City Center changes hands
Dispatch business reporter Mike Pramik reported this about an hour ago:
Columbus City Center might close after Macy’s pulls out of the ailing Downtown mall in November.
Guy Worley, chief executive of Capitol South Urban Redevelopment Corp., which plans to take over the property on Oct. 31, said today that because the mall will be only 10 percent occupied after Macy’s leaves it’s possible the mall could be closed while it’s redeveloped.
“It’s premature to say at this point in time (the mall will remain open),” Worley said. “We will have to do a cost-benefit analysis. Is it more effective to keep it open or close it?”...
...Columbus and Capitol South struck a deal with mall owners Simon Property Group and General Motors Pension Trust less than 12 hours before a scheduled eviction hearing could take place this morning in Franklin County Common Pleas Court. The co-owners, who faced eviction for nonpayment of rent since July, agreed to sell the rights to vacant land near City Center for nearly $2.88 million and throw in the 18-year-old mall in the deal.
Now, Capitol South faces the task of coming up with a new use for the property. In recent years, City Center has made a stark turnaround from retail jewel of central Ohio to Downtown’s black hole.