In the past few months, properties in Uptown Kingston have been selling for sums around the million-dollar mark, a laughable prospect not two years ago. Cash offers from wealthy out-of-town developers mean that parcels who’ve housed the same commercial tenants under the same landlord for years are now turning over overnight.
While fresh blood and outside capital promise chic additions like boutique hotels, maker shops, and gourmet restaurants, it is important to recognize the potential negative impacts of rapid development. Many of the new landlords are either vacating the buildings to start renovations or, eager to see a return on their investment, hiking up rent prices and putting longtime commercial tenants in a tough spot.
We are left wondering whether this new tide is a boon or a blight for local businesses.
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Hudson River Exchange