Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.