MCRE, LLC - Henry McClure -

  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 bluepr...

  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 cri...

  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 b...

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 increas...