The long-neglected Oak Ridge Mall property has been sold, and city officials have high hopes for its future.
The Chamber of Commerce announced Wednesday that Crosland Southeast, a retail and mixed-use development firm, signed an agreement last month to purchase Oak Ridge City Center, previously the Oak Ridge Mall, from Oak Ridge City Center, LLC.
A press release says Crosland Southeast is currently conducting its due diligence, and it is
anticipated that demolition of the current mall could begin by early
Crosland Southeast has developed over 24 million square feet of retail and mixed-use projects, most notably in the Carolinas, including Biltmore Park Town Square, a 790,000 square foot mixed-use development in Asheville.
They have also developed Providence Marketplace, an 835,293 square foot mixed-use development in Mount Juliet, just outside of Nashville.
Oak Ridge Mayor Tom Beehan said, "The lack of retail and sales tax leakage have been huge issues to everyone who lives in Oak Ridge for a number of years. Crosland Southeast has a solid reputation for taking shopping centers like the Oak Ridge Mall and turning them into thriving, quality developments. This is a great day for Oak Ridge! "
Stephen Whitson, Chairman of the Oak Ridge Chamber of Commerce's board of directors and President of H-S Whitson Construction Company said, "This is exciting news for Oak Ridge. Crosland Southeast is a quality development company with a proven track record of redeveloping and revitalizing shopping centers all over the southeast."