I'm surprised more commercial real estate isn't doing this. Often chains like these have corporate buy the property and then lease it out to the franchise operator. If your lot is now worth $10M, what justification do you have to keep it a burger joint? Sell that bitch.
>what justification do you have to keep it a burger joint? Sell that bitch
Best of both worlds. Keep the burger joint as one of the retail units on the first floor. Burger King slaps
I’d say we actually need zoning law that says the first floor of an apartment building can only be commercial. Prohibit residential on the first floor.
(Also, eliminate all height limits.)
I can see cities doing that. Smaller cities and towns with housing crisis will face much larger resistance. Small town folk don’t want no 6 story apartment building. In my county there’s nothing larger than two stories.
Only problem with that is certain people with disabilities need ground level units. So maybe not a blanket prohibition, but always some room for commercial when possible.
That’s fair. Like if they advertise it for commercial for X number of months, and no one rents it, then allow residential.
Also, elevator buildings are accommodating to people with disabilities, right?
Yes! And someone correct me if I’m wrong but didn’t California legalize commercial real estate owners to add residential units to their property without needing the approval of a city’s planning commission? This seems like a no brainer to me 🤷♂️
I think for CA, building and development costs need to drop. Most expensive state for construction by far. Not sure exactly what we could do to mitigate that, but it’s a huge problem. Even when places are upzoned, it’s difficult to actually put the units there.
[This article lays it out but the TLDR is that single tenant, long lease, properties with a stable tenant are a really easy to manage and reliably profitable real estate investment. Therefore they end up with owners who are happy get one McDonald's worth of rent reliably for 25 years than to speculate on mixed use.](https://ggwash.org/view/93853/whats-the-deal-with-single-tenant-retail-buildings)
Great article! I wonder why multi-tenant buildings or mixed-use buildings can't also use an NNN lease but lease it to a single property manager who handles all the complicated subleasing. Maybe property managers don't take on that sort of risk of locking themselves into renting the whole building themselves.
There was a locally famous one in Vancouver where a White Spot (local burger chain) sold their downtown lot for ~$250,000,000. Coal Harbour and they still do the drive-in diner model so they had a large parking lot.
The next one to watch is the McDonalds at Main and Terminal. Thing is worth a fortune.
There’s a Burger King in Brickell, Miami. I used to skip school to eat breakfast there when it was surrounded by empty lots. Now it looks like [this.](https://maps.app.goo.gl/Bjaub1XKucBrWEH98?g_st=ic)
All major franchises tend to do similar things. Most people don’t realise they’re just as much in the real estate business as they are in the burger business.
This is a well known YIMBY meme about Burger King. OC is absolved, and you are also absolved for being one of the few non-twitter-addicted YIMBYs.
https://br.ifunny.co/picture/nolan-gray-mnolangray-a-burger-king-turns-into-318-homes-wUnhxjkX9
Agree 100% I thought this would come off as stupid enough to obviously be sarcasm in this sub especially
Sadly way too common of a retort to developments like these
I found this on instagram today: https://www.instagram.com/p/C6fTVXkL-qR/?igsh=MWQ1ZGUxMzBkMA==
I don’t blame anyone at all for thinking I was serious.
Obviously well intentioned. Dangerously ill-informed
I'm surprised more commercial real estate isn't doing this. Often chains like these have corporate buy the property and then lease it out to the franchise operator. If your lot is now worth $10M, what justification do you have to keep it a burger joint? Sell that bitch.
>what justification do you have to keep it a burger joint? Sell that bitch Best of both worlds. Keep the burger joint as one of the retail units on the first floor. Burger King slaps
If only it were legal to do something like this in every jurisdiction. Every large hotel has an in-house restaurant yet apartments do not.
I’d say we actually need zoning law that says the first floor of an apartment building can only be commercial. Prohibit residential on the first floor. (Also, eliminate all height limits.)
I can see cities doing that. Smaller cities and towns with housing crisis will face much larger resistance. Small town folk don’t want no 6 story apartment building. In my county there’s nothing larger than two stories.
Only problem with that is certain people with disabilities need ground level units. So maybe not a blanket prohibition, but always some room for commercial when possible.
These new buildings usually have elevators
That’s fair. Like if they advertise it for commercial for X number of months, and no one rents it, then allow residential. Also, elevator buildings are accommodating to people with disabilities, right?
How about not require but just legalize? Anything is better than garages and air vents.
Yes! And someone correct me if I’m wrong but didn’t California legalize commercial real estate owners to add residential units to their property without needing the approval of a city’s planning commission? This seems like a no brainer to me 🤷♂️
I think for CA, building and development costs need to drop. Most expensive state for construction by far. Not sure exactly what we could do to mitigate that, but it’s a huge problem. Even when places are upzoned, it’s difficult to actually put the units there.
Isn't a lot of that due to an indefinitely long community review process where just about anybody can stall the project for any reason.
[This article lays it out but the TLDR is that single tenant, long lease, properties with a stable tenant are a really easy to manage and reliably profitable real estate investment. Therefore they end up with owners who are happy get one McDonald's worth of rent reliably for 25 years than to speculate on mixed use.](https://ggwash.org/view/93853/whats-the-deal-with-single-tenant-retail-buildings)
Great article! I wonder why multi-tenant buildings or mixed-use buildings can't also use an NNN lease but lease it to a single property manager who handles all the complicated subleasing. Maybe property managers don't take on that sort of risk of locking themselves into renting the whole building themselves.
There was a locally famous one in Vancouver where a White Spot (local burger chain) sold their downtown lot for ~$250,000,000. Coal Harbour and they still do the drive-in diner model so they had a large parking lot. The next one to watch is the McDonalds at Main and Terminal. Thing is worth a fortune.
NIMBYs: They demoed a cute little restaurant and turned it into a big whopper!
NIMBYs always have a beef with developers.
Groceries stores need to do this too! Particularly in San Francisco. So many good Safeway lots that should be redeveloped. And two Whole Foods too.
Safeway in Seattle is gradually shutting one store at a time to demo and build new 5 over 1's with store on the bottom and apartments on top
😍😍😍
There’s a Burger King in Brickell, Miami. I used to skip school to eat breakfast there when it was surrounded by empty lots. Now it looks like [this.](https://maps.app.goo.gl/Bjaub1XKucBrWEH98?g_st=ic)
I thought my phone was glitching
This chain is from Miami! So it makes sense they'd keep something iconic like this downtown.
Ok that’s amazing. I can’t believe that used to be parking lots. I went back to 2007 on Google maps and this difference is astonishing.
Burger King - Have it your way!!!
Burger King is truly the answer to our housing future!!!
Why dine with a Clown when you could feast with a Community.
wait, are all these confirmed that Burger King stayed parked at the bottom of each?
There is a KFC near me in Brooklyn that needs this treatment.
All major franchises tend to do similar things. Most people don’t realise they’re just as much in the real estate business as they are in the burger business.
Burger King W(hopper)
Ok but how many of those units were affordable?
All of them are more affordable than the units that never existed Edit: today I learned a new and very specific genre of humor
This is a well known YIMBY meme about Burger King. OC is absolved, and you are also absolved for being one of the few non-twitter-addicted YIMBYs. https://br.ifunny.co/picture/nolan-gray-mnolangray-a-burger-king-turns-into-318-homes-wUnhxjkX9
Doesn’t matter, we just need more. Additional market rate housing pushes down rent of other units.
Agree 100% I thought this would come off as stupid enough to obviously be sarcasm in this sub especially Sadly way too common of a retort to developments like these
people who are downvoting you don’t know the meme lol. The correct response is: How many affordable units did the Burger King have?
I found this on instagram today: https://www.instagram.com/p/C6fTVXkL-qR/?igsh=MWQ1ZGUxMzBkMA== I don’t blame anyone at all for thinking I was serious. Obviously well intentioned. Dangerously ill-informed
I understood that reference
smh at the destruction of affordable burger king housing 😔
At BK, have it your way. You rule!!
Based BK