Many midtown sites still vacant
It’s been 18 months since the Kryptonian attack, but not every developer is on board with the pace of Midtown’s reconstruction. Despite a recent spate of grand re-openings, analysts point out that many of the new buildings are only half-filled while ot her projects have quietly backed off from their original, aggressive timetables.
“We’re getting very close to a full recovery for the Midtown area,’’ says Colette Inge, chair of t he Metropolis community planning board. “Naturally, we hope that every former tenant returns to the site to show their support, but if t hey don’t, there are plenty of other companies eager to take their places.’’
To date, the Metropolis rebuilding project has achieved several highprofile milestones, including the grand opening of LexCorp Circle and the refurbishment of the Centennial Hotel. Yet as each new high-rise building takes shape, the surrounding holes in the urban patchwork become more apparent. The Wayne Financial building is among the projects that seem to have permanently stalled. The holdouts have been accused of holding a pessimistic outlook on the future of Metropolis, but not everyone attributes t he delays to malice. “Monorail tracks, utility lines, and building foundations aren’t things that can be relocated on a whim,” says city planner Andelo Harris. “The logistical complications can be staggering.”
Low occupancy rates may also be the result of Midtown’s high real estate prices. Office rent in Midtown can run as high as $100 per square foot, making the district one of the priciest spots in the city. The planning board acknowledges high vacancy as a concern, but promises it won’t last long.
“Construction fences are coming down, and tarps are being removed from building faces,” says Inge. “Pedestrians are slowly returning to their old haunts, restaurants are re-opening, and we’re seeing a steady growth in tourism in the area. Not every new project gets a fancy ribbon-cutting ceremony, but it’s important to remember that the heart of Metropolis is getting stronger every day.”