City will buy ailing City Center mall for $2.88 million
The Columbus Dispatch wroteCity will buy ailing City Center mall for $2.88 million
Thursday, September 27, 2007
By Mike Pramik
Columbus has struck a deal with the owners of Columbus City Center to take over the struggling Downtown mall.
According to a source with Capitol South Urban Redevelopment Corp., the nonprofit developer created by the city in the 1980s to build City Center, Columbus will pay Simon Property Group and General Motors Pension Trust $2.88 million for the mall as well as vacant land at the northeast corner of S. High and E. Rich streets.
Pending approval by the Columbus City Council, the mall will be in Capitol South’s hands by Oct. 31. Capitol South has hired Arena District developer Nationwide Realty Investors to create a plan for the mall’s future.
Why does the city needs to pay for it when we can just evict them?