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<P>Jay</P>
<P>I don't agree again. I have yet to sign a long term lease with any tenant I have had in my spaces at the Town Center for as long as I've owned the property (10+ years). The tenants are uncomfortable with a long term lease because the surrounding spaces are vacant. A short term lease is better for them because if things don't work out they can leave which has happen repeatedly.</P>
<P>Given my experience as outlined above most tenants would be happy to sign a short term lease. If things don't work out the tenant can leave. On the up side, if things get better, the landlord can get better tenants. It's that simple.</P>
<P>For your information, I'm very much aware or the economic situation. It's part of my job as a landlord. This is precisely the reason I'm bringing all of this up. If things get worse, what do you think is going to happen to the Town Center? So far nothing has happened, it's certainly not going to get better. Commerical paper is drying up because banks are afraid to lend. Where do you think Jemal is going to get the money he needs to finish up his spaces in the Town Center. If he has access to capital in a tight credit market, do you think he's going to invest it in Riverdale, or his properties on U St, in Bethesday, etc? It's a no brainer.</P>
<P>Bruce<BR><BR><BR></P>
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 0px; BORDER-LEFT: #0000ff 2px solid">-----Original Message----- <BR>From: JayRite@aol.com <BR>Sent: Sep 10, 2007 8:38 PM <BR>To: bruce.wernek@mindspring.com, towntalk@riverdale-park.org <BR>Subject: Re: [RP TownTalk] Town Center of Dreams <BR><BR><ZZZHTML><ZZZHEAD><ZZZMETA content="text/html; charset=US-ASCII" http-equiv="Content-Type"><ZZZMETA content="MSHTML 6.00.2900.3157" name="GENERATOR"></ZZZHEAD><ZZZBODY id=role_body style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial" rightMargin="7" topMargin="7" leftMargin="7" bottomMargin="7"><FONT id=role_document face=Arial color=#000000 size=2>
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<DIV>Sorry Bruce but I believe that you're incorrect on most counts. </DIV>
<DIV>Once THOSE business are here they will never leave. I've seen it all over PG County and in DC. (Born and raised). And it's just true. How do I know this? I AM a residential Developer. I work for a company that played a major part in revitalizing The U Street corridor, by building a rich residential environment and persuading the highly regarded businesses to follow. It just doesn't work the other way around. (No I don't work for Douglas, but I know that they also participated in the U St. corridor revitalization)) </DIV>
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<DIV>You have to understand that the economy is very stale right now. And yes it is tempting to allow lower rent business to move in the interim, to at least get businesses there. But I assure you that THOSE types of businesses want long term leases, and once there, stay there. PERIOD. And Starbucks isn't going to settle between AAA laundry and King Pawn. I Guarantee that. And then we'll all be angry that Jemal won't get rid of them. Well, believe me that they are very aware that the best way to get rid of them is to not let 'em in, in the first place. Once there's a lease in place. There's little chance of eviction. </DIV>
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<DIV>So, disagreement noted, on this rare time that we do disagree.</DIV>
<DIV>Jeff, Mark, Kudos!</DIV>
<DIV>Jay Wright</DIV>
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<DIV>BTW, I totally agree with you on the Jey's Auto situation.</DIV>
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<DIV>In a message dated 9/10/2007 7:02:46 PM Eastern Daylight Time, bruce.wernek@mindspring.com writes:</DIV>
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: blue 2px solid"><FONT style="BACKGROUND-COLOR: transparent" face=Arial color=#000000 size=2> This is not Bethesda, this is Riverdale. </FONT></BLOCKQUOTE></DIV>
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