Michael Thac…, Real Estate Pro in Louisville, KY

Will having a large grocery downtown make a difference?

Asked by Michael Thacker, Louisville, KY Sun Sep 8, 2013

I've actually been discussing this on my blog and on my Facebook page. With Cordish Cos. planning to build a large multi-use project in downtown which is to include a large grocery (I am assuming a Kroger, Publix, or similar), do you think that will spur development of residential projects downtown?

I know that when I lived in Atlanta, having a Publix in the base of one of the high-rise condo towers brought MANY other large scale residential buildings to the midtown Atlanta area. Those essentially added hundreds if not thousands of units. Could that happen here in Louisville too?

What's your thoughts, if they build it, will we come?

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BEST ANSWER
Mayonnaise is the 'secret sauce' that is essential to creating a sustainalble wakable community.
The individual economic benefits of living in such a community is mind-blowing!
Simply by being in a walkable community the citizen, at the time of their choosing can liberate up to $16,000 (2007 Department of Labor statistic) of their cash flow directly for their use.
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What would $16,000 a year do for your 401K with employer matching funds?
What would $16,000 a eyar do in regards to funding your 8 year olds education?
What would $16,000 a year do to prepay the mortgage?
What would a $16,000 a year 'safety net' mean to a risk adverse buyer?
For some, when the bill for Obamacare comes due, if their employer does not give them a raise, they willl need to find the money...second job or liberate the cash?
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As this gets traction and 'zip cars' fill the voids....a new way of living...a healthier way of living...a stronger community way of living will be the outcome.
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A full service grocery is ESSENTIAL!
However, to make this work, density requirments must allow for sufficient residences within one mile (radius) of the commerse area. It is a shame those who want everything to remain as they found it in 1963 are significant impediments to density requirement changes. But, we must take the victories where we can get them....and downtown in any city is a great place to start!
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Will this appeal to everybody? No.
But nothing does.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Mon Sep 9, 2013
Yes, we had Zip Car in Atlanta where I lived in a high rise and it liberated me from having to have a car "on call" for whenever I needed one.

In Atlanta a Publix was at the base of a 385 or so unit high rise condo so it captured those residents as well as the many neighboring towers that were built afterward and the many converted over to condo.

Thanks for the reply!

Have a super day!
Flag Mon Sep 9, 2013
It will do wonders for the area Michael. It will create jobs and a local grocery store will be available for health good choices too.
--
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
1 vote Thank Flag Link Sun Sep 8, 2013
If the Grocery Store is anything like the MARIANO's that is near downtown Chicago in the West Loop, it will make a huge difference. Mariano's have been popping up in the Chicagoland Area, and everyone just seems to love the store. It has been giving the consumer a wonderfully different grocery experience, and it has been going over very well. Neat twists like, you can order and drink wine while you shop, you can purchase fresh meat or seafood from the Butcher Shop and have the Chefs season and cook or grill the food so that you can enjoy it in one of their many eating areas, you can sit at the Wine Bar and enjoy complimentary Cheese, Crackers, and Olives. So many nice options to name them all now. This store has made the area more attractive, and you can already see more building occurring nearby.

So in my opinion, yes, a grocery store downtown Louisville could make a very positive difference, if it's the right store.

To see Mariano's Site, visit: http://www.marianos.com/default.aspx

-Gabriel Martinez
Realty Professionals Group
Cell: 312-969-5653
0 votes Thank Flag Link Fri Oct 4, 2013
All great comments so far, thanks everyone! : )
0 votes Thank Flag Link Mon Sep 9, 2013
It won’t hurt but I doubt if the people living in the upper end of the price range make their buying decision based on the distance from mayonnaise.

The City made a very big mistake when they closed the only street in downtown that had significant traffic. Look at Chicago… don’t cross against the light there!

I suggested 25 years ago they offer subsidized housing for single nurses just out of school, built something like the twin towers in Bowling Green. If you make their rent cheap enough or free it would be the quickest way to get a shift in young people moving downtown. The boys will follow their lead.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Sep 9, 2013
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