Eastland Mall Redevelopment

[mallguy]

What do you think of the city plan to buy the mall at $50 mil and shop for someone to redevelop it? Sounds risky. http://www.charlotteobserver.com/topstorie...ory/978675.html

Agreed. Hmm- a largely vacant mall that has negative cash flow (it's been turned over to the mortgage servicer, I take it, as the Observer article says that LNR, rather than Glimcher, owns the interior mall space); no developer in sight; an area with less-than-desirable income levels; severe competition from newer retail centers in areas with more income growth; and a housing bust....for $50MM (about $55 for every man, woman and child in Mecklenburg County), plus perhaps the costs of demolition.

No wonder no developer has expressed interest.

The Observer article said that part of the problem is that the center has multiple owners. If that's the problem, then perhaps the city could use some of its powers to assist in the transfer of the property to a private developer, without spending much.

[nashbill]

My memory is a little fuzzy, but when I was living in Charlotte several years ago, wasn't the city investing money in the Freedom Drive or Wilkeson Blvd. area? They were trying to revitalize that area with what seems the same problems as the Eastland area. Did any of that pan out. Didn't large parcels of land get purchased and bulldozed by the city? As I said my memory of all this is fuzzy. It justs seems like heading down the same road.

[InitialD]

My memory is a little fuzzy, but when I was living in Charlotte several years ago, wasn't the city investing money in the Freedom Drive or Wilkeson Blvd. area? They were trying to revitalize that area with what seems the same problems as the Eastland area. Did any of that pan out. Didn't large parcels of land get purchased and bulldozed by the city? As I said my memory of all this is fuzzy. It justs seems like heading down the same road.

Perhaps you are thinking about the Wilkinson redevelopment around Ashley. The main tenant is a Walmart and there are some psuedo-urban out-parcels on Wilkinson. Some good infrastructure improvements. It was touted at the Chamber's ICV as a success.

[nashbill]

Yes, I remember some of it now. It was Wilkinson. I don't know why I get it confused with Freedom. So is the area in the map near where the "Brass Rail" used to be? Not that I ever frequented the establshment . I remember them tearing down that entire area.

A Wal-Mart may be a good replacement for Eastland, but they are going to build one on Independence. Seems kind of close. Did the large super market, the name escapes me now, that was owned by Food Lion, ever get a tenant? There just seems to be an abundance of abandoned retail near there.

[mallguy]

My memory is a little fuzzy, but when I was living in Charlotte several years ago, wasn't the city investing money in the Freedom Drive or Wilkeson Blvd. area? They were trying to revitalize that area with what seems the same problems as the Eastland area. Did any of that pan out. Didn't large parcels of land get purchased and bulldozed by the city? As I said my memory of all this is fuzzy. It justs seems like heading down the same road.

Fair point. That Wal-Mart is great, and the new shopping center is fine (sad that the Starbucks closed).

Plus Freedom Mall is being redeveloped as county office space- which I don't quite get, as the mall was mostly full (except for the vacant Target and some other spots) when I last went there in late 2007.

[nashbill]

100 Oaks Mall One thing they did here in Nashville was take an old run down Mall and make it into part medical center (a lot of out patient service for Vanderbilt Hospital) and part shopping. If you read thru some of the thread and links it is having a very positive effect on the area. I don't believe 100 Oaks was ever as large as Eastland but repurposing it has saved the area around it.

[StevenRocks]

$50 million is too much for a dead mall in awkward location. Eastland in its current condition might be worth $10 million, but not much more.

[ontap]

My memory is a little fuzzy, but when I was living in Charlotte several years ago, wasn't the city investing money in the Freedom Drive or Wilkeson Blvd. area? They were trying to revitalize that area with what seems the same problems as the Eastland area. Did any of that pan out. Didn't large parcels of land get purchased and bulldozed by the city? As I said my memory of all this is fuzzy. It justs seems like heading down the same road.

Your memory is right, but this wasn't the Wal-mart parcel. The parcels surrounding the old Brass Rail were bundled and purchased. All the structures were demolished and a new business park was built. There are a few differences in this and Eastland Mall. These were abandonded houses and businesses next to active railroad tracks. This was a crimes infested and drug area. The parcels were assembled with monies from the federal government (it's also a brownfield site and has industrial zoning) and John Crosland Company was onboard as a private developer. This was a federal, private, and local project. The business park is almost completely redeveloped and is a success. I think that this is a totally different situation than Eastland Mall. The city shouldn't be involved in buying a failing mall. They should allow market forces to determine the right project for this site. If no private developers are interested in the site than that should be their clue about feasibility. If the city can get private developers interested in the site I might think differently. Wasn't the VA talking about building a hospital in Charlotte, this would be a good site for them.

[NCMike1981]

What do you think of the city plan to buy the mall at $50 mil and shop for someone to redevelop it? Sounds risky. http://www.charlotteobserver.com/topstorie...ory/978675.html

Ok is it just me or does the mall seem to have alot of cars in the parking lot in that pic? Does the mall still get foot traffic or is that probably just an old pic? I am noticing no leaves on trees so it hasta be at least from this past winter :-)

Edited October 4, 2009 by NCMike1981

[mallguy]

Ok is it just me or does the mall seem to have alot of cars in the parking lot in that pic? Does the mall still get foot traffic or is that probably just an old pic? I am noticing no leaves on trees so it hasta be at least from this past winter :-)

Maybe somewhat dated but the mall does get a decent amount of foot traffic- some literally, with people walking to the mall- but there are still a decent number of visitors. I don't call them shoppers because they don't spend much money necessarily- some of them are there just to see and be seen.

That entrance seems to be the one between the vacant Belk and the vacant Dillard's. Keep in mind that there are few if any cars around the former Belk, the former JC Penney (east and north sides) and I'd guess now the former Sears.

As I've said, with the area's high population density, the mall's problem is not attracting people- it's just that with the area's poverty, the mall's problem is having no customers who spend enough money to keep it afloat.

[StevenRocks]

Unless they can get another anchor in there, the traffic to the mall's other stores will surely dwindle.

[mallguy]

Unless they can get another anchor in there, the traffic to the mall's other stores will surely dwindle.

True- maybe a flea market or dollar store can take over one of the empty anchor spaces?

StevenRocks, how long do you think Eastland can hang on? Isn't Raleigh Springs Mall in Memphis still plugging along, with just Sears as an anchor?

Edited October 4, 2009 by mallguy

[StevenRocks]

True- maybe a flea market or dollar store can take over one of the empty anchor spaces?

StevenRocks, how long do you think Eastland can hang on? Isn't Raleigh Springs Mall in Memphis still plugging along, with just Sears as an anchor?

I'd say Eastland has maybe a year or two left in it as is. Raleigh Springs still has Sears and is in limbo as Walmart is supposedly still in negotiations to locate there.

[mallguy]

The Charlotte Business Journal reports that Glimcher, the mall's former owner, sold it back to its lender for $6.7M.

If Charlotte's government officials want to pay $50M for a mall whose market value was shown to be $6.7M plus something for the vacant anchors, they will not be getting my vote ever.

[mallguy]

Interesting article about Eastland in today's Observer; DeBartolo Development (whatever its official name is) offered $3M for the interior of the mall, and it looks as if time is running out for the mall.

Has anyone been lately? Is there anything left in the inside? The mall's new website shows the same stores as about a year ago, which I'd doubt is accurate.

[perrykat]

Eastland Mall will likely close by March:

http://www.charlotteobserver.com/topstories/story/1146244.html

Whoa....looks like there's some decay on that building.

Edited December 29, 2009 by perrykat

[mallguy]

I'm calling first dibs on that horrid, even by '70s standards, sun logo above the entrances! MINE!

[Guest]

thems is fightin words. M I N E

[Miesian Corners]

Paid a site visit to Eastland on Sunday afternoon. Man! What a shock. I hadn't been there in 15 years, but my childhood was spent on that skating rink. The giant and cool mod chandeliers that hung over the rink are gone, all the planters have been ripped out (the ones that remain have plastic plants in them) and I could only spot two national retailers: Kay Jewelers and Burlington Coat Factory. Nearly brought tears to my eyes.

[krazeeboi]

^Did all the sneaker stores move out? They are national chains also.

[mallguy]

And the 1970s era GNC, next to the vacant Sears (with the wood paneled entrance)?

Even Radio Shack left about a year ago.

I was looking at the directory online and see that even the Cinnabon closed, to be replaced with "Cinn-A-Bun" or something- hilarious!

Edited January 13, 2010 by mallguy

[tozmervo]

Just file it under "it was only a matter of time" - Burlington Coat Factory is closing its Eastland location. It's last day will be March 20.

[mallguy]

Just file it under "it was only a matter of time" - Burlington Coat Factory is closing its Eastland location. It's last day will be March 20.

Wow! That store just opened a few years ago.

Sorry, Eastland, when a Burlington Coat Factory even gives up, there are issues.

[HopHead]

I have to admit, that it's probably been 2 years since I drove by here. I did over the weekend... and WOW! It was beyond what I had read and heard. The wrecking balls and dynamite can't come soon enough here... Hopefully something gets done sooner rather than later... So much potential for this land.

[StevenRocks]

I can't see this place lasting for long without anchors. Then again, Mondawmin Mall in Baltimore lasted nearly 35 years after Sears left with no large anchors.