Quote:
Originally Posted by Keith P.
Indeed, It is one of those areas that is a prisoner of its own success. With the healthy commercial rents that one can get for those old 1930s buildings there is no incentive to put something newer and better in those spots. We have seen some change recently but it is a very slow process.
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In many cases I suspect these buildings are owned by individuals who are happy to collect rent and don't necessarily try to aggressively maximize the return on their properties. I'm sure the TD building brings in a lot more in rent than the old Sock It To Ya building , but not everybody's in a position to carry out a development like that.
I think the street was pretty dumpy a few years ago, but today we are in a better state where there's a mix of old and new and a good pipeline of new developments. I think it's better for development to happen gradually so there's not too much disruption on the street.
One thing I'd like to see is a bit more direction in terms of opening up new commercial areas nearby. Everything from Barrington to Robie should have been planned as commercial for the last 30 years. There is a big opportunity to put medium-sized buildings with retail in front of some of the highrise buildings around Summer Street.