Jump to content

DigitalSky

Eastland Mall Redevelopment

Recommended Posts

Unless you're walking in there upholstered with $100 bills, I think you'll be safe at Eastland, which is ownwd by Glimcher, not Simon.  Simon owns SouthPark.

I was at Eastland yesterday and despite your claim, it's not a dying mall.  There were crowds with shopping bags and new chain stores opening.

We talk a lot of sh*t about Eastland on this board, and Belk and Dillard's will likely high-tail it out of there soon, but really, it's not that bad a mall.

<{POST_SNAPBACK}>

Your right it's not that bad. But for me I could just ge that sense that it would close. Maybe my estimate of 2 years was quite a bit off. But if it were to have a death date then 7-9 years would most likely be your timeframe.

Share this post


Link to post
Share on other sites


I used to go there for lunch quite a lot when I worked on that side of town and liked the diversity it drew. I would definitely go back. Plus, isn't it being revamped into a towncenter/transportation hub for that area of town? I recall that project being included in the recent approval of federal funds for local highway/transportation projects. And though while Eastland may not remain a traditional suburban mall, it has the potential to morph into something quite exciting.

Share this post


Link to post
Share on other sites

I just listened to the Glimcher 2Q05 earnings call today and there was some interesting news about Eastland on it. Apparently, they just put the mall up for sale, which they actually expect to sell for a gain.

When someone asked why they were selling it, the management response was "Eastland served an established part of Charlotte, in the heart of the city. We believe Eastland is a strong asset. It's one that needs a lot of attention and the proper merchandising for the market it serves. There's been a lot of interest in it, and we made a decision that it was not a core property for Glimcher and that we would move away from it in an effort to continually upgrade the portfolio."

Reading between the lines, they seem to be saying it "served" <note past tense> an established part of Charlotte, it needs loads of upkeep, upgrading and repositioning and they simply don't feel its worth the effort considering its profitibility or lackthereof. Simply put, they can find higher yields elsewhere.

Hopefully the new owner will give the mall the TLC it needs.

Share this post


Link to post
Share on other sites

Sounds like they milked it for the easy profits.. and would rather let someone else do the heavy lifting of upgrading the facility and locating new tenants.

Edited by MZT

Share this post


Link to post
Share on other sites

I figured Glimcher would throw up their hands and leave.

What's funny is that they have a seven-anchor mall in Columbus, Ohio (that should have never been built, as it killed on mall and got overshadowed by a much better mall built at the same time) that's already lost two anchors and has at least two others that are on shaky ground.

I wonder if they're giving up on that one too, or trying to sell malls like Eastland to shore up that albatross.

Edited by StevenRocks

Share this post


Link to post
Share on other sites

I went to Eastland about a year ago and really wan't that impressed. I kind of though someone was goin to mug me or panhandle me while I was walking in. I truly do think Eastland will end up like South Square in Durham. I hate to say this but I only give it about 2 more years before it goes belly-up. Isn't Eastland owned by Simon?

<{POST_SNAPBACK}>

Finally, someone who had a similar experience as me at Eastland. I'm not trying to get everyone on this message board angry with me by saying I felt unsafe there, but I guess I already did. At least I have one person who agreed with my original point before someone else brought race into the issue. (Which wasn't my original point anyway.)

Share this post


Link to post
Share on other sites

Finally, someone who had a similar experience as me at Eastland.  I'm not trying to get everyone on this message board angry with me by saying I felt unsafe there, but I guess I already did.  At least I have one person who agreed with my original point before someone else brought race into the issue.  (Which wasn't my original point anyway.)

<{POST_SNAPBACK}>

mediamongrel, I can tell by your posts that you're an opinionated person and who's to say that you can't have an opinion? Certainbly not me, because I want to be heard too.

You gotta be careful how you phrase things, though. If you're talking about tearing down a mall in a black neighborhood that's still occuiped and doing reasonably well becaue of your percieved notions of what goes on there, of course someone will call you a racist.

If I felt unsafe at Carolina Place and wanted to have it torn down using some flimsy argument suggesting that the shrinkage is high at Belk because of neighborhood people stealing (not true, used as an example) and called the place a "haven for crime" or whatnot, I'd expect that someone would call me on that as a racist thought.

Best thing for you to do is to think before you speak, not in the ["politically correct"- I can't say anything because it might offend somebody] way, but in the [maybe something like that could be precieved as racist and I should rephrsase to not make myself look like an a**] way. I promise in these words that I will do the same.

Share this post


Link to post
Share on other sites

I figured Glimcher would throw up their hands and leave.

What's funny is that they have a seven-anchor mall in Columbus, Ohio (that should have never been built, as it killed on mall and got overshadowed by a much better mall built at the same time) that's already lost two anchors and has at least two others that are on shaky ground. 

I wonder if they're giving up on that one too, or trying to sell malls like Eastland to shore up that albatross.

<{POST_SNAPBACK}>

Which mall? Which anchors closed or are struggling?

That's where mall issues get really interesting-- once the anchors start fleeing, it can be difficult to bounce back (look what happened to Greenville Mall!).

Share this post


Link to post
Share on other sites

I figured Glimcher would throw up their hands and leave.

What's funny is that they have a seven-anchor mall in Columbus, Ohio (that should have never been built, as it killed on mall and got overshadowed by a much better mall built at the same time) that's already lost two anchors and has at least two others that are on shaky ground. 

I wonder if they're giving up on that one too, or trying to sell malls like Eastland to shore up that albatross.

<{POST_SNAPBACK}>

Stevenrocks...that mall you refer to in Columbus, ironically enough, is also called Eastland Mall. The name must be jinxed.

Share this post


Link to post
Share on other sites

where is the love? for god's sake eastland has our only public ice-skating rink! it might be sad to most, but eastland is charlotte's "rockefeller plaza".

*seriously, i hope someone can get this place together...it has a nice layout and i think could see a new life, yet.

Share this post


Link to post
Share on other sites

where is the love?  for god's sake eastland has our only public ice-skating rink!  it might be sad to most, but eastland is charlotte's "rockefeller plaza". 

*seriously, i hope someone can get this place together...it has a nice layout and i think could see a new life, yet.

<{POST_SNAPBACK}>

Unfortunately I believe this may signal an eventual death knell for Eastland. Glimcher's specialty is acquiring B-/C assets and repositioning them. For them to abandon ship at this point is a bad omen - I guess they feel there is little to no additional upside with the property.

Cited was the current and future costs associated with maintaining the mall as extremely high - the required capital expenditures will be enormous, especially if one or more of the anchors goes dark and the security costs are, of course, abnormally high. Add to that the huge shrinkage costs to the retailers due to theft, which greatly lowers the percentage rent that the owner would be getting otherwise.

Share this post


Link to post
Share on other sites

I believe there is one called the "Ice House" or something like that.

<{POST_SNAPBACK}>

There is an Ice House in Pineville. I don't believe there is another ice rink in Charlotte.

Share this post


Link to post
Share on other sites

Stevenrocks...that mall you refer to in Columbus, ironically enough, is also called Eastland Mall.  The name must be jinxed.

<{POST_SNAPBACK}>

Yeah I noticed that too, and guess what they have the SAME website layout!

Share this post


Link to post
Share on other sites

Which mall?  Which anchors closed or are struggling?

That's where mall issues get really interesting-- once the anchors start fleeing, it can be difficult to bounce back (look what happened to Greenville Mall!).

<{POST_SNAPBACK}>

Stevenrocks...that mall you refer to in Columbus, ironically enough, is also called Eastland Mall.  The name must be jinxed.

<{POST_SNAPBACK}>

Yeah I noticed that too, and guess what they have the SAME website layout!

<{POST_SNAPBACK}>

Actually, although Eastland Mall in Columbus is owned by Glimcher and is losing its legacy (Lazarus) Macy's in favor of a smaller Macy's (which will open as a Kaufmann's), that's not the mall I'm referring to.

The mall I'm talking about is Polaris Fashion Place. It's on the north end of Columbus, and opend a couple years ago with JCPenney, Sears, Lazarus, Saks, Kaufmann's, Lord & Taylor and The Great Indoors.

It took the first three anchors from Northland Mall and caused that mall to go under. Northland's now been demolished, and the old Lazarus is now the headquarters for the parent company of Value City.

Another mall, Easton Town Center, opened at the same time that Polaris did. Easton had only Nordstrom and Lazarus as anchors but also had the backing of the company that owns The Limited and a new neo-traditonal design that's been hailed by mall industry leaders, urban planners, and shoppers alike. Think Birkdale on steriods.

Compared to all that, Polaris was just another mall, and one with some weak anchors at that. So far, Lord & Taylor has closed, Kaufmann's is closing soon, and Saks and The Great Indoors could be next if the local economy goes south.

Polaris is in need of a major fix, and Glimcher could be selling off its other malls to save it.

Share this post


Link to post
Share on other sites

Have the in-line tenants started to leave Polaris Fashion Place?

<{POST_SNAPBACK}>

Not yet, at leas not in round numbers. But when Kaufmann's closes next year, I think there will be some additional in-line tenant closings.

Speaking of Columbus malls, what's up with this one that is a competitor to Polaris?  The owners didn't want to do a traditional directory on the website?!

http://www.westlandmallcolumbus.com/directory.html

<{POST_SNAPBACK}>

Oh, that directory's horrible :lol:

Westland, the other Eastland, and Northland (now demolished) were owned by the Richard E. Jacobs Group (also original developers of Hanes Mall in Winston-Salem, Randolph Mall in Asheboro, Eastridge Mall in Gastonia, redeveloper of Cary Towne Center and owner of Triangle Town Center in Raleigh). Jacobs built the Columbus malls in the '60s (practically owning the market for 30 years) and ran them into the ground, with very few upgrades.

A few years ago, the group sold all of their malls except for a handful to other firms. Glimcher got the other Eastland.

Except for Northland, the Columbus malls were in particurally bad shape. Westland was the most down on its luck of the three, so it got sold to some developer who's milking what he can out of the mall, and will probably either let it rot, de-mall it or tear it down eventually.

Share this post


Link to post
Share on other sites

I'm surprised that deadmalls.com hasn't discovered Westland. I got a real kick out of that directory! PITIFUL!

BTW, http://columbus.bizjournals.com has some articles about Westland being redeveloped as an outdoor mall. Looks as if Von Maur is coming to Polaris, based on a news release on the Glimcher website.

Edited by csedwards72

Share this post


Link to post
Share on other sites

I'm surprised that deadmalls.com hasn't discovered Westland.  I got a real kick out of that directory!  PITIFUL!

BTW, http://columbus.bizjournals.com has some articles about Westland being redeveloped as an outdoor mall.  Looks as if Von Maur is coming to Polaris, based on a news release on the Glimcher website.

<{POST_SNAPBACK}>

I don't think deadmalls has much from Ohio on their site. Between Westland, the rapidly fading Columbus City Center and the other Eastland Mall, they'd have a full plate of stories just from the Columbus area.

Brian (webmaster) is really behind on putting in user submissions so even if someone sent him a story, we may not see it for a while.

I have a lot of respect for Von Maur as a company. They're a lot like Nordstrom: good service, quality merchandise, piano player in the store, et cetera. They even have an interest-free credit card.

I didn't know if they had any interest in the Columbus market, but it's good that they're coming to Polaris. Glimcher either sweetened the deal or they really feel like they can make a go of the old Lord & Taylor. Either way, it's good news.

So now the question becomes what's going to happen to the soon to be former Kaufmann's at Polaris?

The local question becomes why didn't Glimcher aim higher for new stores at Eastland?

Share this post


Link to post
Share on other sites

I went to Columbus City Center in 2001 and I remember there being all of these great A-line stores like A&F, American Eagle, Structure (I know they no longer exist) and a bunch of other chains. It's so wierd to me to hear that the mall is falling apart. I did find it odd about having to pay to park there though. I guess I'm just too used to free parking at malls.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.