Oak Ridge Today

Oak Ridge Mall redevelopment could require public money

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Oak Ridge City Center

The Oak Ridge Mall is for sale for $10.5 million, and city officials say redeveloping it will likely require the use of new property tax revenues to help pay for public infrastructure improvements.

Voters said “no” the last time they were asked to consider whether to invest public money into a massive redevelopment of the Oak Ridge Mall.

This time, they might not have a choice.

Potential developers are likely to ask for public money to help pay for infrastructure improvements ranging from rerouted roadways and new traffic lights to building upgrades and property demolition, city officials said Monday.

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Oak Ridge Mall could have new owners within six months

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A sign announces retail space is available at the Oak Ridge City Center, a mall that is for sale for $10.5 million in Oak Ridge, Tennessee.

Most of the Oak Ridge City Center, also known as the Oak Ridge Mall, has been empty for years, and now the roughly 60-acre shopping center is for sale for $10.5 million.

The mostly empty Oak Ridge City Center could have new owners within about six months, a local economic development leader said Monday.

Also known as the Oak Ridge Mall, the roughly 60-acre City Center is for sale for $10.5 million, said Parker Hardy, president and chief executive officer of the Oak Ridge Chamber of Commerce.

Sears is closing its store at the mall, meaning only two stores remain: Belk and JCPenney.

Hardy gave an update on the mall sale during an Oak Ridge Industrial Development Board meeting Monday.

He said the 500,000-square-foot mall will likely be on the market for about eight weeks, followed by a four-week due diligence period and a four-week closing period.

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