Main > In the Press > Council clears way

Council clears way for developer to work magic

Printer Friendly Version

Date: March 2005
Magazine: Chandler Connection
Author: Marshall Terrill

A well-known Valley real estate developer will restore a run-down strip mall in Chandler to its former glory and present it as a gift to the community.

Developer Michael A. Pollack will rehabilitate several buildings in an aging commercial corridor in north Chandler on behalf of himself and three other property owners to take advantage of the city's Commercial Reinvestment Program.

Pollack, a redevelopment specialist who owns 14 properties in Chandler and 70 in the Valley, said he would oversee the project without taking a dime for his services.

"This will be the first time in 32 years I've never made money on a project I've been associated with, but that's how much I believe in redevelopment," Pollack said. "The only thing we get out of it is a beautiful building."

Pollack is giving more than his time to the four-building project.

While he will oversee the improvement project to all four buildings, he will spend $230,000 on the renovation of his property, which is occupied by a Goodwill store, 930 N. Alma School Road.

The benefit for Pollack and the other building owners is the city will kick in a portion of the overall cost. That amounts to $111,038 for Pollack's building.

The program, which funds up to 50 percent of the renovation costs, will collectively pay out $394,370 to enhance the four properties at 908, 910, 930 and 940 N. Alma School Road. The City Council approved the deal on March 10.

The program was designed because older existing shopping centers have begun to experience rising vacancy rates caused by increased competition, tenant relocations, small business closures and greater costs to upgrade older building facilities to meet market standards. To that end, the program encourages private investment in older retail centers.

Harry Paxton, an economic specialist for the City of Chandler, said the center was built about 30 years ago and hasn't seen improvements since its construction.

According to Pollack, the deal was three years in the making.

Pollack said he originally wanted to buy and renovate the three other properties located at the southwest corner of Alma School and Ray roads, but he couldn't convince the owners to sell. He also said it was hard to get them to upgrade their buildings at what he called "the worst corner in Chandler."

"My goal was to get Humpty Dumpty together again, but the little pieces didn't want to come together," Pollack said.

"Two of the owners live out of state and so it was a case of out of sight, out of mind. They don't see it as an eyesore, so why fix it if it ain't broke?"

Pollack agreed to oversee the renovations if the owners would agree to participate in the program, which requires them to match the city's costs.

"Michael Pollack is the only person who could have pulled off and gotten the other players to the table," said Councilman Lowell Huggins. "We're fortunate to have him offer his services."

Councilman Bob Caccamo said Pollack, who renovated North Park Plaza at the north west corner of Arizona Avenue and Ray Road last year, is really an artist in a businessman's suit.

"He'll transform an aging strip mall that has been forgotten by time and give it that Michael Pollack touch," Caccamo said."You won't even recognize it as the same place once he's finished."

Pollack said landscaping and other non-structural construction would begin within 30 days and full-blown construction within 60 days.