueled Urban Sprawl, boys and girls?

I knew you could.

There are places in North Atlanta where you cannot swing a dead cat without hitting these things -ack!

Look at the list of stores in the Ellard Village in Alpharetta
Bella & Beau - is a designer consignor children's clothing boutique
Bella Nail Salon & Spa - Manicure, pedicure, hair styling and more
Bruster's Ice Cream -
Circa History Guild - A unique shop dedicated solely to the preservation and dissemination of American history. There are also CDs, DVDs, memorabilia, books, and wide array of artifacts for sale.
CW Design House - Southbound design junkies will want to check out interiors ...........
CVS Drugstore
Ella Couture at Ellard - Couture dresses for dance and formal occasions
Ellard Cleaners - Professional dry cleaning and laundry services
The Fuzzy Dog - The Fuzzy Dawg provides a safe and comfortable environment devoted to helping your pet be happy, attractive and healthy.
Home Theater Works - Home Theater Works custom designs, installs, and maintains entertainment and automation systems for your home.
Josephine's Antiques & Fine Linens -
Lola’s - Lola's specializes in discovering the true Diva in women of any age and shape, with clothing that is both fashion forward and practical. We pride ourselves on looks that easily transform from day to night with a fresh look. "When you look good you feel good"
MODA Spa and Salon - Atlanta's premier upscale salon and spa.
Neurosport Physical Therapy -
Sports & Family Chiropractic -
Starbucks -
Taco Mac -


WE DONT NEED THIS SUBURBANITE SHIT

[Brigid]

6. Most of the yuppies . . .

probably lost their financial-sector jobs, have had their houses foreclosed, and were planning to apply for jobs there.

[AllentownJake]

8. Georgia is ground zero for banks going insolvent

It seems every time I read the weekly list of banks going under there is at least 1 from Georgia.

[izquierdista]

15. They set themselves up for it

The other half of Georgia is all the counties outside of the Atlanta area, and each county has to have a local bank. Local convenience in good times, but far too much exposure to that "free market".

[CurtEastPoint]

9. Of that list, I MIGHT go to the CVS. I saw the same crap in

Phoenix last weekend. Same story, different city. Crapola shopping center after crapola shopping center. WHY do Americans obsess so much above having stuff?

[AllentownJake]

10. because we have no communities anymore

:shrug:

[madinmaryland]

11. Perfect answer.

:thumbsup:

We live in a planned community that is designed around "village centers". Each of the village centers and the villages themselves have government representation. We all have a say in what happens here.

But yes, the whole "strip mall" mentality is ruining America. Stores selling cheap crap that is not really needed.

[Dreamer Tatum]

12. Then why do people bitch when jobs making crap are lost?

If the John Q. Shitmaker Company decided to open a plant in Kansas to make rubber dog shit and plastic vomit, and there were 500 union jobs created, what would you say then?

[AllentownJake]

14. In the last municpal election

there was 20% voter turnout in my county. Honestly people don't give a flying shit about who is going to be running the government locally because half the people who are living locally are transplants and of that another 75% will be moving in the next 5 years to follow their next job.

Communities aren't places where you plan to live anymore, they are place you temporarily settle because a given corporation has a location there.

[KamaAina]

13. And nothing remotely resembling a grocery, pharmacy, or bank

economics won't allow that. :eyes: For things like that that you actually need, it's another couple of miles down the road -- or an hour out of your way if you ride MARTA, assuming it even goes there. :(