Thanks to Anil Krishnamurthy for sending me my holiday read – Le Deal by J. Byrne Murphy.
Le Deal covers a well known American Developer who decided to expand into the European retail market. Le Deal gives great insight into the differences between development in Europe and America, and provides a handful of good laughs and great stores along the way – like this one from page 24:
Alan had his people run all the numbers and draw up the preliminary designs, and then trundled off to see the mayor of Hillsboro, to explain the concept, and to seek his support.
Alan told the mayor how the outlet would create four hundred new jobs, maybe six hundred if the center grew large enough. He estimated that there would be nearly five million dollars in property taxes flowing into his town’s coffers and four million shopping visits per year…
“ So Mr. Glen what do you want from me?” the Mayor asked at the end of the presentation.
“Well, Alan said, I want your support for the project, I’ll need zoning approval and a building permit to get started.”
The Mayor thought for a moment, then asked Alan, “May I see those drawings again?”
And when Alan unrolled the drawings, the mayor took out a pen and signed his name across the top of the first drawing, dated it, and said “Mr. Glen you just got your zoning approval and building permit – let’s get started.”
The whole interview, from beginning to end, had lasted less than an hour.
If you have an interest in how real estate in Europe differs from America, or in the back story on one of this country’s most successful outlet mall developers, I would highly recommended this book!
All referral proceeds from Amazon go to the CCIM Education Foundation.