Patience taxed: Centennial Plaza merchants say vacant old Wal-Mart building hurting their businesses
By Seth Meyer smeyer@HanfordSentinel.com
While the real estate firm that owns the old Wal-Mart building reportedly is in discussion with several potential tenants, existing merchants at the Centennial Plaza on 12th Avenue and Lacey Boulevard said the empty 126,000-square-foot space has hurt their businesses.
Redwood Real Estate Partners hopes to have several new tenants for the building solidified by the end of the year, said local consultant Dick Jacques. Several current merchants said the announcement can't come soon enough.
The building has been empty since Wal-Mart relocated to its Supercenter site farther south on 12th Avenue last year.
"(The empty building) affects a lot," said Larry McLeod, owner of Cartridge World, which opened shortly after Wal-Mart moved. "Last month was my best month, but it didn't break me even."
McLeod estimates that 65 percent of his business depends on foot traffic.
Contreras Fashions is considering shutting its doors, said Jose Contreras, whose brother, Eduardo Contreras, owns the shop.
"When Wal-Mart left, we lost 50 percent of our business," Jose Contreras said.
Bob Rose, owner of the Black Bear Diner, said the restaurant has lost $6,000 per week since Wal-Mart left.
"We will stay open," Rose said. "We feel that if they don't bust up the usable space, and have at least one or two big box stores, we will be OK."
Also, the Subway restaurant currently located at Centennial Plaza is planning to move to the Target Shopping Center, possibly in the next month, said manager Rhonda Garcia.
Before Wal-Mart could move, the city stipulated that there had to be another business in line to buy the building. That buyer was Santa Monica-based NetCo.
"The buyer bought it, but they never leased it or brought forth any real plans," said Cathy Cain, a senior planner with the city. "We're anticipating someone might be in soon. It has sold to another buyer, they are marketing it, and they have been pretty active in asking us about potential uses."
Redwood Real Estate bought the building from NetCo in June. They are based in Denver, Colo., but maintain an office in California.
Last month, Redwood announced the building would be given a complete facelift and divided into several smaller parcels, but a time frame nor a dollar amount was not released.
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What a shame wrote on Nov 16, 2007 12:18 PM: