Oak Ridge Today

Mall sale has closed, executives say

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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…]

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

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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…]

RealtyLink replaces Crosland Southeast as Main Street developer

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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 last updated at 1:51 p.m.

RealtyLink, a South Carolina real estate development firm, will replace Crosland Southeast as the master developer of the 60-acre Main Street town center project in Oak Ridge, the property owners said Monday.

RealtyLink is based in Greenville, South Carolina.

“RealtyLink first showed interest in the project as early as 2012,” said Steve Arnsdorff, the chief manager for Oak Ridge City Center LLC, the current owners of the property. “We are delighted that they have had continuing interest and are now able to assume the position of the previous developer.”

RealtyLink currently has nearly two million square feet of space in various stages of development including The River Landing, a 16-acre retail project on Winfield Dunn Parkway in Sevierville. In addition to Greenville, South Carolina, RealtyLink has offices in Charleston, South Carolina; Birmingham, Alabama; and Milwaukee, Wisconsin. [Read more…]

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

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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…]

North Carolina company signs purchase contract on Oak Ridge Mall

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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…]

Oak Ridge mall owner focuses on one buyer, no sale date announced

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Oak Ridge City Center

The Oak Ridge City Center, pictured at center above, is for sale and the owners say they are working with potential buyers, although no sale date has been set.

Local officials have announced a few different timelines and deadlines for the redevelopment of the Oak Ridge Mall since April, but the company that owns the property last week declined to set a specific sale deadline.

“We are working diligently with buyers, and there will be an announcement forthcoming,” said Steve Arnsdorff, chief manager of Oak Ridge City Center LLC, which owns the mall.

Mall owners are focused on one buyer, Arnsdorff said during an interview last week.

[Read more…]