Millions expected to be invested in nearby mall
Cindi Andrews reports:
Middletown’s mostly vacant mall is going to get an injection of cash and new tenants, the new owner promises.
Towne Mall, just off Interstate 75 at Ohio 122, and the attached Dillard’s space recently sold to California-based investment group SA Mary Ohio for $2.2 million.
Group member George Ragheb said SA Mary Ohio will spend an additional $22 million-plus this year to renovate the long-neglected property, currently at about 25 percent occupancy. He expects to have most new tenants in place by the first quarter of 2014.
“We think the location is wonderful,” Ragheb said. “There is a great need for shopping there.”
The reason the mall hasn’t succeeded, he said, is because previous owners have been unwilling to invest their own money to attract new tenants, instead seeking public help. That will change in the hands of his group, which has experience developing malls all over the world, he said.
“We will bring it back to a beautiful property,” Ragheb said.
