Independence Mall (North Carolina)

Independence Mall
Location Wilmington, North Carolina, USA
Coordinates 34°12′48″N 77°54′22″W / 34.21334°N 77.9061°W / 34.21334; -77.9061Coordinates: 34°12′48″N 77°54′22″W / 34.21334°N 77.9061°W / 34.21334; -77.9061
Address 3500 Oleander Drive
Wilmington, North Carolina
28403
Opening date 1979
Developer Strouse, Greenberg & Co.
The Oleander Co.
Management Brookfield Properties Retail Group
Owner Brookfield Properties Retail Group
No. of stores and services 142
No. of anchor tenants 4 (3 open, 1 vacant)
Total retail floor area 997,525 square feet (92,673.1 m2)(GLA)
No. of floors 1
Website www.shopindependencemall.com
The Middle of Belk at Independence Mall

Independence Mall (formerly Westfield Independence) is the only enclosed shopping mall in Wilmington, North Carolina. It opened in 1979 with anchor stores Belk-Beery (now Belk), JCPenney, and Sears. A later expansion added a new wing and Dillard's store to the center after Westfield Group purchased the mall.[1] The mall is located on Oleander Drive (U.S. 76) and Independence Blvd east of downtown Wilmington. The mall has a food court and no longer features a carousel.

History

Independence Mall was developed by a partnership between Strouse, Greenberg & Co., a Philadelphia-based real estate firm, and The Oleander Co. of Wilmington. It opened in 1979 with anchor stores Belk-Beery (now Belk), JCPenney, and Sears. A notable feature of the mall was the mosaic murals depicting Wilmington landmarks and landscapes, designed by artist and retired savings-and-loan executive Samuel D. Bissette.

New owners and expansion

In 1997, the mall was sold to Westfield Group, Westfield’s management would oversee a major expansion, which would add a fourth arm to the mall, anchored by a new Dillard’s store and including a 400-seat food court. The name of the mall was changed to Westfield Indepedence.[1]

In 2000, Independence Mall Cinemas, a three-screen theater complex operated by Carmike Cinemas, which opened in 1979, was demolished to make way for the new Dillard's wing, which the new wing opened in March 21, 2001, while the new store opened in March 16, 2001.

In May 9, 2006, Westfield announced the sale of seven United States shopping centers including Westfield Independence to Centro Properties Group US, which it deemed to fit outside its strategic plan. And then the name of the mall returned to Independence Mall.[2]

In 2012, It was announced that the carousel in the center court would be removed after eight years in operation.[3]

Financial Issues and Redevelopment

In October 2014, a $110 million loan on Independence Mall went into default after payments were overdue for more than a month.[4] As of July 2016, a foreclosure auction date had been set for later that month, however the date has continuously been moved in efforts to continue discussions with the loan borrower, Centro Independence LLC. [5] A property appraisal done in December 2015 valued the mall at only $61 million.

On June 27, 2017, Rouse Properties purchased the mall for $45 million and announced the redevelopment of the mall into a modern open-air shopping center and change the mall's name to The Collection at Independence.[6][7]

On April 6, 2018, it was announced that Sears would be closing as part of a plan to close 24 stores nationwide. The store closed in June 2018.[8]

In 2016, Rouse Properties was acquired by Brookfield Properties Retail Group.

Anchors

References

  1. 1 2 "Star-News - Google News Archive". News.google.com. 1998-07-29. Retrieved 2012-01-06.
  2. ↑ Heschmeyer, Mark (2006-05-11). "Australian Firm To Buy a Half Billion in Westfield Malls: Centro Watt Enters Mall Business; US Platform Positioned To Continue Growth". CoStar Group. Retrieved 2018-09-23.
  3. ↑ "Carousel at mall to be removed". Wilmington Star News. Retrieved 2018-09-23.
  4. ↑ Nunn, Cece (2014). "Independence Mall Loan In Default, Fitch Ratings Says". WilmingtonBiz.com. Retrieved 10 August 2016.
  5. ↑ Hoyle, Amanda (2016). "New foreclosure date set for Wilmington's Independence Mall — again". Triangle Business Journal. Retrieved 10 August 2016.
  6. ↑ "Wilmington's Independence Mall has sold for $45M, reports say". Triangle Business Journal. Retrieved 2018-08-16.
  7. ↑ Staff, Hunter Ingram StarNews. "Independence Mall to be renovated, rebranded". Wilmington Star News. Retrieved 2018-08-16.
  8. ↑ https://www.wwaytv3.com/2018/04/06/sears-close-wilmington/


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.