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The "dead" University Mall


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It was clear that the property owners have/had the upper hand. The judge had already gone through the process of hiring Porter Brownlee to perform an independent assessment. That assessment favored the property owners to the tune of about 8 million if I remember correctly. I think the original claim was for about 12 million.

There is always a chance the parties will settle. I think there was a serious attempt to settle since December. At this point you have a new judge, so you want to see what might happen.

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I thought the property owners were going to win out as well. Simon has admitted they want to tear down the structure and it's no longer servicable but they won't build anything without a new lease. If that's the case I don't think they can make a case to keep the lease. I'm assuming the property owners will be satisfied with dissolution of the lease and Simon wouldn't appeal it as they really have no argument against it. Simon's investment is in the structure itself.
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Why? They don't really lose anything, assuming they were going to tear down the structure anyway. Piling up legal fees will be just as much a waste as spending more on repairing the current structure.

I really think the owners won't negotiate with Simon and will sit on the lease until it runs out, or just sue again in 5-10 years when the mall deteriorates even more.

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Why? They don't really lose anything, assuming they were going to tear down the structure anyway. Piling up legal fees will be just as much a waste as spending more on repairing the current structure.

I really think the owners won't negotiate with Simon and will sit on the lease until it runs out, or just sue again in 5-10 years when the mall deteriorates even more.

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  • 1 month later...

It seems to me that this doesn't really move things along. It will still be months or years before real resolution comes. Even if they settle today completely, it will be a year before anything can get underway. It's really ridiculous.

I'm surprised to login and not see discussion on this.. but here is the cut and paste for the DOG.

Judge sends letters on University Mall

Landowners win dispute over center court notes ahead of Friday hearing

By Laura Stevens (Contact)

LITTLE ROCK

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It seems to me that this doesn't really move things along. It will still be months or years before real resolution comes. Even if they settle today completely, it will be a year before anything can get underway. It's really ridiculous.
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My wish is for a developer, other than Simon, with DEEP pockets to come in on white horse and buy the property and redevelop it according to the plans of the Midtown Overlay District. This would prevent a landowner/management issue in the future.

I do not trust Simon Properties. I don't believe they should get a forth opportunity in Central Arkansas.

1) University Mall

2) Summit Mall

3) McCain Mall

They've fumbled all three.

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My wish is for a developer, other than Simon, with DEEP pockets to come in on white horse and buy the property and redevelop it according to the plans of the Midtown Overlay District. This would prevent a landowner/management issue in the future.

I do not trust Simon Properties. I don't believe they should get a forth opportunity in Central Arkansas.

1) University Mall

2) Summit Mall

3) McCain Mall

They've fumbled all three.

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My wish is for a developer, other than Simon, with DEEP pockets to come in on white horse and buy the property and redevelop it according to the plans of the Midtown Overlay District. This would prevent a landowner/management issue in the future.

I do not trust Simon Properties. I don't believe they should get a forth opportunity in Central Arkansas.

1) University Mall

2) Summit Mall

3) McCain Mall

They've fumbled all three.

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Ditto, ditto, ditto

They've done the same thing in Dallas with multiple properties.

I feel like Simon's plan for the site is unimaginative and doesn't live up to its potential anyway.

My vote is for Strode, the developer that built Midtown. Now Midtown's not much to look at because of the site it was built on but Strode developed a couple of projects in DFW - Southlake Town Square and Mockingbird Station that are award-winning developments. The first was on the cover of the Urban Land Institute's annual report. They do mixed use well and this site is PERFECT for mixed use. Ground floor retail with offices, condos and apartments in loft-style over them would work very well there.

Most importantly, I just don't want to have to see Simon do the same thing again in 20-30 years, let things run down this way. I know they will.

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Arkansas Times has a link to the document filed in court today by the landowners. If the Judge agrees to go along with what the landowners are proposing, then Simon is going to have to spend well over 8 million dollars in the next year. If Simon doesn't live up to their end of the court order, they'd be in contempt of court.

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I didn't know Strode bought that property. I wonder if he and the University property owners are already in cahoots.

Yeah, Strode has the funds. The project I was referring to in Dallas are consideraby larger than what could be done with the University site.

Not only that but Strode is well-connected to higher-end tenants. Mockingbird Station and Southlake Towne Square have a lot of the things that we want in Arkansas and don't yet have.

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  • 3 weeks later...

I'm sure everyone saw the article in the paper last week about the court case. Simon totally lost, has to pay for multiple million dollar repairs supervised by the judge and the court liason. I imagine they will appeal and lose again. This will drag out another few years.

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