Store rate

In an unprecedented move, CVS chooses to auction its shuttered Haltom City store site

HALTOM CITY, TX, March 30, 2022 /24-7PressRelease/ — As real estate values ​​plummet in the declining corridors of Haltom City, sellers are reluctant to hold properties hoping prices will rise, especially since nothing is ‘indicates that Haltom City will move quickly to improve declining corners of Denton Highway, Belknap, Carson or NE 28th St. Additionally, as buildings remain vacant, they are vandalized, risking theft of property. electricity, graffiti, fire and frost increase dramatically and in most cases insurers do not insure vacant buildings for their full value so if destroyed it can create a lot of uninsured losses .

The city has instituted a TIRZ, but Haltom United Business Alliance (HUBA) argues that this will not help all of the condemned and dilapidated properties in these declining corridors, as funds from a TIRZ can only be spent on public improvements , such as sidewalks and sewers. systems. In any case, it is unlikely that the TIRZ will have funding for several years.

HUBA made several recommendations to Haltom City that would bring more small businesses back to these corridors, including a set of proposed changes to Haltom City’s usage matrix, accepting HUBA on its offer to provide mentorship to businesses that need to complete the conditional use permit opening process in Haltom City, repealing the disastrous Use Table Amendment that rendered hundreds of legal auto-related businesses non-compliant and limited new auto businesses to industrial and heavy areas with public hearings.

The same usage chart also prevents many other types of businesses from starting easily. Business alliance founding member Ron Sturgeon said: ‘I spoke with two business owners in March who wanted to open a salon and daycare center in Belknap, both were frustrated with the rules or outright refusal and simple of their requests. One of them told me bluntly that they left several voicemails for the city manager and the mayor, asking for help, and they were never called back by either the other. If Haltom City could snag just two businesses a week, in a year there would be 100 new businesses in the city, said Joe Palmer, director of communications for HUBA.

“Private investment is desperately needed to bring small businesses back to South and Central Haltom City,” said HUBA Communications Director Joe Palmer. “TIRZ or no TIRZ, there will never be enough public money to revitalize these corridors. It is important that private money is brought in,” Palmer added. The recommendations that HUBA made to the city would cost the city nothing and increase the prospects for new and expanding businesses, and many could be done immediately, but certainly almost all of them could be done in just a few months.

In DFW, the real estate market is hot. Most properties sell almost immediately, and there is no incentive to auction property below market rate, except the sad realization that it is likely to go down over time, not up. It’s unfortunate that CVS has chosen to go this route, but it points to the issues facing Haltom City and real estate investors.

The opening bid for the auction is around 30% or 1/3 of what the property should be worth, according to local brokers. It is unclear if CVS will choose to sell it if the auction does not bring enough as they have placed a reserve on the auction.

The property is zoned C1, according to CVS sales records, which is the lightest retail category in Haltom City’s zoning chart. C1 zoning will limit many new uses to this location without public hearings for a conditional use permit, which also deters buyers and tenants. This, along with change-of-use rules, lowers the value of the property, according to Sturgeon, a sophisticated real estate investor. .

About the City of Haltom
Haltom City is a mid-sized city located between Dallas and Fort Worth in Tarrant County, Texas. The city is diverse and predominantly working-class, with a growing population of about 10% Asian American and 45% Hispanic. Haltom City benefits from being only minutes from DFW Airport and downtown Fort Worth, with direct access to major freeways including I-820 and SH-121. Small businesses that historically provided products, services and jobs to residents included a once-thriving automotive industry. The city has seen a decline in small businesses, especially automotive companies. The city is in good financial shape, with the median household income increasing by about 8% over the past year. Haltom City has an opportunity for continued growth with undeveloped land and many vacant buildings, especially in major corridors near downtown. The town has good staff and a city manager who wants to see more businesses come to Haltom City, but they can only follow the directions of the city council.

About Haltom United Business Alliance
Haltom United Business Alliance (HUBA) wants to give members of the Haltom City business community an advocate and keep these businesses informed of issues that affect them. They want to make sure that Haltom City is business-friendly and supports the growth of small businesses, including auto companies, and brings more restaurants, including breweries and a large grocery store to the city. New businesses and the growth of existing businesses will create a stronger tax base that will allow the city to pay its first responders salaries that are competitive with surrounding cities while improving facilities and infrastructure in Haltom City. HUBA believes that the southern and central parts of the city need a revitalization plan, to prevent further deterioration of these areas, and wants this to happen before the downtown sees an increase in crime and more. of plagues. As retail and offices decline, attracting new business is more important than ever. They believe such a plan requires a strong relationship and support from the business community. Anyone with a business in Haltom City is eligible to join HUBA. Dues are $20 per year or $50 for a lifetime membership, and membership is 100% confidential. To join, contact Joe Palmer at (682) 310-0591 or by email at [email protected]. Visit the group’s Facebook page at Haltom United Business Alliance.

Press release service and press release distribution provided by