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Opinion: Foreclose on Southbridge Mall now for better future options

The saga of the Mall refuses to die. There needs to be a foreclosure instigated that will clear the path for reprocessing the property. Once that is been accomplished it will clear the way for some serious and more to the point, more doable propositions.

As a structure there is little wrong with it, and what might exist could be corrected without a $38,000,000.00 price tag.

This is what needs to be done: Conduct a physical examination on the entire property… then set about correcting everything that is in arrears. Put together a net operating cost per square foot. Go over past utility bills, snow removal, ground maintenance… taxes if applicable under city ownership. Next divide the “break even” cost per square foot into the total footage… then advertise the space for one dollar per foot over the net operating cost. If the numbers I have been hearing are correct, $5.00 is the break even cost so to lease space it should be $6.00 per foot. No percentages on sales. Original leasing cost offered to Chuck Shill to get him to move his Maid-Rite restaurant into the mall was $21.00 per foot plus 10% of the gross.

$6.00, or whatever one dollar over cost with no percentage on gross sales will fill the space. At that price the space becomes highly affordable and attractive. As an example; 500 square foot would be $250.00 a month. There would be no utility cost because those charges were figured into the net operating cost along with snow and ground charges. The mall would fill up… no question.

Any remodeling cost would need to be paid by the lease holder after a approval by a building committee.

No hotel and no sheet of ice, neither will cash flow.

Peter Children
Mason City


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