Station still lacks retail tenants

The retail space at Grand River Station has remained empty since the transit center opened in August 2010. But the co-owner of the company now marketing the buildings lower-level storefronts says hes confident a tenant will surface soon, perhaps by years end.

The two retail spaces, 4,800 and 7,300 square feet, have drawn considerable interest since Access Commercial Real Estate began listing them late last year, Casey Weiss said.

Most have been start-up businesses that could not gain financial backing, Weiss said. He blamed the banks reluctance on the economic climate, but said recent activity downtown leads him to believe thats about to change.

Just one of them needs to finally pull the trigger and take the plunge, Weiss said.

We have a really willing landlord down there, Weiss said of Gorman & Co., which partnered with the city to build the $30 million transit center. Whoever goes in there first will probably get quite a deal.

The residential units in the upper levels have had no such problems, maintaining a 95 to 98 percent occupancy rate, said Denise Loveland, president of Horizon Management Group, which oversees the apartment rentals.

Of the 92 units in the center, 58 are part of the Low Income Housing Tax Credit Program, with rents adjusted for income. Rents can range from about $300 to more than $1,000, she said.

Grand River Station has also become part of the emerging arts district, Loveland said. I think we found our niche in the downtown, she said.

The failure to fill the retail space led Madison-based Gorman & Co. to balk at making its monthly rent payments to the city, arguing potential tenants were driven away by a lack of parking due to Riverside III ramp construction. But it remains current on rent since paying $44,000 in September, city officials said.

Ted Matkom, Gormans Wisconsin market president, did not return calls for comment.

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Station still lacks retail tenants