COMMENT OF THE DAY: THERE’S MORE MONEY IN HISTORY “First of all, this really doesn’t make much difference, as the original art moderne lines of this center were destroyed several years ago with the addition of gun turrets on the corners of the buildings.
What I do find interesting is that Weingarten talks about the alterations as being financially responsible decisions to their shareholders. Yet this is the 3rd oldest intact shopping center in the US, and the only two that predate it, AFAIK, are Highland Park Village in Dallas and Country Club Plaza in Kansas City. Both of those have owners that have restored them to essentially their original designs and have enjoyed much increased property values. In the case of Highland Park Village, Henry S Miller (a Dallas developer) bought HP Village in the later ’70’s as it was very run down and dumpy, and had the foresight to restore its original Spanish Colonial design and garner a better tenant mix. Though his company no longer owns it, HP Village commands far higher square foot rents than River Oaks Shopping Center. All this is to say that if Weingarten had invested money in restoring their property 10-15 years ago, they probably would have a more valuable asset today.” [ShadyHeightster, commenting on The Other River Oaks Shopping Center Knockdown Hearing Scheduled for This Week] Rendering of proposed alterations to River Oaks Shopping Center, 1997 West Gray St.: Aria Group Architects for Weingarten Realty Investors