Story by Tim Parham, Real Estate Developer, Plymouth Housing Group

 

In providing permanent supportive housing to formerly homeless men and women each year, Plymouth wears a few hats. One of them is definitely a hardhat. Our 14^th building, Sylvia’s Place, is currently under construction at 3^rd & Virginia and we expect to break ground on our 15^th building, at 7^th & Cherry, in 2016.

In earlier posts, we’ve shared stories illustrating our belief that environmental stewardship, healthy built environments, and affordability go hand in hand. Catch up on our award-winning sustainable construction and our portfolio-wide approach to utility conservation.

 

So what’s new?

We’ll answer that question with another question. You know that Plymouth is a landlord to over 1,000 residential tenants, but did you know we’re also landlords for another, very different, kind of tenant?

It’s true. Plymouth also has 22 commercial spaces, plus another space opening in Sylvia’s Place next year. Most of our residential buildings feature ground floor retail spaces, and these tenants make important contributions to the attractiveness and economic vitality of their neighborhoods.

Commercial tenants also play a significant role in Plymouth’s fiscal health and sustainability. For example, commercial rent generated over $1.1M in 2013, approximately 5.4 percent of Plymouth’s operating support and revenue that year.

We appreciate all that our commercial tenants bring to our work, and we try very hard to be a good landlord. In some ways, Plymouth might be the best possible landlord for a retail tenant: we have a vested interest in the health of the neighborhoods around our buildings…and we’re not going anywhere.

One of our tenants, the Frontier Room, seemed to agree. They stayed in their historic location at 1^st & Blanchard for 13 years.

While the Frontier Room is now closed, its landmark neon remains. Just how iconic is that sign? So iconic that we’re exploring the possibility of donating it to the MOHAI collection.

Now, what do we do with the former Frontier Room? Plymouth is looking for new tenants for this 4,000 square foot space, which will rent for around $25.00/sq. ft. (NNN lease).The tricky part will be finding a tenant who will respect our residential tenants by closing before midnight and not creating too much noise.

To learn more about the real estate and development side of Plymouth—or if you or someone you know might be interested in our current commercial vacancies at the former Frontier Room and in Haddon Hall at 3^rd & Virginia—feel free to contact me by email at tparham@plymouthhousing.org or by phone at 206.374.9409 x110.