Commercial Property on Main St.

I keep hearing about how the incumbent business owners on Main St. are being harmed by the redevelopment thereof. I keep getting confused about what their problem is.

This is two distinct parcels on Main Street. Clearly, the picture is dated, as the building that used to house the Town Press now houses Tacos & Tequila (I can't wait . . . sounds so delicious), and the vacant lot to the right now houses O'Reilly's (here again . . . ) and Wilcox Engineering (unaffiliated with "Wilshaw," by the way).

Anyway, I choose these two properties because they are two of the original properties on Main, in their more-or-less original state. These properties were assessed, for taxation purposes, at $69,900 (on the left) and $37,800 (on the right). Links to the publicly-available property tax assessments can be found here and here.

Based on that property assessment, one could own both of these buildings for $107,700. Call me skeptical on that, and my skepticism was born out.

Just today, I was perusing the internet and came upon this listing. For those who prefer not to click through, the listing is for Ted's Beauty Shop, located at 1344 Main St..

This property is presently assessed, for tax purposes, at $99,100, as of 2016. The asking price for the property is currently $489,000.

By my calculations, that is an increase of approximately 493%. Someone, PLEASE, explain to me what it is that the property owners along Main St. have to complain about. I can think of approximately 389,900 reasons why the owner of Ted's Beauty Shop (Stella Szatkowski) should be supportive of Main Street's redevelopment.

Similarly, I can think of plenty of reasons why the incumbent property owners along Main Street should be, give or take, 493% supportive of the redevelopment efforts.

Finally, please note that the property just to the south of Ted's Beauty Shop is owned by the Speedway Redevelopment Commission. It was bought in June, 2015, for $65,000, according to tax records. I will be interested to see the final sale price for Ted's Beauty Shop, but based on the asking price, it appears that the efforts of the Redevelopment Commission are bearing fruit. Keep up the good work!