
Ray Evans, right, Oak Ridge economic development consultant, explains an economic impact plan for the proposed $85 million redevelopment of the Oak Ridge Mall. Also pictured seated at left are Tim Sittema, a partner in Crosland Southeast, a North Carolina commercial real estate company, and James Murphy, center, a Nashville attorney.
The $85 million redevelopment of the Oak Ridge Mall received a key endorsement Thursday when a city board unanimously recommended a plan that would allow new property tax revenues generated at the site to be used to help pay for development costs.
It’s known as a tax increment financing, or TIF, agreement, and it could be worth $13 million and last 20 years. In an 8-0 vote during a special meeting Thursday, the Oak Ridge Industrial Development Board recommended the plan to the Oak Ridge City Council and Anderson County Commission, which could consider it in November.
Tim Sittema, a partner in Crosland Southeast, the North Carolina company that has had a purchase contract on the mall since January, said the commercial real estate firm doesn’t have signed leases for the proposed redevelopment yet but is focused on 20 or 30 larger potential tenants.
If all goes well, the sale of the mall could close in the middle of next year, and demolition could then start immediately and last three to four months. Construction could last about 1.5 years, Sittema told the IDB. That means the redeveloped property, which would be named Freedom Park, could open in 2016. [Read more…]






