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How Bad Were The Sales at Denver Kmart with a 99 Year Lease!!!

The tale of two Denver Kmarts

This is the tale of two Kmarts, and the reason one has been snatched up by developers, while the other is an eyesore.

Author: Chiquita Vaughn, Steve Staeger

Published: 8:22 PM MST March 7, 2018

Updated: 8:22 PM MST March 7, 2018

For everything we hear about Denver's quick-moving real estate market, there are some prominent properties that sit, and sit, seemingly immune from developers' desires.

You need look no further than the Tale of Two Kmarts to see that.

The Kmart on South Broadway near Alameda closed last year - it was the last Kmart to close in Denver.

Fencing just recently went up around the store, as plans for a makeover are underway. Developers will add a 343-unit apartment building in Kmart's place - complete with roof decks, courtyards and a fitness center.

"It's a great location, closer to downtown and its right on the light rail," said Kendra Black, Denver City Councilwoman in District 4.

What Kmart lot wouldn't be snatched up immediately by developers, you ask?

The one over at Evans and Monaco, which has been closed since 2012. The letters are torn off the facade. A worn plasma screen TV sits not far from the entrance, trash is scattered throughout the parking lot, and graffiti has been left on the exterior walls. It's not uncommon to see homeless people camped out on the property, either.

Black has been pushing for a transformation that would benefit the community. It's proven to be a difficult task.

Kmart, now owned by Sears, signed a 99-year lease on the lot in the 60s. Sears is still paying the lease, even though it stopped doing business at the location.

"It [the closed store] doesn't have any community benefit, but the property owners in New York don't see it that way," Black said.

Several years ago, Black met with the property owners in New York, along with Mayor Hancock and Jeff Steinberg, Denver's director of real estate, to discuss redevelopment.

"They [property owners] feel like the property is fine and they don't have a problem with it sitting there vacant because they continue to be paid, and they aren't part of this community. so they don't care that it's not adding any community benefit," said Black.

Black's trip to New York has brought her back to the drawing board.

She recently asked the Denver Urban Redevelopment Authority to conduct a blight study that may help move the property owners to sell.

And so continues the tale of Kmarts two - one shows signs of new life, and the other begs for something new.

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| 2447 views | | 17 replies (last March 12, 2018) | Reply
Post ID: @OP+S6fETOh

17 replies (most recent on top)

@3ows "Could become a gentleman's club."

That'd be impressive, lol. The average Kmart is 95,000 square feet. Anything over 10,000 or 20,000 square feet is massive for a strip club.

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Post ID: @3sjw+S6fETOh

Not sure why it's not subleased to someone. Anyone. Maybe it's the asbestos as someone said. Is it on the edge of town? Could become a gentleman's club.

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Post ID: @3ows+S6fETOh

Why is this Kmart close? Denver is booming and growing rapidly. The lease has 47 years left in it. Why not open a smaller Kmart or Sears? Why not sublease to At Home? This is stupid. Another stupid move by the buffoons at Hoffman Estates.

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Post ID: @2cuj+S6fETOh

WPR here. Always remember to be kind to one another. Have a wonderful day :-)

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Post ID: @2qrx+S6fETOh

@1gos "I’m sure the property isn’t that bad"

Any building that's been sitting vacant, probably has had homeless encampments in it, and has probably not been maintained for 6 years and counting is going to be pretty bad, and it will keep getting worse.

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Post ID: @2stm+S6fETOh

Judging by wpr's post, nobody is calling him a name that isn't appropriate. He truly sounds like a petulant child, and calling him an idiot is probably being charitable. Moron is more apropo.

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Post ID: @2hym+S6fETOh

If wpr's neighbors decided to fill their backyard with chickens and roosters, of course he would be accepting of that. His neighbor's property, and who the hell should force his neighbor not to have them. I would just love to be there just once at dawn to hear all the roosters crowing and making wpr think twice, the idiot.

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Post ID: @2qre+S6fETOh

Just because you pay property taxes does not give you the indiscriminate right to do what you please with it. Building a nuclear reactor on it would be a no no, as well as erecting a 10 story domicile on said property. Probably can't raise cattle or hogs unless you are zoned for it. Believe it or not wpr, many laws are designed to protect and maintain an orderly society.

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Post ID: @2byn+S6fETOh

@wpr needs to realize that he lives in a community and one rotten apple shouldn't be allowed to negatively impact this community due to their petulant, selfish and slobbish behaviors. Move to an island if you want to do whatever you want, just don't allow your filth to spill into the surrounding waters, which are not yours to pollute. Pig.

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Post ID: @2lyq+S6fETOh

I’m not the one who is name calling. You are the one who sounds like a child. Have a wonderful day

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Post ID: @1thw+S6fETOh

@1gos - You "gotta love immature people who" don't care about others or their community. It has to be all about me, me, me, and my rights, and my wants, and to heck with everyone else. Grow up, you sound like a petulant child!

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Post ID: @1xhd+S6fETOh

If the garbage dump were next to his house he'd be first in line complaining about it

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Post ID: @1bsy+S6fETOh

Thanks for the name calling, gotta love immature people who call others names when they don’t agree. All I said was that he government on all levels has been over reaching for years. If I am paying my property taxes then who the hell is anyone to say that I can’t do what I please with my own damn property. You don’t ever really own anything in this country. Someone always seems to be able to tell you what you can and cannot do. Either way, I’m sure the property isn’t that bad, the city just seems like it’s looking for an excuse to get the building redeveloped into a movie theater or maybe a Panara bread, something hip that will last all of a year before the stores are out of business. Remember to be kind to others, I certainly would never dream of calling someone else an idiot just because I don’t agree.

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Post ID: @1gos+S6fETOh

@wpr is an idiot. I suppose if his neighbor wanted to convert his backyard into a huge, smelly compost dump wpr would accept the stench as his neighbor's right to do so.

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Post ID: @1uno+S6fETOh

The city should declare the property a public nuisance and implement condemnation proceedings. That might get someone's attention. Just because you own property doesn't mean you can allow it to be a blight on the neighborhood. It isn't a private matter when it affects the others around it, which includes lower home/business valuations for neighboring properties. @wpr must be an idiot.

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Post ID: @1ulk+S6fETOh

Kmart has been forced to dump stores that are eye sores in other communities too. Problem is they are often full of asbestus adding 800k to the demo cost.

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Post ID: @1jvu+S6fETOh

They need to stay out of it. The property owner shouldn’t have to answer to anyone regarding the use or non use of their land. The city of Denver has no business prying into this private mater. If SHC wants to continue to pay for a building they don’t use without attempting to sublease or operate a store or their own, or even negotiate a lease buy out and the owner wants to leave it vacant, that is their business.

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Post ID: @wpr+S6fETOh

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