A full-scale transformation of Independence Mall, soon to be called The Collection at Independence is on its way according to mall officials. The plan is to transform the mall into “a dynamic mixed-use lifestyle center,” which will include the demolition of the Sears building.
This demolition will make way for newly built spaces that will house high-volume retailers, the addition of outparcel space and residential units. A hotel and medical office building with green space are also part of the plan for the area near JC Penney. Removal of a portion of the mall’s interior will accommodate a lifestyle streetscape and exterior retail entrances.
Last year, Rouse Properties purchased more than half of the mall, which in total includes more than 1 million square feet that was valued at more than $54 million. The change came as the property was in the midst of foreclosure, resulting from the previous owners defaulting on a $110 million loan.
Mall officials are currently working with the City of Wilmington to obtain necessary approvals and permits, and hope to begin construction later this year. Some retailers will need to be relocated to accommodate the construction process, however the property will remain open throughout the entire project.
For more information on the transformation on Independence Mall, visit the WilmingtonBiz article at :
http://www.wilmingtonbiz.com/real_estate_-_commercial/2018/03/19/a_first_look_at_independence_malls_upcoming_transformation/17244