Including Existing Landlord Owners In A Redevelopment Project
Currently, A fully leased shopping center and 3 stand alone building owners make up a 8 acre commercial site. This shopping center has a Food Lion, CVS, US post office, and several retail business tenants renting from one LLC owner. One of the stand alone buildings is also owned by the shopping center LLC owner. The other two stand alone buildings are separate individual owners.
I'm interested in making the owners stakeholders in a new mix-use redevelopment with retail, office, and mixed-income in lieu of purchasing their properties. Is this kind of deal common? How does this deal work with the tenants' businesses? The goal of the city and community leaders is to not displace businesses and residents but revitalize the area.