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Thursday, June 18, 2009
WBR11 - New construction, empty storefronts offer enigma
My little town of Lander has been booming for a few years and even now during these perilous economic times, to a person visiting, things still look very prosperous. But looks can be deceiving.
Home prices are still relatively high and there is no glut on the market. Not yet, anyway. And the streets are busy. There is a constant hubbub around town. Tourism numbers seem to be on track for a good season. Not a record like last year, but healthy.
And similar things are happening in other Wyoming small towns like Douglas, Powell, Worland, Buffalo and Afton. Or to their slightly larger cousins Cody, Green River, Evanston and Riverton.
If you drive through Lander from one end to the other, here is what you will see:
On the extreme West end is an impressive new Fremont Toyota building going up. Hard to know, but could this be the only car dealership in America building a new store?
On the same side of the street is the new $2.2 million Pioneer Museum, which shares a nice location with the Museum of the American West.
A few blocks further in, you see a three-story Holiday Inn Express hotel going up. It occupies the site of the former high school, which was torn down and replaced with a new $26 million edifice down the road.
Also in that location is the site of the new 44,000 square feet Safeway Store and gas station. Behind it is the site of a new FBI building. Nearby is a new title company building. Dominant building in that whole area called the Tiger Business Park is the brand new Atlantic City Federal Credit Union building.
On the other end of town, you can see six new dorms going up for the Wyoming Catholic College.
There is also a plan for three new apartment complexes plus a new car wash a few blocks from there.
Just off Main is the newly constructed and expanded Library.
Down near the bridge over the Popo Agie River is the new Maverik Convenience Store.
And on the drawing boards are finished plans for the upcoming construction of a new Middle School.
With $2 million already allocated, Lander will see a new rodeo grounds since the present one will be moved to make way for about $12 million of new airport construction in the next few years.
Three miles from town, the Shoshone Rose Casino is expanding its size.
So if business is so great, why does it seem like there are so many empty business buildings town? On Main Street are the following empty business buildings:
• The former pet store, which quietly went out of business.
• A former large restaurant where Sanford’s served its food. For some reason, this successful Wyoming food chain has thrived everywhere in Wyoming but Lander.
• The former credit union building, which is empty because of the new one.
• A former convenience store that was a victim of a new Maverik built last year.
• A former media company office, which is empty because its former tenant was acquired by a Colorado company and moved there.
• Lander’s former Stub’s truck stop, which has been empty for almost a couple of years.
• A “spec” retail location, which has been unable to find a tenant.
It is not unusual to see “for rent” signs on many empty business buildings.
And very soon, we will have a huge empty Safeway building in the center of town and a big car dealership building that is empty – both the result of the good news mentioned earlier in this column.
And yet, realtors tell me that my currently empty Main Street property is still holding its value. If I want to sell, they are sure they can find a buyer.
Right now would be a great time for someone who wanted to own a small business to move to Lander. These building owners might be willing to structure some outstanding terms.
In the big picture, Lander’s economy is still pretty rosy.
I think we still have almost as many realtors as we have homes for sale. We have a busy Chamber of Commerce and an active economic development group.
So you see, in towns like Lander, it is easy to get nervous about empty buildings around town. But when you open your eyes wider, you also see all the new buildings under construction.
Let’s hope this trend continues here in my hometown and all around Wyoming.
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