City Bad Economy Is Good For Business
posted by March 27 at 12:35 PMon
90th and Roosevelt Way
Our sad, sagging economy may have actually helped one local business. For the last year, Math ‘n’ Stuff has been looking for a new home. The small white storefront on Roosevelt Way they’ve occupied for the last 12 years was scheduled to be bulldozed and redeveloped as an office-retail-apartment property.
While the building’s owner applied for construction permits and selected building designs, Math ‘n’ Stuff pleaded with the neighborhood—via the store’s reader board—to help them find a new location. They weren’t having much luck.
But neither were the building’s owners, who were struggling to get a loan, due to the failing economy.
“When I started the process, all the banks were very friendly,” says Ruth Williams, whose family has owned the property for 12 years.”By the time we got our permit, they weren’t so friendly. With the economy being what it is, we don’t have the confidence we could proceed.”
Because Williams wasn’t able to secure the funding for the her new development, she says she’s decided to sell it to her tenant for $900,000. “It takes a load off of our mind to sell,” she says, “a huge load off of their mind [too]. We wanted [their] business to live.”