Photo by Caroline Carmichael.
Ponder Properties hopes to provide four retail spaces in the Citgo gas station lot in Chelsea, located off U.S. 280.
Ponder Properties hopes to provide four retail spaces in the Citgo gas station lot in Chelsea, located off U.S. 280.
The property consists of about 1.7 acres.
Building A would settle on the right side of the convenience store, offering two suites of about 932 square feet each. On the store’s left side, Building B would contain two larger suites with a total square footage of about 2,013.
The building additions would be painted and stucco-finished, and would feature earth-colored face brick and large clear glass windows. The sandwiched store would be painted to match and adjusted to accommodate the new spaces.
Landowner Moiz Foulad proposed the project to Ponder Properties in August 2015, desiring to lease the spaces to a variety of retailers.
But commencing the project is not simply done. Much depends on the bank, and in turn, much depends on the leasers.
According to commercial agent Glenn Ponder of Ponder Properties, the development initiation process is no longer as easy as “get the loan, build the building.” Ever since the recession of 2008, the bank requires 85 percent of the space guaranteed for lease before it supplies a loan.
“The bank’s looking for guarantees from all angles now,” Ponder said.
Thankfully, Foulad has received many inquiries from interested retailers.
But difficulty remains.
“Leasers want to see it before they sign it,” Ponder said.
Ponder is a firm believer in first finding a need, and then filling it. He does not agree with the famous “Build it and they will come” philosophy from “Field of Dreams.”
“You’ve got to hear where there’s a need,” he said, “and then find a good place where it makes sense to lay it down and put it down.”
Ponder Properties has poured much into Chelsea, as there has been a great need for businesses in the city. Many businesses have moved to and flourished in the retail and office spaces the company has constructed, including Sherwin-Williams paint, The Ditsy Daisy boutique, Chelsea Lane gift shop and Little Caesars pizza.
These businesses are prime examples of what Chelsea Mayor Earl Niven calls the “blend” of national and independent businesses charming Chelsea.
“Business, of course,” Niven said, “is the bloodline for the city.”
From its population of 906 in 1996, Chelsea has now reached approximately 13,500.
“[Chelsea] is growing as a whole community,” Niven said. This creates a cyclic need for businesses and consumers alike.
“What would really benefit the city now is some office complex,” Niven said.
Niven said the community would also benefit greatly from a hardware store and a pet store.
Nonetheless, an office complex remains the greatest need for the Chelsea community.
Ponder Properties has fulfilled a sizeable portion of this need.
“We do have a few vacant businesses at the shopping area[s],” Niven said, “but very few.”
While the potential business spaces to open in the Citgo lot are catered toward retailers, perhaps the project is a step toward greater business growth and opportunities in Chelsea.
In light of the greatest revenue the city has ever known, the outlook is positive.
In Niven’s words, “The future of Chelsea is before us.”