Mace Siegel was a pivotal figure in the world of real estate and the lives of many. #mcre1

 Mace Siegel was a pivotal figure in the world of real estate and horse racing, best known for co-founding the Macerich Company, a major real estate investment trust (REIT) specializing in shopping centers. Born on September 1, 1925, in Jersey City, New Jersey, Siegel built a legacy through his business acumen, philanthropy, and passion for thoroughbred racing. Here’s a comprehensive look at his life and contributions, particularly tied to the Macerich Company.

Siegel’s early life saw him studying at the Columbia School of Business, laying the groundwork for his future in real estate. In October 1964, he partnered with Richard Cohen, an experienced builder and developer, to establish the MaceRich Real Estate Company in New York City. The company’s name was a clever blend of their first names—Mace and Richard. Their initial venture was modest: they acquired an athletic field in Ames, Iowa, and developed it into a strip mall anchored by a discount store. This project became a blueprint for their early expansion, leading to the development of 18 strip centers across the Midwest, each tied to the success of prominent anchor tenants that drew customers.

The company’s trajectory shifted as Siegel and Cohen recognized the potential in larger retail properties. By the early 1970s, they began acquiring shopping malls, with a significant milestone in September 1972 when Macerich purchased the White Lakes Mall in Topeka, Kansas, in partnership with Provident Life Accident and Assurance Company. This move marked their transition from strip center developers to mall operators. Success in the Midwest and Southeast fueled ambitions to expand westward, particularly to Southern California. In 1975, they set their sights on the Lakewood Center in Lakewood, California—a large but outdated open-air mall. Partnering again with Provident Life, they bought the property and embarked on a major redevelopment, transforming it into a premier regional mall. This project was so significant that it prompted Macerich to relocate its headquarters from Ames, Iowa, to Santa Monica, California, around 1976.

Under Siegel’s leadership, Macerich honed a strategy of acquiring underperforming retail properties, revitalizing them, and turning them into profitable assets—earning the nickname “Mall Doctor.” The company went public in 1994 via an initial public offering, solidifying its status as a national player. A major expansion came in 2002 when Macerich acquired Westcor, a Phoenix-based firm, for $1.475 billion, adding nine properties and making it the largest mall owner in the Phoenix metropolitan area. By the time Siegel retired as chairman in 2008, Macerich controlled over 50 regional shopping centers and 20 community centers, with nearly a third of its 60 million square feet of leasable space in California. Notable projects included the redevelopment of Santa Monica Place, acquired in 1999 and overhauled by 2010.

Beyond real estate, Siegel’s personal life and passions deeply influenced his legacy. He met Jan, a former big-band singer, on a blind date at Aqueduct racetrack in 1962, and they married shortly after. Their shared love of horse racing led them to purchase their first thoroughbred, Najecam (a backward spelling of “Mace” and “Jan”), in 1964 at Timonium, Maryland. After moving to Beverly Hills in 1976, the couple, along with their daughter Samantha, built Jay Em Ess Stable into a powerhouse in California racing. They achieved success with horses like Declan’s Moon (2004 Eclipse Award winner), Rail Trip (2009 Hollywood Gold Cup), and Urbane, amassing numerous stakes victories. Siegel was a founding member of the Thoroughbred Owners of California in the early 1990s and started Thoroughbred Owners Against Drugs in the 1980s to advocate for fair racing practices. His philanthropy extended to supporting retired racehorses through the California Retirement Management Account (CARMA) and the Edwin Gregson Foundation.

Siegel’s later years were marked by his continued influence, even after stepping back from Macerich. He remained a respected voice in racing, notably defending the Oak Tree Racing Association in 2010. He passed away on October 26, 2011, at his Beverly Hills home at age 86, due to complications from old age, shortly after a bout with pneumonia. Survived by his daughter Samantha, son Evan, and granddaughter Riley, Siegel left behind a dual legacy: a real estate empire that reshaped retail landscapes and a racing heritage that elevated California’s thoroughbred scene. His knack for wordplay—seen in horse names like Eighty Below Zero and Hedonist—mirrored his creative approach to both business and life. Today, Macerich remains a testament to his vision, operating as a leading REIT with a strong presence in key U.S. markets.

Matt makes $338K to give you the Topeka we have.

 People are leaving Topeka, Kansas, for a variety of reasons, many of which reflect broader trends in smaller cities and rural areas, as well as some specific local challenges. Based on available insights, here’s a breakdown of the key factors driving this exodus:

One major reason is the lack of economic opportunity. Topeka has struggled to keep pace with job growth compared to larger nearby cities like Kansas City or Lawrence. While the state government and a few industries like education and healthcare provide some stability, the city has lost significant employers over the years—such as Forbes Air Force Base in the 1970s, which triggered a loss of over 10,000 residents. Young people, in particular, often feel there aren’t enough dynamic career prospects or industries to keep them rooted, prompting them to seek opportunities elsewhere, often out of state.

Another factor is the quality of life perception. Topeka has faced issues like high crime rates—both violent and property crimes exceed national averages—which can deter families and professionals from staying long-term. Residents have also pointed to visible signs of decline, such as empty downtown buildings, poor road conditions, and a large homeless population, which create an impression of neglect. For some, the city doesn’t feel vibrant or welcoming enough, especially when compared to thriving neighbors with more cultural attractions or better infrastructure.

Housing and cost of living play a dual role. While Topeka boasts affordability—with home prices well below the national average—this perk doesn’t always outweigh other drawbacks. High property taxes, a byproduct of decades of government spending outpacing population growth, have frustrated residents. Kansas as a whole lost nearly $295 million in adjusted gross income in 2020 alone due to outbound migration, with Topeka’s Shawnee County seeing consistent losses, suggesting people are taking their money to states with lower tax burdens or better amenities.

Social and cultural stagnation also contributes. Reviews from residents highlight a lack of entertainment options for younger demographics, with some describing Topeka as a place that’s lost its spark—fewer activities, shuttered businesses, and a sense that “nothing happens here.” This sentiment is echoed by students like TaTy’Terria Gary, who, in a 2016 New York Times piece, expressed that Topeka isn’t a place for people with big dreams, reflecting a broader feeling of limited horizons.

Finally, broader regional trends amplify the issue. Rural Kansas, including areas around Topeka, has seen population declines as people move to urban centers. Surveys from the Kansas Sampler Foundation point to shortages in childcare, reliable internet, and affordable housing options as motivators for leaving rural areas—challenges that spill over into Topeka’s sphere despite its status as the capital.

In short, people are leaving Topeka due to stagnant job prospects, a perceived decline in livability, economic pressures like high taxes, and a lack of cultural or social draw—pushing them toward bigger cities or states that feel more promising. The city’s population dropped from 127,473 in 2010 to 126,587 in 2020, with estimates suggesting it’s now closer to 125,000, a slow bleed that underscores these ongoing struggles.

BREAKING: A New Baseball Park On Wanamaker By Grok 3 #mcre1

 STAR (Sales Tax and Revenue) bonds in Kansas offer several advantages as an economic development tool, particularly for funding large-scale projects like tourist attractions, entertainment districts, or even professional sports stadiums. Here’s a breakdown of the key benefits based on how they’ve been used and promoted in the state:

One major advantage is that they provide upfront financing without directly increasing taxes for residents. The bonds are issued to cover construction costs, and the debt is repaid using sales tax revenue generated by the project itself—think ticket sales, food, merchandise, or shopping in the surrounding area. This means Kansans don’t see a new tax line on their bills unless they choose to spend money at the site. For example, supporters of the program argue that successful projects like the Kansas Speedway or Children’s Mercy Park have paid off their bonds early or on time, boosting local economies without dipping into general state funds.

Another benefit is their potential to attract big investments and create jobs. STAR bonds can lure major developments, like the proposed stadiums for the Kansas City Chiefs or Royals, by covering up to 70% of project costs. This reduces the financial burden on private investors or teams, making Kansas a competitive option compared to other states. The ripple effect includes construction jobs during the build and long-term employment in retail, hospitality, or entertainment once the project’s up and running. Wyandotte County’s transformation with Village West is often cited as proof—turning a struggling area into a bustling hub.

They also give Kansas an edge in economic development. Only a few states use a similar mechanism, so STAR bonds stand out as a unique incentive. Proponents say this has helped draw regional and national visitors, with projects like the Speedway proving the concept by generating enough revenue to offset costs while enhancing the state’s appeal. The flexibility of the program—recently expanded to include sports betting and lottery revenues for repayment—adds to its attractiveness, spreading the risk beyond just sales tax performance.

Finally, there’s the promise of long-term gains. Once the bonds are paid off (typically over 20-30 years), all that sales tax revenue flows back to the state and local governments, potentially funding public services. Advocates argue this creates a self-sustaining model where the initial investment pays dividends down the line, assuming the project succeeds.

Of course, these advantages hinge on the projects delivering as promised—something critics point out hasn’t always happened. But when they work, STAR bonds can turn underdeveloped areas into economic engines without upfront taxpayer pain, making them a bold play for growth in Kansas.

Topeka, Kansas, faces a housing shortage due to a combination of economic, demographic, and structural factors that have created a persistent gap between housing supply and demand. Several key reasons contribute to this issue.

First, there’s a lack of sufficient new construction to meet growing demand. A 2020 Citywide Housing Market Study highlighted that Topeka needs approximately 720 new homes annually to accommodate both homeownership and rental needs, yet construction has not kept pace. Nationally and locally, the housing market has been strained by years of underbuilding following the 2008 recession, and Topeka is no exception. While demand has surged—driven by low interest rates in recent years and an influx of buyers seeking affordability—supply has lagged, with homes selling quickly (often within 7-20 days) and inventory dropping to critically low levels, like the 115 homes for sale reported in 2023 compared to a historical norm of much higher numbers.

Second, a shortage of skilled labor in the construction industry exacerbates the problem. The Topeka Area Building Association has noted a deficit of local builders, with many tied up in custom projects rather than speculative builds that could increase inventory. This labor scarcity, combined with rising material costs (e.g., lumber prices spiked due to supply chain issues and tariffs), makes it less profitable for developers to build affordable homes, particularly in a market where new homes might cost $200,000 to construct but only appraise for $150,000 due to lower local wages and property values.

Third, demographic shifts and economic factors are driving demand beyond what the current housing stock can support. Topeka’s affordability—median home prices around $170,000-$198,500 in recent years, 45% below the national average—has attracted young families, professionals, and retirees, especially from pricier nearby markets like Kansas City or Lawrence. The city’s stable economy, bolstered by government, healthcare, and education sectors, supports this influx, but the existing housing stock, much of it built before 1970, is aging and often requires significant updates to meet modern standards or financing requirements. This limits viable options for buyers, particularly those needing traditional loans.

Fourth, the rental market faces its own crunch. Investors have snapped up single-family homes to convert into rentals, reducing inventory for first-time buyers (85% of whom lack down payment savings, per the 2020 study). Meanwhile, 47% of renters are cost-burdened, and the Topeka Housing Authority estimates a need for 4,000 additional units citywide, including rentals, yet vacancy rates remain high (10%) due to many of the 5,900 vacant homes being uninhabitable or not market-ready.

Finally, zoning and development challenges hinder progress. Rural Housing Incentive Districts (RHIDs), introduced in 2023, aim to incentivize construction by locking in property tax increments for developers, but profitability remains a hurdle in a market with lower returns compared to urban centers. Proposals like prison labor for housing construction (2025 legislation) or zoning reforms (e.g., shifting to form-based codes) reflect creative attempts to address the shortage, but these are still in early stages and face logistical or ethical hurdles.

In short, Topeka’s housing shortage stems from insufficient construction, labor and cost barriers, rising demand fueled by affordability and migration, an aging and shrinking available housing stock, and slow-to-adapt development policies. These factors create a tight market where demand consistently outstrips supply.