Will a Wal-Mart Influence Pagosa Springs CO Real Estate Property?
Will a Wal-Mart Influence Pagosa Springs CO Real Estate Property
?
It now seems likely that a Big Box retail store will be built in Pagosa Springs, Colorado Aside from the concern about the way a big discounter would disturb our community's character, we are interested in how it could have an effect on Pagosa Springs, Colorado land values. The building of a large discount retailer in Pagosa Springs has been a contentious concept for a long time. The principal subjects of conversation about town are the ways the personality of the community might be changed, along with the effect on our economy. At the moment, let's look more closely at the exact ways that homes, commerce and real estate generally may be influenced.
A press release was issued jointly by the Archuleta Board of County Commissioners, the Town of Pagosa Springs and the Pagosa Springs Community Development Corporation in September 2010. It announced that a large retail store is really thinking about the building of a facility in the Pagosa Springs area.
Actually, it is our understanding that the company involved is Wal-Mart. Supposedly, we have made their short list of possible project sites for the state.
The location under consideration (on the northwest corner of Vista Boulevard and U.S. 160) is actually past the town limits, on the west side of town. In the past, the Sawmill Road area on the southeast corner of the intersection of U.S. 160 and 84 has been another site thought of as a possibility for a large-format retail store complex. This is on the east side of town, and a lot closer to the historic area.
This development is of course still in the investigative period, and the store may not be built (at least for now). But since a big box store is likely to come sooner or later, it is worth bearing in mind the consequences.
The present location under consideration would definitely cause an economic swing toward the "core area" on the west side of town and away from downtown. The recent failure of our downtown supermarket and one of our banks may make the historic center somewhat more vulnerable. Simultaneously, the planned location could promote the developing core area. Such a placement would also serve to steer new traffic through downtown and up Putt Hill.
Historic Downtown Pagosa Springs is obviously home to our eponymous hot springs, along with the hotels, restaurants, shops, and post office in the vicinity. These are not going to disappear. Visitors staying downtown will likely make even more visits up Putt Hill to go to see a Big Box retailer, and consequently get additional exposure to the many shops, dinning establishments and other merchants as they go. Likewise, a Big Box retailer would be expected to appeal to patrons from as far as Chama, to the south. In the case that such a retailer was stationed on the Sawmill land, they would have not much motivation to travel further.If their destination is on the other edge of town, these shoppers will end up traveling through very nearly our entire economic zone. This will increase their exposure to the numerous small shops and dining establishments along the way.
If it turns out that the county doesn't make excessive tax concessions to draw a Big Box vendor, the supplemental revenue from local consumers staying in town, other folks coming in from other communities, and the improved property tax revenue would be in the hundreds of thousands of dollars During the building period, the project would be a boon when we badly need one. The positions provided by Wal-Mart might not be the best paying, nor with the highest benefits, however the same can be true of small owner-operated businesses. The overall employment might not vary a great deal, nevertheless job security could actually get better. Despite the fact that Wal-Mart employs lots of part-time employees, so do local businesses. Furthermore this is not all bad. A lot of parents and semi-retired individuals prefer the versatility. Additional revenue and tax dollars makes it possible to better fund our area services and infrastructure, which in turn increases property values.
In conclusion, we believe the coming of a large format retail store will have a positive effect on Pagosa Springs properties. Whether the precise site benefits your specific residential property or organization will likely depend primarily on the sort of house or business in question. The proposed site might actually satisfy the nearby neighbors, who don't live in high-end developments. The existence of a big discounter might well improve the worth of the location to lower income families and merchants that cater to them. More fashionable enterprises may do best by locating somewhat away from the discounter's position, if possible surrounded by other stores that aim for potential customers similar to their own.
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