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No Go For Home Depot

I thought it was interesting to look at this news as an example for investors, not everything is going to go your way.  Say you were planning on buying some property in this area or already purchases some commercial space near the coming store, based on the hope that Home Depot was going to open and bring a lot of traffic to this corridor.  Well, you wait and wait and hope and then the deal falls through.

Then there's the loss to the city itself, $500K is nothing to laugh at.

Home Depot representatives had promised a new store would bring hundreds of needed jobs to Bayview residents and would generate nearly $500,000 in property taxes and fees each year.

They noted that San Franciscans spend more than $40 million annually at a Home Depot in Colma.

In November 2005, after years of community wrangling and infighting at City Hall, the San Francisco Board of Supervisors approved Atlanta-based Home Depot's plan for a two-level store near the border of Bernal Heights and Bayview-Hunters Point. The spot was once occupied by Goodman's Lumber.

Neighbors who opposed the warehouse-style chain store argued it would draw customers away from local merchants and cause traffic jams. Others welcomed the prospect of new jobs, taxes and the convenience it might bring.



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