Start Date
1-12-2023 2:15 PM
End Date
1-12-2023 3:15 PM
Description
This session explores the flight of CBD tenants of the former Bank of America building on South LaSalle Street to nearby Class A/newer office buildings and the property tax implications that accompany re-purposing of retail mall space that is based on demand that is not just economically based but based on community demand by exploring the New Park Mall in Newark, California. It also briefly discusses the possible tax implications and explore how (as reported by JLL in April of 2023), the Eastland Mall (near Melbourne, Australia) now offers more than the traditional shop and dine experience that retail malls are known for. It is the assessor's job to stay on top of the market. During redevelopment, the commercial property owner may file for temporary vacancy during the transition period. But the highest and best use of the retail property is changing due to factors that include but are not limited to the pandemic and the proliferation of on-line shopping.
Recommended Citation
Piper, Michael, "The redevelopment and repurposing of retail malls" (2023). IAAO Annual Legal Seminar. 2.
https://researchexchange.iaao.org/legal/legal23/sessions/2
The redevelopment and repurposing of retail malls
This session explores the flight of CBD tenants of the former Bank of America building on South LaSalle Street to nearby Class A/newer office buildings and the property tax implications that accompany re-purposing of retail mall space that is based on demand that is not just economically based but based on community demand by exploring the New Park Mall in Newark, California. It also briefly discusses the possible tax implications and explore how (as reported by JLL in April of 2023), the Eastland Mall (near Melbourne, Australia) now offers more than the traditional shop and dine experience that retail malls are known for. It is the assessor's job to stay on top of the market. During redevelopment, the commercial property owner may file for temporary vacancy during the transition period. But the highest and best use of the retail property is changing due to factors that include but are not limited to the pandemic and the proliferation of on-line shopping.