Eastland Partners LLC, the new owners of the Eastland Mall, say they plan to pump $30 million into the often-sold property in an attempt to convert it to a mixed-use facility.
The redevelopment plans include renovations to the mechanical system, a new roof, and a redesigned interior and exterior.
The redevelopment will also convert large blocks of former retail space to large block office space, usable in such formats as educational facilities and customer service centers. The conversion is expected to be substantially complete in 36 months.
The overall site, inclusive of the Dillard’s and Mervyn’s buildings, was originally built in 1985 and consists of approximately 800,000 SF. The one-story mall, which includes a movie theatre and bowling alley, sits ion 65.9 acres.
The property was purchased by Eastland Partners from the Kallay Group in August for $2.8 million. The mall property appraised for $2.25 million in 2006.
P & H Properties LLC of Tulsa, and affiliate of Eastland Partners will oversee the day-to-day management of the property and leasing of the facility.