restaurants and a history museum. Unfortunately, due to the economic downturn, many of the stores remained un-leased, and the museum closed in 2009.
“It was a victim of the recession,” Van Dyke said “Every business space was pre-leased months before (the opening in Oct. 2008), but then the market crashed. All but three tenants wanted amicably to get out of the pre-lease agreements. We let them.”
Without the businesses, particularly the museum, bringing in revenue and paying rent, there was not enough income to pay for the loan.
Van Dyke hopes the Village will pick up when the economy improves.