It was less than a month ago that we commented on the dizzying pace of commercial real estate activity in the neighborhood. After years of seeing vacant or under-used buildings and lots sitting idle on Foster, we’re now seeing many of those properties, as well as those with functioning businesses, come on to the market. Last month we focused on two buildings that came onto the market at 5309 and 5338 SE Foster—one is a mixed-use building with Foster-facing commercial space and housing on top and in the back, the other is the Decorette Shop.
And now, just after learning of a mixed-use development proposed for the vacant lot bounded by SE Lafayette and Foster (at SE 51st) where Busy Bee Cleaners once stood, another commercial property has come on to the market.
Sitting next door to the Y-Arts Center at 6050 SE Foster, the former Auto Detailing and mechanical-home-decor shop is now vacant and listed for sale. The asking price for the building and land is $639,000. With an advertised 12,000 square-foot lot, as well as plans for housing to be built next door as part of the Y-Arts’ future renovation, one would have to assume this will be marketed as a development opportunity. If not, there’s a free-standing shop that could be yours for the taking—$639,000 seems quite the ransom for that, though, thus our speculation that the value lies in the land itself.
Whatever may come, it’s clear that commercial real estate activity has picked up on Foster. And with the Streetscape Plan coming, we imagine the pace of activity won’t be slowing down anytime soon.