The Math Behind Salem's Future: How Commercial Real Estate Shapes Community
Welcome to this week's episode of What's Happening Salem!
Jacob Espinoza sits down with Josh Kay from First Commercial Real Estate to explore the business and community side of Salem's real estate landscape. In this insightful conversation, they discuss:
The challenges and opportunities in Salem's commercial real estate market are as a tertiary market in transition.
Why projects like roller skating rinks don't pencil out economically, and what actually makes developments viable.
The multi-year transformation of iconic downtown spaces, such as Liberty Plaza (now The Forge), and the process of repositioning vacant buildings.
Local versus absentee ownership and why community-rooted developers are reshaping Salem's future.
Major projects on the horizon, including the Canary Project on Front Street, are scheduled for the summer of 2026.
Policy barriers and opportunities for housing development, including insights on cottage clusters, parking requirements, and streamlining the development process.
How community spaces and quality buildings directly impact our sense of belonging and connection to Salem.
Whether you're curious about the economics behind downtown development, interested in how local entrepreneurs are revitalizing our city, or wondering why certain projects succeed while others don't, this episode offers a behind-the-scenes look at Salem's commercial real estate world and what it takes to build thriving communities.
Timestamps:
00:02 - Introduction and Josh's community contributions
01:17 - Nearly a decade in commercial real estate
02:26 - Commercial vs. residential real estate dynamics
03:36 - Why Salem doesn't have a roller skating rink
05:13 - Salem's market position and current landscape
07:54 - Supporting Salem entrepreneurs and small businesses
11:15 - Community, belonging, and staying connected to Salem
11:51 - Reasons for optimism in Salem's future
19:55 - The process of transforming vacant buildings into thriving spaces
26:18 - The impact of local ownership on downtown revitalization
27:45 - The future of the Knight Deposit building
29:43 - Updates on the Canary Project and major development timelines
36:39 - Policy changes needed to help Salem prosper
40:42 - Transparency, simplicity, and encouraging development
44:16 - Balancing neutrality, politics, and platform building
45:54 - The power of collaboration and conversation in moving Salem forward
