Hi folks –
I understand that that TXDOT has some new regs that give them added authority (and autonomy) to “take” public road frontage. Anybody heard anything about that?
I have a couple of strips that could be impacted (road work currently scheduled for 2005) in the short term and at least one that could be affected permanently (roadway will take most of the customer parking). And the construction will last about a year.
Of course, this has the tenants completely freaked. I’ve seen projects like these completely bankrupt small businesses. After all, we live in the era of convenience.
Plans are now to meet with the TXDOT folks and try to pin down the timing of the project which will be done in phases.
Worst case is to relocate some of the tenants, use the construction project as a means to purchase even more road front property (because of the lower values caused by the distress), take the opportunity to remodel and rennovate some of the buildings, and prepare for the day when the project is completed.
So, while I’m not worried (financially) since all the props are paid for (F&C), suggestions are welcome.