Well. Maybe we saw this coming.
The Shoppes of Wyndham Village, a Franklin shopping center anchored by a Pick 'n Save supermarket and a Target store, is facing a foreclosure suit.
SBI General Portfolio Owner LLC's suit, filed in Milwaukee County Circuit Court, names shopping center owner Wyndham Village Retail LLC and developer Mark Carstensen as defendants. A receiver has been appointed to operate the property, according to online court records.
I haven't been able to review the court file yet. Reporter Sean Ryan's story in the Milwaukee Business Journal says Wyndham Village Retail defaulted on a $19 million loan.
Carstensen didn't return a phone message seeking comment.
Wyndham Village, at the southeast corner of Highway 100 and Drexel Ave., saw its Sendik's supermarket anchor close in July 2009, about a year after it opened. A Pick 'n Save opened in the former Sendik's space in November 2009.
The 248,076-square-foot Wyndham Village has around 22,200 square feet availabe for lease, according to property listing service Loopnet.com, along with undeveloped land.
The shopping center was opposed by nearby residents who wanted more upscale retailers, and by other critics who said its design was a missed opportunity to create a pedestrian-friendly development.
Last year, in a separate suit, a vacant parcel planned for expansion of another Franklin retail center, Fountains of Franklin, went into foreclosure. However, that action didn't involve the existing Fountains of Franklin, which is anchored by a separately owned Sendik's Food Market, at 5200 W. Rawson Ave.
More later, obviously.
Read the rest at: Shoppes of Wyndham Village, in Franklin, faces foreclosure - JSOnline
“Many low-density suburbs and McMansion subdivisions, including some that are lovely and affluent today, may become what inner cities became in the 1960s and ’70s — slums characterized by poverty, crime and decay"
So says Christopher B. Leinberger, an urban land use expert, in a recent essay in The Atlantic Monthly. While that dark vision is not shared by all observers, it's clear to most that "change or die" is still the operative phrase.
The answer: Make communities, not subdivisions. Create walkable cities, which appeal to up-and-coming homebuyers:
This is the challenge that the city of Franklin faces right now. How will local leadership respond?
Read more at:
Fuel Prices Shift Math for Life in Far Suburbs
TheSpec - Walkability and the new urbanism
Posted at 08:02 AM in Bad Planning, Bicycling and Walking, Close to Home, Commentary, Current Affairs, Franklin Trails Committee, McMansions, Plan Commission, Problems, Retail design, Shops at Wyndham Village, Traditional Neighborhood Development, Traffic/Transportation | Permalink | Comments (5) | TrackBack (0)
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