Big news (and good news) for mid-town Little Rock. The Arkansas Democrat-Gazette has the breaking story. You can get it all here. There will be more tomorrow.
University Mall sold to Simon partner
Friday, September 28, 2007
LITTLE ROCK — The fate of the troubled University Mall in midtown Little Rock has taken a turn that bodes well for the retail property built in 1967, the Arkansas Democrat-Gazette has learned.
The land beneath the mall has been sold to SPC Park Avenue Limited Partnership led by Jim Strode of Dallas for an undisclosed sum. Strode was the developer of the recently opened Midtowne Little Rock retail center near University Mall.
The new partnership will partner with Simon Property Group Inc. to redevelop the property, according to a source close to the deal. Simon Property has managed the mall and is appealing a lawsuit ruling in a case that has dragged on in federal court for three years.
UPDATE: Our pal Roby Brock at TalkBusiness.net has a somewhat different take on his BizBlog.
Strode Property Co. of Dallas, Texas, announced late today that it has purchased University Mall in Little Rock and will redevelop the 27-acre area into a mixed-use, open-air shopping complex to be called Park Avenue.
Contrary to other media reports, Simon Property Group has no further involvement with the project, nor do the previous owners of the property, the William L. Patton, Jr. Family partnership and the Southern Real Estate & Financial Co., according to representatives for Strode.
Terms of the deal were not disclosed and no tenants have been confirmed at this time, although sources tell Talk Business that Target could be an anchor client for the new development.
Strode Property recently developed and opened Midtowne Little Rock, an upscale shopping center that has attracted a host of specialty retailers and restaurants. Park Avenue and Midtowne Little Rock occupy opposite corners of the University Avenue and Markham Street intersection.
”Like Midtowne Little Rock, my hope is for Park Avenue to bring new life to the University Avenue corridor and continue the ongoing redevelopment efforts of Little Rock’s central area,” said Jim Strode.
Filed under: Little Rock
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