Real Estate Development – a local story –

We generally don’t report or comment on local affairs here at AmericanDelusions. But, the craziness of real estate development in Greenport, the town that surrounds our hometown of Hudson, illustrates a downside of our market centered economy working in an environment where whatever the market wants it gets. The Greenport Planning Board recently gave Trinity Realty Group(TRG) approval for the construction of a new strip mall on Fairview Ave at the present location of the area’s McDonald’s franchise.

Public comment about the development centered on the demolition of a Greek Revival house, though 3 other houses and the present McDonalds will also be demolished. A larger McDonalds will be built along with a 21,000 square foot building for the grocery chain Aldi’s which will leave its present location further down Fairview. Needless to mention this will also involve paving over more land for parking.

So, what is there to say about this development?

The very same TRG presently represents a significant fraction of the empty retail spaces available along Fairview. This includes  for sale/lease a 56,000 sq ft “big box” grocery building not more than a few hundred yards from the site of this new strip mall. This building comes with acres of parking already in place. Just up Healy Boulevard are three more spaces of approximately 2,500 sq ft each. Also on Healy Boulevard is a 6,600 sq ft building with three store fronts now empty, also represented by TRW. Then we have 12,000 sq ft in part of the former Walmart at 351 Fairview.  So, the very same developer represents at minimum 82,100 sq ft of built space available with all of the required acres of asphalt already in place.

Do we need another strip mall?

This is just an introduction to the tens of thousands of square feet of existing buildings available for lease or sale. Below are photos of all of the retail spaces available along Fairview Ave. (from Green St to Walmart) and Healy Boulevard as of 12/16/2019. These illustrate the emerging wasteland of retail space in Greenport.

Given that the US has by far the most retail space per capita in the world the challenges of e-commerce and the 40 yr stagnation in real incomes for 90% of the US population will continue to shrink this vast retail balloon.

Vacant Spaces along Fairview Ave and Healy Blvd. Greenport NY