Converting empty commercial space to residential use is about to become a very visible reality.
They joined hundreds of locations once occupied by Borders Books & Music, KMarts, K-B Toy stores, Linens-N-Things warehouse-style stores, Mervyn’s stores, Circuit City, Radio Shack, Sport Chalet and Blockbuster Video outlets.
Fears of contagion were also part of the reason for the many store closings around the state during the last three years, as shoppers avoided crowded spaces and ordered merchandise of almost all kinds online from home instead. Many jilted properties are also about to be reassessed at far lower tax rates than today’s, as rent reductions reduce the market value of office towers and other types of commercial property.
The latest example: an eight-story tower in Emeryville soon to be redeveloped near the eastern foot of the San Francisco-Oakland Bay Bridge. Expect the more than 10,000 permits to grow exponentially by the end of this year, especially if the first redesigned units sell easily and quickly.
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