Blogs

In spring 2020, the National Association of Realtors® Research Group surveyed its commercial members on transactions involving retail malls. Their report Case Studies on Repurposing Vacant Retail Malls outlines their findings, including a breakdown of new uses of vacant malls (see below), acquisition cost, months vacant, zoning, and sources of financing. The report also takes a thorough look at 6 individual examples across the country of how vacant malls have been repurposed.

CASE STUDIES:

Below are a few highlights of some of the case studies from the report:

Worcester Center Galleria, Worcester, MA

Mall Closed: 2006
Start of Development: 2010
Repurpose: Mixed-use development (residential, retail, office, hotel, entertainment, and medical) CitySquare
Financing: state financing, City of Worcester, private development funds

Cloverleaf Mall, Richmond, VA

Mall Closed: 2008
Start of Development: 2011
Repurpose: Mixed-use development (residential, retail, office, entertainment and medical) Stonebridge
Financing: public-private financing

Nanuet Mall, Nanuet, NY

Mall Closed: 2012
Start of Development: 2012
Repurpose: Lifestyle development (retail) The Shops at Nanuet
Financing: public-private financing, sales tax exemption

Read the full report here.