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Posted on Nov 18, 2023
Country Club Plaza confronted with dozens of vacant shops: 'A long way from what it used to be'
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The Plaza has been losing tenants at about the same rate it signs new ones. Whoever purchases the shopping district may have to invest at least $100 million in infrastructure and building upgrades to bring the area back to its “jewel of Kansas City” reputation.
For years, many Kansas Citians longed for the iconic Country Club Plaza, which had been owned by North Carolina-based Highwoods Properties Inc. since 1998, to return to local ownership.
But a powerhouse partnership between two big shopping center names – Taubman Centers and the Macerich Co. — blew into town in 2016, shelling out a whopping $660 million for Kansas City’s “crown jewel.”
The new owners promised deep pockets, proven track records and unrivaled connections to top retailers.
Their plans for the Plaza called for a mix of locally owned shops, sought-after national retailers fresh to Kansas City and hot new concepts that would draw customers from neighboring states.
For years, many Kansas Citians longed for the iconic Country Club Plaza, which had been owned by North Carolina-based Highwoods Properties Inc. since 1998, to return to local ownership.
But a powerhouse partnership between two big shopping center names – Taubman Centers and the Macerich Co. — blew into town in 2016, shelling out a whopping $660 million for Kansas City’s “crown jewel.”
The new owners promised deep pockets, proven track records and unrivaled connections to top retailers.
Their plans for the Plaza called for a mix of locally owned shops, sought-after national retailers fresh to Kansas City and hot new concepts that would draw customers from neighboring states.
Country Club Plaza confronted with dozens of vacant shops: 'A long way from what it used to be'
Posted from kcur.org
Kansas City
Retail
Shopping
Restaurants
Posted 5 mo ago
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PO1 William "Chip" Nagel
..."For years, many Kansas Citians longed for the iconic Country Club Plaza, which had been owned by North Carolina-based Highwoods Properties Inc. since 1998, to return to local ownership.
But a powerhouse partnership between two big shopping center names – Taubman Centers and the Macerich Co. — blew into town in 2016, shelling out a whopping $660 million for Kansas City’s “crown jewel.”
The new owners promised deep pockets, proven track records and unrivaled connections to top retailers.
Their plans for the Plaza called for a mix of locally owned shops, sought-after national retailers fresh to Kansas City and hot new concepts that would draw customers from neighboring states.
Seven years later, Taubman and Macerich defaulted on a $295 million loan and have reportedly agreed to sell the Plaza at a fire sale price."...
..."For years, many Kansas Citians longed for the iconic Country Club Plaza, which had been owned by North Carolina-based Highwoods Properties Inc. since 1998, to return to local ownership.
But a powerhouse partnership between two big shopping center names – Taubman Centers and the Macerich Co. — blew into town in 2016, shelling out a whopping $660 million for Kansas City’s “crown jewel.”
The new owners promised deep pockets, proven track records and unrivaled connections to top retailers.
Their plans for the Plaza called for a mix of locally owned shops, sought-after national retailers fresh to Kansas City and hot new concepts that would draw customers from neighboring states.
Seven years later, Taubman and Macerich defaulted on a $295 million loan and have reportedly agreed to sell the Plaza at a fire sale price."...
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I think that the transition from local to corporate ownership in 2016 brought high hopes for the Plaza's revival, with promises of diverse retail offerings and renewed vibrancy. However, the reality seems to have fallen short, with vacant shops outnumbering new tenants. Exploring alternative approaches, such as the example set by Hybernia Palace https://www.retailguide.cz/properties/hybernia-palace/ could offer valuable insights into reinvigorating commercial spaces. Diversifying the tenant mix with a blend of local businesses and enticing national brands might help recapture the Plaza's charm and attract a broader customer base.
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