Oak Ridge Today

Mall sale has closed, executives say

Posted at
By 5 Comments

JCPenney Oak Ridge June 30 2016

The JCPenney store at the former Oak Ridge Mall, which has more recently been known as Oak Ridge City Center, is pictured above. The sale of the roughly 58-acre site has closed, Steve Arnsdorff, chief manager of Oak Ridge City Center LLC, said Friday, July 1, 2016. RealtyLink of Greenville, South Carolina, plans to redevelop the site, which also includes a Belk store, as Main Street Oak Ridge, a mixed-use development that could include retailers, restaurants, residential units, and possibly a hotel. (Photo by John Huotari/Oak Ridge Today)

 

Note: This story was last updated at 10:30 p.m.

The sale of the former Oak Ridge Mall has closed, executives said Friday morning.

The sale was confirmed by Steve Arnsdorff, chief manager of Oak Ridge City Center LLC, which had owned the property, and Neil Wilson, principal of RealtyLink, the new developer.

The new owner is TN Oak Ridge Rutgers LLC, a company set up by RealtyLink, which is based in Greenville, South Carolina. The purchase price was $6.3 million, and the sale closed late Thursday evening, Wilson said.

RealtyLink plans to redevelop the roughly 58-acre site, which includes a Belk and JCPenney, as a mixed-use development known as Main Street Oak Ridge. It could include retailers, restaurants, residential units, and possibly a hotel.

“We’re excited for what this project will do for Oak Ridge,” Arnsdorff said. “This community deserves this. We’re excited this is happening.”

“I think what I would like to point out is that it’s a great day for Oak Ridge and for the city to sort of embrace this new mall,” Wilson said. [Read more…]

Readers ask about Walmart-Crown American covenants; read them here

Posted at
By Leave a Comment

Main-Street-Oak-Ridge-Sign-Dec-21-2015

Workers from Masstar Signs of Greenville, S.C., install a new shopping center pylon sign at South Illinois Avenue and East Tulsa Road that announces Main Street Oak Ridge, the planned $80 million redevelopment of the former Oak Ridge Mall. Pictured above on Monday, Dec. 21, 2015, is Will Biggs of Masstar Signs. (Photo by John Huotari/Oak Ridge Today)

 

When the redevelopment of the former Oak Ridge Mall is discussed, it’s not unusual to hear residents ask questions or raise concerns about the so-called Walmart covenants. Those are probably the most frequently cited covenants or restrictions in place at the former mall site.

But they’re not the only ones. Oak Ridge retail consultant Ray Evans said Cinemark Tinseltown theater, JCPenney, Belk, and Staples also have rights on the site redevelopment plan. As an example, some rights are related to not interfering with some nearby parking or roadways at certain times of the year.

Evans said it’s not true that the Walmart covenants have prevented redevelopment of the property. More generally, it’s not unusual in a redevelopment to have many people who have lots of rights, Evans said.

He said the Walmart covenants had no impact on the proposed redevelopment by RealtyLink, a project known as Main Street Oak Ridge. In fact, he thinks RealtyLink would probably say that Walmart was easy to work with, Evans said. [Read more…]

Recording of subdivision plat for mall redevelopment shows comfort among attorneys, consultant says

Posted at
By 10 Comments

Oak Ridge Mall

The Oak Ridge City Center, which could be redeveloped as a multi-use town center known as Main Street, is pictured above. Also known as the former Oak Ridge Mall, the L-shaped building is at center. The white building at center left is Walmart, and it is not part of the proposed redevelopment. Neither is the white building at center top, the Tinseltown Theater. (Photo by John Huotari/Oak Ridge Today)

 

Note: This story was updated at 5:30 p.m.

The subdivision plat for Main Street Oak Ridge, the redevelopment of the former Oak Ridge Mall, was on its way to the Anderson County Register of Deeds to be recorded on Tuesday afternoon, said Ray Evans, retail consultant for the City of Oak Ridge.

That means the attorneys for both the buyer and the seller were comfortable enough with their progress to have the plat recorded, Evans said.

Officials said last week that RealtyLink, the proposed developer, is on track to close on the sale of the roughly 60-acre mall site by the end of June. It’s currently owned by Oak Ridge City Center LLC.

The Oak Ridge Municipal Planning Commission added a lot to the subdivision plat for the proposed redevelopment in April, creating 11 interior lots. Officials said that requested change had to do with project financing, and it was a minor change from what was approved several months earlier. [Read more…]

Main Street Oak Ridge update: City staff ready for mall redevelopment

Posted at
By 6 Comments

Main-Street-Oak-Ridge-Sign-Install-Complete-Dec-21-2015

Workers from Masstar Signs of Greenville, S.C., install a new shopping center pylon sign at South Illinois Avenue and East Tulsa Road that announces Main Street Oak Ridge, the planned $80 million redevelopment of the former Oak Ridge Mall. Pictured above on Monday, Dec. 21, 2015, is Will Biggs of Masstar Signs. (Photo by John Huotari/Oak Ridge Today)

 

Site plans have been approved for the first phase of Main Street Oak Ridge—the project to redevelop the former Oak Ridge Mall—and construction drawings have been approved for most buildings in Phase I, a city official said Thursday.

The city staff is ready to issue demolition permits, and the staff has a utility disconnect “game plan,” said Kathryn Baldwin, director of Oak Ridge Community Development.

“We’re very much ready,” Baldwin said at a Thursday evening work session of the Oak Ridge Municipal Planning Commission.

The Planning Commission will consider adding a lot to the subdivision plat for the roughly 60-acre site on Thursday. If approved, that change would create 11 interior lots. Officials said that requested change has to do with project financing and it’s a minor change from what was approved several months ago. [Read more…]

Another sign of progress: Workers install new sign announcing Main Street Oak Ridge

Posted at
By Leave a Comment

Main-Street-Oak-Ridge-Sign-Dec-21-2015

Workers from Masstar Signs of Greenville, S.C., install a new shopping center pylon sign at South Illinois Avenue and East Tulsa Road that announces Main Street Oak Ridge, the planned $80 million redevelopment of the former Oak Ridge Mall. Pictured above on Monday, Dec. 21, 2015, is Will Biggs of Masstar Signs. (Photo by John Huotari/Oak Ridge Today)

 

Note: This story was last updated at 3:30 p.m.

They tore down the old Oak Ridge Mall sign on Wednesday and erected a new shopping center pylon sign on Monday. It announces Main Street Oak Ridge, the planned $80 million redevelopment of the former Oak Ridge Mall.

Although it appears a small step to some, it is another sign of progress on the long-awaited, eagerly anticipated redevelopment of the mostly empty mall. It’s actually the biggest visible change at the mall property in years.

Local officials pointed out that the sign change wouldn’t have happened without the approval of the current owner, Oak Ridge City Center LLC. Also, the change presumably required the new developer, RealtyLink of South Carolina, to spend some money on the sign and its installation, officials said. [Read more…]

With new developer at work, AC to consider amendment to Oak Ridge mall economic plan

Posted at
By 2 Comments

Oak Ridge Mall

The Oak Ridge City Center, which could be redeveloped as a multi-use town center known as Main Street, is pictured above. Also known as the former Oak Ridge Mall, the L-shaped building is at center. The white building at center left is Walmart, and it is not part of the proposed redevelopment. Neither is the white building at center top, the Tinseltown Theater. (Photo by John Huotari/Oak Ridge Today)

 

The Anderson County Operations Committee on Monday night will consider an amendment to the economic impact plan for the Oak Ridge Mall economic development area. Officials have said some minor changes would be required after a new master developer become involved in the redevelopment of the former mall.

The Oak Ridge City Council and Industrial Development Board are also expected to consider some minor changes to the mall-related documents. The IDB has a special-called meeting on October 19.

The Anderson County Operations Committee meets at 6 p.m. Monday, October 12, in Room 312 of the Anderson County Courthouse in Clinton. The Committee is expected to forward a recommendation on the amended economic impact plan to the Anderson County Commission for its October 19 meeting. [Read more…]

Evans to give update on Oak Ridge mall redevelopment Tuesday

Posted at
By 14 Comments

Oak Ridge Mall

The Oak Ridge City Center, which could be redeveloped as a multi-use town center known as Main Street, is pictured above. Also known as the former Oak Ridge Mall, the L-shaped building is at center. The white building at center left is Walmart, and it is not part of the proposed redevelopment. Neither is the white building at center top, the Tinseltown Theater. (Photo by John Huotari/Oak Ridge Today)

 

Ray Evans, retail consultant for the City of Oak Ridge, will give an update on the redevelopment of the former Oak Ridge Mall during a lunchtime meeting on Tuesday.

Main Street Oak Ridge could redevelop the mall, now officially known as the Oak Ridge City Center, as a 60-acre mixed-use project that would include retailers, restaurants, a hotel, and residential units. The vacant enclosed space between the two remaining anchors, JCPenney and Belk, would be demolished, although those two stores would remain.

The goal has been to complete the first phase of the redevelopment in time for the Christmas season in 2016. [Read more…]

Crosland Southeast ‘disappointed,’ invested more than $1 million in mall redevelopment

Posted at
By 11 Comments

Tim Sittema

Tim Sittema

CHARLOTTE, N.C.—The North Carolina firm that has been replaced as master developer at Main Street Oak Ridge, the project to redevelop the former mall, said it has invested more than $1 million in the project and is “sorely disappointed” that it won’t be able to finish it.

Crosland Southeast, of Charlotte, North Carolina, said it has been engaged in more than “two years of tireless work,” and the project was in its final stages.

“This was one of the most difficult turnaround developments that we have encountered or seen, and we are sorely disappointed that we will not have the opportunity to finish what we started,” said Tim Sittema, managing partner of Crosland Southeast. “We had just negotiated the last piece of an incredibly complicated project with numerous moving parts, and had invested well over a million dollars into making this project a success. The situation is complicated. Nevertheless, we hope for the best outcome for the community of Oak Ridge. We have very much enjoyed working with city staff and community leaders.”

Oak Ridge City Center LLC, the current owners of the property, announced Monday that RealtyLink, a South Carolina real estate development firm, will replace Crosland Southeast as the master developer of the 60-acre Main Street Oak Ridge project. RealtyLink is based in Greenville, South Carolina. [Read more…]

Demolition permit applied for at Main Street Oak Ridge, site plan approved

Posted at
By 7 Comments

Main Street Oak Ridge Site Plan Work Session

Barry James, Crosland Southeast senior vice president, standing, explains part of the Main Street Oak Ridge site plan to the Municipal Planning Commission on Thursday, August 6, 2015. Seated from left are planning commissioners Terry Domm, Jane Shelton, Claudia Lever, and Charlie Hensley. At left in the background is Steve Arnsdorff, chief manager of Oak Ridge City Center LLC, the current owner of the property, the former Oak Ridge Mall. (Photo by John Huotari/Oak Ridge Today)

 

Note: This story was last updated at 9:10 p.m.

The demolition permit has been applied for and the site plan approved, two crucial steps in the proposal to redevelop the former Oak Ridge Mall as Main Street Oak Ridge, a 60-acre site that could include retailers, restaurants, residential units, and a hotel.

Developers applied for the demolition permit last week, Oak Ridge Community Development Director Kathryn Baldwin said Thursday. It will now be reviewed by the city staff. The demolition could include the existing space between the two remaining anchors, Belk and JCPenney, although those two stores would remain.

The site plan is for the construction of the first phase “building footprints” and the infrastructure to serve them, Baldwin said. Construction drawings for the buildings themselves will come later.

The site plan for the core retail area was approved unanimously by the 10-member Oak Ridge Municipal Planning Commission on Thursday evening. It incorporated comments by the city staff. It does not require approval by the Oak Ridge City Council. [Read more…]

Mall redevelopment could cost $80 million, create close to 1,000 jobs

Posted at
By 104 Comments

Oak Ridge Mall Master Plan

The site plan for the redevelopment of the Oak Ridge Mall shows a multi-use, town center development with retail, office, hotel, and residential properties. (Submitted image)

The project could include retail, hotel, office, and residential properties, and generate more than $2 million per year in new city and county sales tax revenues, consultant says

Note: This story was last updated at 2 p.m.

The North Carolina company that wants to redevelop the Oak Ridge Mall has unveiled its site plan for the 60-acre property.

The $80 million redevelopment could include new retail, hotel, office, and residential properties. It would create almost 1,000 new jobs and increase annual city and county sales tax revenues by more than $2 million, according to an estimate by a city consultant.

The two remaining anchor stores at the 500,000-square-foot mall, JCPenney and Belk, would stay. So would Walmart and the Cinemark Tinseltown theater.

Meanwhile, the existing interior space between the anchor stores would be demolished. Previous mall redevelopment plans had also called for demolishing that interior retail space. [Read more…]

City board will consider tax incentive, development area for Oak Ridge Mall

Posted at
By 14 Comments

Oak Ridge Mall Redevelopment Area

The Oak Ridge Mall economic development area is pictured above. The map shows a contiguous area that could be affected economically by the proposed development, which only includes the former 60-acre mall property, according to a city consultant. (Image courtesy City of Oak Ridge)

A city board this month will consider a financing arrangement that could be worth up to $10 million and allow a North Carolina company to use new property tax revenues generated at a redeveloped Oak Ridge Mall to be used for site development, possibly including for roads, stoplights, and demolition work.

Many of the details aren’t available yet, including the precise amount of the proposed tax increment financing, or TIF, agreement and the length of time it could be in effect. The details will be discussed at a Sept. 26 meeting of the Oak Ridge Industrial Development Board, when members will consider an economic impact plan, city consultant Ray Evans said.

The economic development area could include about 90 acres. It would include the 60-acre mall and could include an apartment complex and museum, movie theater and pizza shop, real estate firm and hotel, and several busy stores on Oak Ridge Turnpike—properties that could benefit from the TIF, Evans said.

[Read more…]

North Carolina company signs purchase contract on Oak Ridge Mall

Posted at
By 40 Comments

Oak Ridge Mall

An aerial view of the Oak Ridge Mall, which has been renamed the Oak Ridge City Center and is pictured at center in the photo above.

A North Carolina company has signed a contract to purchase the Oak Ridge Mall.

Crosland Southeast, a development and investment company headquartered in Charlotte, N.C., signed a contract in late January to buy the mostly empty mall from Oak Ridge City Center LLC, according to a Wednesday morning press release from the Oak Ridge Chamber of Commerce.

“We feel the Oak Ridge market is under-served in terms of retail and feel very positive about the retailers we believe we can bring to this new center,” Crosland Southeast partner Tim Sittema said in a Wednesday morning press release from the Oak Ridge Chamber of Commerce.

A sale price for the roughly 60-acre site in the heart of Oak Ridge has not yet been disclosed, but it would become public after the deal closes.

“In my book, this is one of the most exciting days I’ve had here in a decade at the Oak Ridge Chamber of Commerce,” said Parker Hardy, president of the Oak Ridge Chamber of Commerce. “This is a big deal.”

[Read more…]