LAFAYETTE — There's always something new at Lafayette Village. Most recently, it's a new manager. Levin Management Corp. hopes to make Olde Lafayette Village a “destination oriented” shopping experience, according to Robert Carson, Levin’s executive vice president and head of the company’s real estate owned practice.

The firm was recently named the court appointed receiver to the shopping center. Carson explained the term in a recent phone interview by saying that when a bank or financial institution has an issue with a borrower on a mortgage, they typically get the court to appoint a receiver “to work out issues with the borrower.” Basically, he said, Levin will be working as a type of middle man to make sure rents are being collected, the property is being maintained and the village’s bills are being paid.

The management company took over in May, and Carson said it has “taken a little while to get the place stabilized.” Their first order of business was to see to the “day-to-day upkeep” and see that the 95,000-sq.-ft. property was in a good state of repair and maintenance. From there, he said, the company had a few “questionable leases” to sort out before putting together a strategic list of possible tenants and entice more “destination oriented” stores and businesses that will take advantage of the area's considerable weekend and seasonal traffic.

He was not ready to say what sort of businesses these might be, but he said that he believed the village would need to move away from the “factory outlet” style of tenant.

Levin’s ultimate goal, Carson said, is to have the center completely leased. As of last week’s conversation, six of the approximately 39 spaces were vacant, he said via e-mail. He added that in his experience, a court appointed receivership can last a year or more. While he wants to make sure those spaces are filled quickly, he also wants to make sure that they “tap into what are the right tenants for the shopping center.”

Store owner Jane Guidetti from Music in Motion, who has been in the village for five years, said that she has noticed changes in lawn care, so far, but there is so much work that still needs to be attended to. “The parking lot needs to be done, line maintenance and building maintenance needs to be looked over,” she said. “The turnaround happened,” she said, “now they have to come and see what they’re managing.”

She noted, too, that four or five new stores have opened since Levin took over. “You try to take whatever comes your way,” she said, adding that she’ll be happy with any improvements that will ultimately help business.

Comments