Two properties in Smyrna Market Village were foreclosured on in 2011 and are currently bank owned.
Photo by Jon-Michael Sullivan
Photo by Jon-Michael Sullivan
They point to a decline in the number of vacancies and a rise in new tenants in the commercial side of the community on Atlanta Road. In October, 40 percent of the market village’s retail space was vacant compared with the city’s then overall retail vacancy rate of 20 percent.
Now, all of the market village’s retail vacancies are located in the two foreclosed properties that are now banked-owned, said Andrea Hall, Smyrna’s redevelopment coordinator, bringing the total retail vacancy rate to 23 percent.
One of the properties is a two-story, brick building section located at 1290 West Spring St. diagonally across from Smyrna City Hall. It is owned by Bank of the West.
Steven Bush of Bank of the West said his company is interested in selling the entire 14,000-square-foot property — which formerly housed a yoga studio and several other tenants – as opposed to just leasing parts of it. The asking price is $1.4 million.
“As with many foreclosures the leasing process is long, foreclosures have a lot of attorneys and there’s a lot of paperwork involved in it,” Bush said. “Sometimes it’s not worth it for the banks to have to go through the leasing process.”
Had the bank gone the leasing route, the building would have been half filled with tenants by now, said Bush. However, he said present negotiations with a potential buyer are looking very promising.
“It’s just a matter of working out the details,” he said.
The other property, located at 300 Village Green Circle, is owned by CWCapital. Two separate buildings are located on the property. One building houses Shane’s Rib Shack and the other two-story building across the parking lot is where Quiznos and Ozone Fitness are located.
Hall said the property owner is attempting to lease the vacant spaces.
Hall has taken a glass half full view of the present condition of market village, preferring to look at a positive trend of new businesses in the mixed-used development that first opened in 2002.
New businesses that have recently opened or are soon to open are: Ozone Fitness, Buckhead Academy and The Corner Taqueria. Also, a growler store is scheduled to open this fall.
“If you include all of the buildings that are in foreclosure, the retail vacancy rate is about 23 percent for market village,” Hall said. “But if you take out that building that they’re not leasing at all it’s 8 percent. With an 8 percent number that is actually lower than the vacancy rate for Smyrna as a whole.”
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Going off the deep end??
I hope the people in Smyrna Heights wake up soon & realize he's not been representing their interests whatsoever, just his & the mayors (& the millions going in pockets of contractors, of course!!)
I was at the council meeting last nite, where there was a resounding anger over the Concord Road project & medians.
It was also CLEAR the the city council cannot & will not give honest straight answers.
The city of Smyrna is run by fakes, frauds & phonies!!
But why should we be surprised about that?
I simply am demanding answers to how MY(our) tax dollars are spent.
You are being rewarded to bully me.
It's a sad state of doing business in the sorry town of Smyrna.
You can be part of their 'clan', only if honesty is not important.
The 10 foot treeless cement sidewalks are NOT bike lanes!!
(do some research,.. or better yet-- get out & ride your bike- you'll learn the difference!!)
And, like I said, there are ZERO developers coming to Smyrna-- ZERO!!
What you are seeing built , is a GOVERNMENT school!
I tell the truth, that is why I MUST be SILENCED!!
(by any means!)
I'm sick and tired of the outright lies about this economy. It still stinks and we all know it won't recover until Obama and his business-killing policies are out of office.
After reading the article it looks as though only 1/2 of that statement is backed up by the all too hopeful Smyrna official.
The headline should read-
Smyrna Market in Foreclosure.
Where oh where did the 20 million Concord Road Improvement money go??
Nothing there but vacant lots and run down neighborhood!
Neighborhoods that would be trendy hot spots in other cities, have just sat in the same condition for 50 years. No updates, no remodels, no landscaping, most importantly,... NO CONCERN from the city.
Same for all the corridors, no street trees, no bike lanes, no art,.. nothing. It looks like some kind of 50's reject.
Sad that they send departments to make these ridiculous press releases.
No businesses coming in and no businesses interested.
This press release is typical of the cities constant attempts to hide the facts(instead of actually ADDRESSING the issues). They seem to have no economic business skills and certainly no plan!!
The city is becoming one big eyesore.
Recent additions to the eyesores created by the city-
A mega Race Trac station now has replaced beautiful old oak trees at city entrance.
An interstate style pedestrian bridge complete w/ giant guardrails, sans any greenery, has been added to the treeless cement sidewalk they insist on calling a trail.
A mega elementary school (fortress style) is being erected in the Belmont Hills 50 acres vacant property (leaving small quaint neighborhood schools abandoned in the process).
You can't blame developers for not wanting to come to Smyrna, there is no value here.
The "beautiful old oak trees" you talk about being replaced is of course another hyperbole. There was one tree removed before the run down abandoned day care building was tore down. Also, I would rather see the Racetrac than the expansive concrete parking lot in front of a shopping center.
Also, I don't know what neighborhoods you're talking about. The Forest Hills area is full of rebuilds and beautiful cottages similar to Virgina Highlands.
You say there are no bike lanes. This is just an outright lie. There are new bike lanes running almost the length of Atlanta Rd and spring rd.
Your take on the new Racetrac cracks me up.