Real estate reality
By: J. David Chapman/August 15, 2019
I wrote several weeks ago about coffee shops and the impact they can have on the culture of a community. I also wrote last week about the concept of highest and best use. The real estate reality expressed in those two articles hit home this week as several of my favorite “third places” shut their doors in my hometown of Edmond.
My students, constituents, customers, friends, and family knew they could find me most mornings at Java Dave’s on Broadway in downtown Edmond. It was my “happy place.” It was quiet enough that I could work, but I could also socialize with friends and colleagues when I needed a break. I ordered an iced tea and oatmeal almost every morning.
On Thursday nights, Julie and I could almost always be found at my “local” called the Zu. Thursdays were “steak night” and all the downtown locals could be found there getting our $10 red-meat fix. I never liked the name – The Zu. It caused unnecessary confusion with the Zoo, but I loved the place. I loved the domestic “non-craft” Zu Brew, the food, the ownership, and the people. It was a place where everyone knew my name.
Neither one of these closures was the result of the economy. Neither was the result of any owner financial trouble. They are not destressed sales. They are just not the “highest and best use” any longer for the spaces. They were good concepts and well executed – they were my favorites, but something even better awaits in both cases.
The needs and desires of this community are changing and developers in other markets are listening and bringing concepts to Edmond that were only a dream for Edmond leaders and citizens a few years ago. The rumors are flying, and announcements of new restaurants, bars, and retail concepts are coming on a daily basis.
It’s textbook. The investment that Edmond city leaders are making in the urban fabric and built environment with new streetscaping, additional parking, railroad quiet zones, new street lighting, stormwater drainage, and dedicated scooter and biking lanes is paying off with record investment in the downtown. Unfortunately, an unintended consequence is the loss of two of my favorite places. Thanks for the memories!
J. David Chapman is an associate professor of finance and real estate at the University of Central Oklahoma (jchapman7@uco.edu).