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MINNEAPOLIS-Minnesota’s shopping center developers and owners see the best opportunities in restoring or redeveloping shopping centers, but still rank real estate taxes as the top challenge.

That’s according to a recent member survey by the Minnesota Shopping Center Association.

Redevelopment was ranked as the second best opportunity last year in the survey, but moved into the top spot this year. It was followed by the financing (low interest rates), mixed-use development (cities want them and incentives are available), infill opportunities and new retailers.

“There are a lot of dogs that need facelifts,” said one respondent. Another said, “alternate uses will increasingly need to be found for marginal properties.”

Real estate taxes top the list of challenges for the third year in a row. As the economy slows, taxes becomes more of an issue- and the state’s high property taxes make it one of the last states retailers want to enter. Other challenges include economic conditions, competition, retailer bankruptcy and lack of available land.

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