That long-vacant, exceptionally large retail space next to Dollar Tree? Yeah, it was a Save-A-Lot not too long ago. And there’s still a sign serving as remnant next-door where a laundromat once existed.
This is not distant history, but both have been vacant long enough to become the scorn of neighbors, mostly due to the feeling of desolation and sorely missed opportunity for neighborhood-serving retail—perhaps a grocery store. (I will say, the silver lining is that it’s offered a place for skaters to hone their craft).
However, with the tendency of local property owners to let their holdings sit idle and slowly deteriorate, as well as the number of grocers that have expanded just close enough to make this location less viable (think Winco at 82nd and Powell, and New Seasons on Woodstock), it seemed like all hope had been lost for this space to bring something positive to the neighborhood.
Well, we’re not here to provide hope, per se, but rather let you all know the outlook for 6828 SE Foster isn’t so gloomy.
We spoke to a broker for the building’s property manager, and they explained why the space has been empty for so long. It’s been discussed before, but the broker confirmed that when Save-A-Lot closed shop, they still held the lease for the space. That meant a couple things: the landlord was able to collect a check without a tenant in place (easy money) AND any prospective sublessor would have to pay equal to what Save-A-Lot was, but more likely more to encourage the landlord to give up the good life of collecting said easy money. That’s speculation, surely, but the broker did confirm that they had trouble finding someone willing to sublease the property. (We just ran with that information and added extra detail.)
So, where’s the less-gloomy outlook, you say?
According to the broker, Save-A-Lot’s lease expires this month. Or, more accurately, at the end of this month (February). What’s more, the broker feels they may have a feel for prospective tenants and some interest may already have been expressed. And to go further, the commercial real estate website, Loopnet.com, has an updated listing for the site as of 2/5/16. Short of an Auto Zone or S&M Sex Dungeon, I think anything would be better than what we have now. Maybe. In any event, we’ve also heard rumors of people scoping the property, with one party possibly interested in turning the laundry space into a gym. Again, just rumors. Still, things may be looking up at Foster Square.