
UPDATED, 12/7: Over a long period of time, I've heard talk of an unsavory relationship between Redmond Town Center (RTC) and the City of Redmond. For the benefit of the Center, the City and our neighborhoods, now may be a time to air the laundry that's been hanging around our town.
By no means do I know all the details, or for that matter the facts. Only a word here and there from my neighbors and recently some muffled emoting and non-specific budget adjusting during a recent Council session. It appears the vitriol between Redmond Town Center (owned by Macerich REIT) and City started years ago during the Ives Administration. What I have heard is the corporate owner and operator of Redmond Town Center -Macerich REIT - didn't want anything to do with the City. I heard the blood was so bad, Macerich REIT didn't want anyone from the City of Redmond on their property. My hope is these rumors are overstated and the relationship between Redmond Town Center and the City has mended. But I wonder...
At this time, rumor has it that Redmond Town Center is demanding **$1,097,000 from the City in exchange for land they own buffering Bear Creek. The City needs the land to restore Bear Creek for flood control and habitat preservation. It is hoped negotiations will bring repair and renewal for all parties. **The latest number is lowered - to the mid-six figures.
Redmond Town Center is owned and operated by Macerich REIT out of Santa Monica, CA. (ticker MAC). They are a one of the largest owner-operators of retail space in the country. Macerich is a Real Estate Investment Trust (REIT) with 72 retail centers, 72MM square feet, 3,000 employees. 2007 revenues were $813,272,000 -- not far from a billion. Have you heard of Tyson's Corner Center, VA.? They own it.
Retailers (who depend on us) are having a rough time with this economy. Fortunate for Macerich, Redmond Town Center's 10-year leases expired last year and Redmond Town Center has signed more lucrative tenants with higher lease payments. The City is not raising business taxes this biennium. The bottom line: Redmond Town Center is not hurting, has deep pockets and tax support from the City. Macerich REIT stock was up 4% on Black Friday.
What appears to be hurting is Macerich-RTC's ability to overcome their past problems and renew a positive relationship with the city and neighborhoods that support them.
Redmond Town Center advertises Redmond's Bear Creek natural area as an amenity to attract customers and further their business. The RTC website advertises: "Conforming with the active, outdoor Pacific Northwest lifestyle, the Center is also surrounded by 45 acres of dedicated green space, active salmon-spawning habitat and a regional trail system." Look at RTC's LOGO and you'll see a rendering of Bear Creek! (top of page).
ATTN: REDMOND TOWN CENTER: As our community partner, please dedicate to Redmond and Redmond neighborhoods your portion of the 45 acre buffer to protect the spawning-habitat we all value. Please partner with Redmond to share in the costs of restoring the Bear Creek buffer. Please re-invest your resources back to our community for a better, safer Redmond for shareholder satisfaction.
An excerpt from Macerich's website on social responsibility: "We strive to meet community challenges through a combination of employee volunteerism, financial support, in-kind donations and partnerships with non-profit organizations whose missions are consistent with our own vision and values." We have similar values! Let's work together to save what we cherish.
It is hoped that Mr. Steven Chaffee, Senior Property Manager of Redmond Town Center can help us. Additionally, Redmond Town Center's owner Macerich, must know they built their Center on a 100-year flood plain and will enjoy flood protections from this restoration.
Comments? (Mayor Marchione commented)
CC: Mayor John Marchione, Rob Odle (Dir. of Planning and Development), Nancy McCormick (Council Pres.), Steven Chaffee, Macerich Corporate Headquarters - Executives, Redmond Neighborhood Associations (9), RTC merchants, Chamber of Commerce, Lake Washington School District PTSA members.