There is now a much greater likelihood that a Big Box retail store will be built in Pagosa Springs. Besides the controversy about how a large format store would have an effect on the area's charm, we are interested in how it could affect Pagosa Springs, Colorado land prices. The building of a large discount retailer in Pagosa Springs has been a contentious concept for many years. The two main areas of argument have been the fiscal impact along with the possible changes to our town's character. In this editorial, we shall focus on the effect on Pagosa Springs, CO property prices.
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A press release was issued jointly by the Archuleta Board of County Commissioners, the Town of Pagosa Springs and the Pagosa Springs Community Development Corporation in September 2010. It made the announcement that a big retail store is really thinking about the building of a resource in the Pagosa Springs area.
Actually, it is our understanding that the company concerned is Wal-Mart, and that we have made their short list of potential project locations for the state.
The location under consideration (on the northwest corner of Vista Boulevard and U.S. 160) is actually out of the town limits, on the west side of town. The other location that has attracted speculation in recent years is the so-called "Sawmill property" located on the southeast corner of the intersection of U.S. 160 and 84 (on the east side of town).
Needless to say at this stage, there is no certainty that this exact scheme will take place. It remains in the investigative stage. Nonetheless, a Big Box store is destined to make it eventually, assuming our community remains vigorous enough to be a magnet for one. As a result, it is worth considering the effect on local real estate.
The current location under evaluation would definitely cause an economic shift toward the "core area" on the west side of town and away from downtown. This is particularly true with the recent loss of our only downtown grocery store, and one of the banks. On the other hand, the location could actually instigate more traffic flow throughout the whole vicinity.
Historic Downtown Pagosa Springs is obviously home to our eponymous hot springs, together with the hotels, dinning establishments, shops, and post office nearby. These aren't leaving. Vacationers staying downtown will most likely take even more visits up Putt Hill to go to a Big Box store, and therefore get further exposure to the many stores, eating places and other businesses along the way. Likewise, a Big Box vendor would be expected to pull buyers from as far away as Chama, to the south. In the case that such a retailer ended up being situated on the Sawmill land, they would have hardly cause to travel further.If their destination is on the other edge of town, these customers will end up travelling through virtually our whole economic region, thus amplifying the exposure of the numerous small shops and dining places along the way.
If indeed the county doesn't make undue tax concessions to appeal to a Big Box merchant, the additional income from resident patrons remaining in town, other people coming in from different localities, and the augmented property tax income would be in the hundreds of thousands of dollars. The construction by itself would provide lots of job opportunities in the short term, particularly in the construction trades, which have been very hard hit. While Wal-Mart is not famous for providing well paid jobs with excellent benefits, sadly, neither are small-town locally-owned merchants. With increased revenue, the county's ability to maintain roads and other infrastructure, and to support our public school system, will be enhanced. This has a direct positive influence on property prices.
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The bottom line is that the building of a Big Box retailer will likely have a positive effect on houses and real estate values. Discovering whether your exact residence or enterprise might benefit requires looking at the kind of property and how close it is to a large discounter's retail complex. The anticipated location may truly please the adjoining neighbors, who do not reside in elite developments. The existence of a large discount store might well improve the worth of the site to lower income families and companies that cater to them. More upscale enterprises may do best by locating a bit away from the discounter's position, preferably surrounded by other shops that target clients similar to their own.
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