Eastland Mall Redevelopment

[DigitalSky]

Nooo the Ice Rink can't close!!! Harris Teeter can close.. Dillard's can close... but NOT the Ice Rink!

[StevenRocks]

Speaking of dying malls, Parkway Place in Lexington, NC- Exit 91 on I-85- featured on your wonderful mall website, livemalls.blogspot.org, is missing some anchors. If there were a deadstripmalls.com website, it could be the first post.

That mall is a tremendous missed oppurtunity. There's hotels and restauants all around it, making it a magnet for toursits, but nothing in the mall proper for those tourists to do.

As one who went to the grand opening of the mall in 1975, and was a big amazed at how nice it was, the current fall of Eastland is really a bit disconcerting. I went ice skating there in the 70s. I hate to see the ice rink disappear.

If anything will mortally wound Eastland further, the removal of that rink will. If you have a center of activity that attracts people from all over, you do not get rid of that center of activity.

Nooo the Ice Rink can't close!!! Harris Teeter can close.. Dillard's can close... but NOT the Ice Rink!

It's a very real possibility. I hope they wise up before they make a major mistake.

[DigitalSky]

What did you say in that survey?

[StevenRocks]

My friend filled it out. He didn't tell me what was on it until after he got finished.

[lupitachica]

I think they should get rid of the icerink and put something else in there that Eastland's demographic would better appreciate and use. Who on that side gives a what about ice skating? Indoor basketball shooting area/arcade/roller skating rink or bowling alley - now that's the ticket. Maybe make it similar to the alley that's in Port Authority in NYC.

It seems to me that many of the rest of Charlotte have no interest in that area - fine. Make it about the people that are there who do have money to spend (minority working class consumers spend plenty of money) and cater to their tastes ala a more updated Albee Square Mall. Increase the security and target more diverse type of urban stores like Roots, Money, Dr. Jay's, and Sean Jean. Throw in an Ashley Stewart, Lane Bryant, and a toy store or gaming store. Implement a decent security plan (like at Manhattan Mall & Albee on Fulton in BK where crime has dropped tremendously though the demographics remains the same) and I think the mall will improve and become the place where "outsiders" looking for some flavor instead of freakin' Liz Clairborne will go to get the latest sneakers, urban gear, etc.

Part of the problem w/ Eastland is that its seems stuck in the past instead of dealing with today. I shop at Eastland sometimes and could care less about Belk's. I don't know anyone who brings their kids to that rink or even cares about skating there. The mall needs a Gap and Old Navy mixed in with the sneaker shops and mixed tape stores. I believe shoppers like me go to Eastland for a reason and some of it is to be in a place that does have a barbershop, hair supply store, sneakers or gifts for a teen that I'm not going to find in Southpark or Northlake. Instead of trying to play that down, they need to play that up.

Edited March 28, 2006 by lupitachica

[mallguy]

Isn't there an Ashley Stewart there, and didn't Gap close a few years ago?

My take is that at least the anchors should be replaced with ones that target the market better; replacing the ice rink with something more targeted as well would be a good call. Those are good points you made in the post above.

[f0xym0p]

Isn't there an Ashley Stewart there, and didn't Gap close a few years ago?

There is an Ashley Stewart on the directory. I think there was a Lane Bryant the last time I went there, but granted, that was after Thanksgiving 2004 and it isn't on the directory now.

I love the thought of that ice rink but I've never used it and probably never will. Why not remove it and put in something that would serve the community better? I know it's nostalgic for a lot of people, but the demographics have changed and maybe something else would work better.

[MZT]

That ice rink is probably one of the few opportunities for the kids of the working poor to experience one, though.

But I suppose if they replaced it with a skateboard park or something, it would draw a bigger crowd.

[lupitachica]

I don't recall seeing a Lane Bryant or an Ashley Stewart in Eastland, granted I don't shop at those stores but I think I would've noticed. There isn't a Gap or an Old Navy for sure.

I love the thought of that ice rink but I've never used it and probably never will. Why not remove it and put in something that would serve the community better? I know it's nostalgic for a lot of people, but the demographics have changed and maybe something else would work better.

Is it even real ice or is it a fake ice rink? I like ice skating but I just can't see that as being more popular there than other forms of recreational activity. A skate board park is an excellent idea.

[DigitalSky]

Old Navy for some reason shuns their in-town stores. They closet Cotswald a few years back.. all their stores are now way out in the burbs.. Arboretum, Pineville, Matthews, University..

[SmellyCat]

Is it even real ice or is it a fake ice rink?

I'm sorry, i have to ask....what is fake ice?

[StevenRocks]

Ashley Stewart is upstairs near Burlington Coat Factory.

Gap used to be upstairs between Belk and Dillard's. They closed in 2003.

The ice rink is "real ice"

A skateboard park or basketball court might encourage more loitering, which is what Eastland does not need right now.

[DigitalSky]

A skateboard park or basketball court might encourage more loitering, which is what Eastland does not need right now.

That's probably what many fear the new bus depot will bring

[lupitachica]

Fake ice is that plastic looking flooring they use that can be skated on.

I think that space could be better used to draw in more couples, families, etc. I don't feel that enough people hang out at the mall which only makes the problems worse because its becoming a haven for the relative handful who are causing problems. The mall definetely needs a more comprehensive and modern security plan. I've never felt unsafe shopping at the mall, never seen all the supposed gang members that are supposed to be roaming the floors waiting to shoot people. Yet there have been incidents. I think a few tweaks of the retail mix and a strong security showing will give the mostly law abiding citizens on that side more reason to feel comfortable going back to Eastland routinely.

[SmellyCat]

The mall definetely needs a more comprehensive and modern security plan.

Security costs money. Glimcher likely has no interest in throwing good money after bad into an underperforming property that is approaching firesale price levels. And I have a hunch that the tenants will not be interested in picking up the tab, especially if it means declining foot traffic (as increased security might deter certain patrons from shopping).

If a new owner has to spend moolah on things like metal detectors and rent-a-cops, the impact on the property's yield will render it cost prohibitive.

[mallguy]

Fake ice is that plastic looking flooring they use that can be skated on.

I think that space could be better used to draw in more couples, families, etc. I don't feel that enough people hang out at the mall which only makes the problems worse because its becoming a haven for the relative handful who are causing problems. The mall definetely needs a more comprehensive and modern security plan. I've never felt unsafe shopping at the mall, never seen all the supposed gang members that are supposed to be roaming the floors waiting to shoot people. Yet there have been incidents. I think a few tweaks of the retail mix and a strong security showing will give the mostly law abiding citizens on that side more reason to feel comfortable going back to Eastland routinely.

I agree completely. I see thugs roaming the halls and parking lots at Eastland, yet they probably don't spend any money and run off good law-abiding citizens from the mall, so the thugs' presence hurts sales. Get rid of them and let the decent people of east Charlotte have a good place to shop and that meets their needs, and they will spend money there.

[Vitamin_N]

Glimcher likely has no interest in throwing good money after bad into an underperforming property that is approaching firesale price levels.

Just out of curiosity, does anybody know how much this place would sell for and/or how much it's sold for recently?

[atlrvr]

Glimcher bought it in 2004 for $6M I think.....seems like a steal to me, but I guess $1.00 is too much if its a revenue loss.

At some point, it become worth land value. I think the right developer, with the right vision, with no pre-conceived notions about the mall could replace the mall with something really grand.

[SmellyCat]

only $6m atlrvr? wow, that seems remarkably cheap, even for Eastland.

[StevenRocks]

Glimcher likely has no interest in throwing good money after bad into an underperforming property that is approaching firesale price levels.

Glimcher is even letting the friggin' urinals go to pot. If anybody connected with the mall reads this, please fix the restrooms on the upper level near the mall office and clean the ones in the food court.

[atlrvr]

only $6m atlrvr? wow, that seems remarkably cheap, even for Eastland.

Agreed....but the fact that it was so low is what got it stuck in my head.

[DigitalSky]

According to the Mecklenburg County Tax Website, 5471 Central Avenue is worth: $49,883,900

Go look it up and see for yourself.

http://meckcama.co.mecklenburg.nc.us/RELookup/Default.aspx

To Compare:

4400 Sharon Rd - (SouthPark Mall) - $167,351,712

11025 Carolina Place Parkway - $93,967,904

6801 Northlake Mall Dr - [No evaluation in yet]

Edited March 30, 2006 by cantnot

[SmellyCat]

I just saw an analyst's report that stated Eastland was on the block for $50 to $60 million, but he thought the asking price was too rich.

[mallguy]

I just saw an analyst's report that stated Eastland was on the block for $50 to $60 million, but he thought the asking price was too rich.

Wonder what the cash flow that Glimcher gets from the mall each year would be, minus upkeep expenses? I'd assume that the sales price would be based on the profits from the mall, or the land value, but not nearly $50-$60M.

[StevenRocks]

They're not getting $50 million for that place.