Crown Walk in Taunton faces criticism for its run-down state, raising safety concerns and development obstacles.
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Crown Walk’s owners talked about national retail problems and decreasing investor interest. Rents also decreased quite a bit, and some properties lost half their value. Construction costs have increased; this has created big problems for fixing up places.
Crown Walk was supposed to get a big makeover, including 63 new apartments and improvements to the retail area. They submitted their plan in August 2020, but phosphate problems caused a delay in their project.
The owner explored converting retail spaces into homes, sending multiple proposals. However, planning process delays slowed everything down. The owners feel this hurts development in the town and misses chances for good homes, while also avoiding building on green spaces.
The owners are figuring out the costs to improve Crown Walk. They explained that getting money is difficult, and potential rent and empty properties create issues. These factors make it hard to secure funds.