Holladay Properties to implement sharp rental rates on Town & Country businesses
MISHAWAKA, Ind. (WNDU) - The cost of business is increasing drastically at the Town & Country Plaza. The shopping center has been home to many small businesses in Mishawaka for decades.
Business owners in the plaza talk about their frustrations but it is really an overwhelming feeling of anxiety as lease agreements are coming to a close and they are hoping to be able to keep their doors open for customers and to support their families.
New business owners and sisters Andrea Kirkpatrick and Stephanie Skelton say they are trying to make it work in the plaza for their customers.
“This is home for us we would love to stay here we have a lot of stuff here. We have customers that know us here. We actually really like this plaza, it has great parking. It has great location, we’re in a fantastic spot,” Kirkpatrick said.
In a statement to our reporting partners at the South Bend Tribune, Kyle McFarland, the director of Property Management for the South Bend-based business Holladay Properties, acknowledges there will be a huge turn over in the plaza if new terms can’t be reached.
“Our goal is to retain as many as possible but we believe there will be more departures. we’re sorry to see a business vacate. but some of the leases are very low and the owner wants us to get closer to market value,” McFarland said.
Storefronts like The Bridge Center have been in the plaza for nearly 20 years. They were given a rent break during the pandemic but will now have to figure out what will happen when their lease expires at the end of January 2024. Possibly closing the only bridge club in this immediate area if they can’t afford the rent.
The president, Tom Hebron, says they’ve got to come up with a plan.
“We haven’t got any plan. But I’m going to have a meeting tomorrow afternoon and I’m going to tell the people what the whole situation is and have all the board members very aware of it. I want them to come up with some ideas of where we can go if we have to.”
The uncertainty of it all has been stressful to business owners who are also complaining about the state of the plaza. Saying trash clean up, property maintenance and roofing issues have been neglected while rent is sky rocketing.
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