Monday, January 17, 2011

Update Company Bucks the Trend!

We are pleased to report that in 2010 we had a new absorption of 23,732 sq. ft. office and warehouse space. 2010 saw a net gain of 6 new tenants.

This is great news in this challenging economy! We think it's a sign that the Midway area is a great location to do business.

Wednesday, January 5, 2011

Ready for the Rail?

Central Corridor LRT construction will begin March 2011. Update Company has been very proactive regarding theupcoming construction. We are attending numerous community meetings, adding our input on station area plans, reviewing artwork for the Raymond station and visioning sessions for preserving and strengthening the West Midway industrial area.

We are active supporters of the University Avenue Business Association, who is fighting for all small businesses along University. Update Company's buildings are well prepared for construction and the loss of parking. But many businesses along the Avenue will lose almost all of their parking. We feel that the City of St. Paul and the Met Council have not adequately addressed the parking issue and the harm that parking loss will cause. City reports tell us to share parking, and they promise to invest in licence plate recognition technology to ticket those who park illegally. It's my guess that most of those ticketed will be employees and customers of businesses that have no other parking options.

We are not against light rail - it's coming and we're ready for it. We're against the project being forced upon very small businesses that can least afford it, during a time when pocketbooks are already feeling the strain and with no recourse for hundreds of businesses who didn't ask for rail and can't afford the loss of parking that is coming.

The $ 1.5 million dollar small business loan fund set up to help - a woefully inadequate number - amounts to less than $ 1400 per business along the avenue. Businesses who already are dealing with increased property taxes and increased assessment fees. Officials need to step up to the plate and realize that we will lose many of the small businesses that give the Avenue it's unique flavor. If they are not saved, we will end up with only the companies who can afford to invest in parking.

Hello Starbucks Goodbye the Edge Coffee
Hello Panda Express Goodbye Ngon Bistro
Hello Pottery Barn Goodbye Ax Man