During these slower construction times that many of us are experiencing as a direct effect of the economic climate, there are still opportunities out there for developers or businesses who want to grow, expand or start up in your area. Don’t overlook those redevelopment opportunities. Many property managers/owners are willing to give or offer a better deal on rent, lease or purchase price on empty retail space. Empty warehouse space can be given a new use, such as indoor recreation facilities.
This could be a good time for zoning and comprehensive plan re-evaluation to make sure it is well suited for allowing creative and reasonable re-use and redevelopment of empty space. Empty space will not provide any tax revenue. So if your ordinance is not business friendly, it may be time to consider some minor changes.
Business tax revenue keeps residential taxes lower, something we all like.