San Francisco Examiner/Brendan P. Bartholomew, 5/12/13. "Daly City up in arms about closure of venerable cafe."
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| Coffee shop rent increased from $4,000 to $10,000 monthly |
.... In the case of Westlake Coffee Shop, the closure has become a citywide issue. During a recent City Council meeting, Choi’s supporters urged Daly City to intercede on behalf of the beloved coffee shop, which had been told it would have to accept a $10,000-per-month rent increase or relocate.
24 comments:
"Greed is Good!" (Gordon Gecko, Wall Street)
i absolutely loved this place- sad
Kimco didn't cause it. Market Rents caused it.
Either pay or leave.
It's just business. Happens everyday all over this country. We all in Pacifica love business, don't we? Don't we?
KIMCO owns Fairmont & LM Shopping Centers too? Guess it could mean more upcoming vacancies in Pacifica. Typically outfits such as KIMCO keep tabs on how well a business is doing and then step in for a bigger slice of the pie at the first opportunity.
Guess Westlake is bustling these days; maybe even tenants waiting in the wings to get a location there. Pacifica should be so lucky to have that type draw although not a lot of incentive , in my opinion, for a small business to struggle to make it only to have the landlord swoop in and take a larger part of the profit. The only way for a small business to stay in business is to won the real estate it occupies; not much chance of that in these modern times.
Maybe if the city council ran the town like Kimco runs real estate the city wouldn't be on live support.
There are quite a few vacancies in the Westlake Shopping Center right now...Most notably, before the coffee shop, the Party Time store which was there for at least 25 years.
We all have our own favorite stores, etc. that have gone by the wayside whether from mom and pop aging out, competition coming in, or corporate landlords doing what comes natural to them. Circle of life. And yeah, agree with 1043 anon, if our city gov't had practiced just a tad of that self-preservation this town wouldn't be on life support.
It was a nice hang-out for the retired, but that's not the crowd Kimco wants. They just don't spend enough at the various stores. I'm amazed Kerri's at LM is still going. That place really is a Pacifica institution and it does draw a multi-generational crowd.
Corporate profits have nothing to do with community. It's all about money.
How much is the community getting back from Kimko?
About the same as the taxpayers are getting back from City Council.
Fret not...Westlake Coffee shop is relocating next to the Century movie theaters on Junipero Serra Blvd. where the burrito shop used to be. They should be open again in August.
Empty stores do cost a city in lost taxes, jobs and added police/fire services.
I know the REIT investors here will have a cow but a $10,000 a month rent increase is ridiculous. If many stores are vacant for long periods of time the city should levy a fee against the landlord to make up for added city expenses. Or give an incentive for keeping units rented.
Hutch
Sell me your house for half of current market value.
Because market value is too high.
This kind of ridiculous attitude is exactly what's wrong with this town. People who think that the city should interfere with local businesses do not have a clue.
Hutch, I think if a city can show a landlord like Kimco is purposely keeping store fronts empty the city should go to court to sue for damages.
In other Kimco properties the landlord purposely kept store fronts empty to eventually apply for and receive planning permits for two to three extra stories of apartments.
It is widely known this is Kimco's intent for the Eureka Square property, so in the mean time Kimco should offset the lose it is creating by it's business practice to the city general fund and pay a fee equal to the sales tax revenues of years before this tactic started.
Saying something that you pulled out of your butt is "widely known" is not really the kind of thing that will stand up in court.
Todd, I don't think Kimco is involved in Eureka Square. Some property management company in Sunnyvale is running it. (Badly.)
Anon 903 My house isn't costing the city jobs, taxes or EXTRA services. I'm not saying to dictate what rents are. They can charge whatever they like. But if they are purposely keeping units empty then the city deserves to be reimbursed for extra services needed because crime is attracted to vacant buildings. If they choose to keep rents at a reasonable level so units stay occupied that's totally up to them.
It's hardly "totally up to them" if penalties apply for lack of compliance with your business plan. What's next? The City goes into the business of guaranteeing a return on investment for property owners?
KIMCO doesn't own Eureka Square. Never has. Privately owned and the owner uses a property-management firm. In the distant past the owner was thwarted by the city in his desire to turn the place into residential. Looks like he's found a way to make the investment work for him and at the same time thumbed his nose at this city. The just released Pacifica Economic Plan recommends Eureka Square be developed as mixed use residential/commercial. Wonder if the owner knows? Or, if he's perfectly happy with what his property is bringing in now and wants no Pacifica-style headaches?
The nimbys,noobees, and "gang of no" do not understand property rights.
They also do not understand supply and demand and market rents and current market values.
I can name 5 properties that were clearly abandonded by the current owners. When I contacted the owners and offered to buy the properties, the owners said I am not interested. I asked them why do you keep in them in disrepair and empty, Because I can afford it was the answer.
Unless the property poses a public nuisance or has vagrants breaking in the city has its hands tied in trying to make the owners clean them up.
Even in Bank owned properties the cities get the same run around trying to get the banks and or real estate holding companies to cut the grass and make the property look presentable.
Oh wait I forgot please forgive me.
The nimby's noobes, and "gang of no" know more then these guy.
Kimco Logo.png
Type
Public
Traded as
NYSE: KIM
S&P 500 Component
Industry
Real Estate Investment Trust
Founded
1958
Key people
Milton Cooper, Chairman and Dave Henry, CEO
Revenue
$922 Million USD (2012)
Net income
$280 Million USD (2012)
Employees
637 (2012)
Website
www.kimcorealty.com
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