MISSOULA – Shopko is closing its doors nationwide after the Wisconsin-based company was forced to file for bankruptcy back in January.
One question on may folks minds is what will happen to store’s South Reserve Street location in Missoula.
Missoula real estate is booming and another valuable listing is about to hit the commercial market.
“It’s hard to find land in Missoula in general — and being on Reserve at that intersection where you already have stoplights — it’s extremely valuable. It could be in the $10 million [range] probably, but it really depends on what the use is going to be,” said Purewest Christies Real Estate owner Devin Khoury.
He added that the use of the Shopko location might not be for a retail store.
“There is maybe a higher — and better — use of it to be mixed with some multi-family. Figure out some way to put commercial and mixed use on the main level,” Khoury told MTN News.
“Higher density, kind of city living above it, plenty of parking. So that could be the best use for it just because it’s hard to find big box stores that want to come in with so many going out of business right now,” he added.
Putting the space to better use won’t just help the building retain its value but could also raise property values in the surrounding area.
“It could have a big effect, especially long term over that area. And it’s great though because if you bring in different amenities then that’s good for all the neighborhood it’s good for the people who don’t have to drive as far for shopping and that type of thing,” Khoury said.
“If it’s multi-family or some type of housing, you have public transit. It’s right in the middle near the mall. All that stuff adds to it and that always brings the value up — the properties around it up as well,” he concluded.
Khoury says that the location of the Shopko building is also great because the land it sits on is s zoned for almost any use.