Downtown Windsor – Part III

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• Ross, right now lease rates on downtown properties appear to start at around $5 per sq. ft. That's actually pretty insane considering these are what should be prime downtown properties commanding multiple times that rate. Putting a positive spin on that, it gives the "mice" a chance to get a foothold in an area that would otherwise only be open for new business owners who already have a buttload of startup capital.

• John, Agreed I would have assumed the same thing, much more than $5 / sq/ft, that in mind then, there are practically giving away these spaces. Pehaps this is why there are no incetives offered?

• As far as I know, with commercial buildings, if the storefront is vacant, they can get a refund on their property taxes for the unrented portion. Unlike apartments where if it's vacant there's no rebate. If storefronts are rented out, the general norm with net leases is the tenant pays the property taxes on the building, all utilities and they are even responsible for shovelling the snow and picking up the garbage. They even have to pay for roof repair. The landlord of a store or a mall doesn't even have to lift a finger. So, now when it's empty, they still think they can get away with doing nothing. Definitely report them to 311.

• My reasoning is that even at those fire-sale rates, the first month lease payment is still painful on top of all the other associated expenses of starting up a business. I could see a potential new small business owner being more inclined to pay a slightly higher lease rate with the first payment essentially being deferred over the next 10 months. Just a thought. You are right though, the rate is a bargain to begin with, to the person who has the means to pay it.

• Properies are rented on a per sq. ft basis as is the tax rate set by the city.

• Here's another reason why downtown is having a hard time recovering. Take a look at that vacant storefront with the "We Want You" sign on it (443 Ouellette St.) It's a 105 foot wide, 3 storey glass building. The agent, Mark, listed it on MLS.CA for $2.8 million (CANADIAN DOLLARS, not monopoly money). http://www.icx.ca/PropertyDetails.aspx?vd=&SearchURL=%3fPage%3d3%26Mode%3d0%26vs%3dSearchAll%26ptgid%3d2%26ci%3dwindsor%26pro%3d2%26st%3douellette%26mp%3d0-0-%26mrt%3d0-0-0%26trt%3d2%26rpmu%3d-1%26ld%3d0%26o%3dA%26of%3d1%26ps%3d10%26uts%3d0-0%26fpud%3d1%26frntd%3d1%26lsu%3d1%26mls%3d%26mxls%3d&Mode=0&PropertyID=6401657

  Someone should phone up the agent on the window and ask, "How the hell is downtown supposed to recover when greedy speculators are carpet bagging downtown properties with these ridiculous prices??"

  Are these guys mental?? Did these speculators just step off the plane from Manhattan or Toronto?? How can you ask such a price with the kind of traffic downtown gets?? Can you imagine what a storefront owner's share of the property taxes has got to be on a net lease on such a small building even if they offered a free month's rent??

• Dave, its a weak argument against tree grates to say that they choke the tree. The grates come in varying sizes and styles to accomodate any circumference of tree any time. If the tree is choked its because its not tended to. IMO planters suck and are in the way and are ugly no matter what they're made of.

• So, the property tax is less if the building is vacant? Where is the incentive to occupy the space?

  A speculator can ask as much as they want for a building, it is still only worth what the market will bear. I suspect that real estate is going to go south here in Canada just like it has in the U.S. How long can these speculators hold on to their "investment" properties before they are forced to sell or hand them over to their creditors?

  Doesn't matter who owns the buildings, someone should make an effort to tidy them up. How about the real estate agents? As for the shwarma shops, I can't really complain about them, they are independently owned, their signage (at least in these phots) is fairly tidy and they are maintaining some kind of presence in the downtown. Its not like you couldn't go to three or four coffee houses downtown without much trouble either.

  Dave, there's a beauty of a colourful stucco disaster on Tecumseh Rd E across from the Golden Griddle. I think subtler colours is best for this type of renovation.

  The EIA just released their weekly report, oil stockpiles are up, the price of oil dipped immediatly after but has come back and sits at 109.61 perhaps this summer less folks will be hitting the highway and instead we will be able to draw them downtown to walk around.

• Let's hope James. Fausto, It is not my argument but the city's.

• Vacant property tax being less is legislated provincially. Not sure how the incentive works there.. seems backwards to me. I already sent my note on this to pupatello. no response...yet.