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Old 03-07-2017, 04:50 AM
 
Location: Pittsburgh
106 posts, read 87,115 times
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Two recent articles in the Cleveland Plain Dealer asserting that the Charleston Town Center along with other major assets of Forest City are being sold to an Australian REIT QIC yet nothing in the Charleston paper even remotely mentioning the story. Anyone heard anything? Looks like they are selling the CTC along with other major retail properties like the Mall at Robinson in Pittsburgh and Short Pump Town Center to this QIC. Most of their New York properties look to be acquired by another outfit called Madison group.
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Old 03-07-2017, 06:34 AM
 
Location: 304
4,976 posts, read 6,535,031 times
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Actually a couple of years ago I thought there was talk of this, but nothing came of it.
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Old 03-08-2017, 12:00 PM
 
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Forest City makes headway on plans to sell malls, specialty retail properties | cleveland.com
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Old 03-08-2017, 04:06 PM
 
Location: 304
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Charleston Gazette-Mail | Co-owner to sell its share of Charleston Town Center mall
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Old 03-10-2017, 04:23 AM
 
349 posts, read 195,274 times
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Typical comments from the mayor as to be expected. Not surprised at any of this.
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Old 03-10-2017, 09:07 AM
 
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What's the mayor supposed to do? That mall is facing the very same challenges faced by malls all over the country with declining retail along with the added challenge of doing it in a downtown location with the concurrent parking issues. His city government is also investing more than $90 million in renovating the Civic Center located directly across the street from the mall. Keeping that mall viable is vital, and I'm sure that isn't lost on him. If he was told the deal wouldn't be made unless the millions in fees were waived, it makes sense for him to sacrifice the fees in order to protect the far more substantial nearby investment. The alternative would be to imagine a largely dead mall right across the street from one of the city's best assets.
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Old 03-10-2017, 09:32 AM
 
349 posts, read 195,274 times
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I guess until you open your eyes to what's been going on in Charleston there's really no point in attempting to answer that.
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Old 03-10-2017, 10:24 AM
 
9,400 posts, read 11,458,293 times
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Quote:
Originally Posted by JohnNada View Post
I guess until you open your eyes to what's been going on in Charleston there's really no point in attempting to answer that.
I think in today's retail world, there is risk involved with whatever decisions are made. My impression is that Charleston isn't alone with that conundrum. Malls all over the country are struggling, even in growing areas.
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Old 03-10-2017, 12:47 PM
 
Location: 304
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The mall needs management that isn't short-sighted. The CTC is arguably in the best location it could possibly be in for success, it is newly renovated, it has major hotels adjacent to it, and it has great restaurants and stores. The problem is the same problem that the whole city has had. People are simply satisfied with status quo. There is never a push to do things exceptional around here. The city and Forrest City often times settled for less than excellent results, therefore the end result has been mediocre at best.
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Old 03-10-2017, 05:13 PM
 
349 posts, read 195,274 times
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Let this sink in...if the CTC loses Macy's a reasonable argument can be made that the Crossroads Mall in Beckley with it's anchor stores is a better shopping destination.

Unfathomable that the CTC could fall to that level. The one thing Charleston used to have going for it is being a regional shopping and dining destination that you went to so that you could shop and eat at at places that you didn't find anywhere else in the area.

If you want to go back to the original Dillard's deal from the folks I've talked to the city didn't want to take the risk of losing a million to bring them in and them not be successful. In hindsight that was a major failure not taking that risk and trying to keep the CTC upscale and fresh.

And this just in Gander Mountain is closing at Southridge. So more people out of work, less b&o and less people shopping and eating. How anyone around here cannot see how bad the situation is becoming baffles me.

And how the locals are satisfied with the status quo is tragic.

Last edited by JohnNada; 03-10-2017 at 05:14 PM.. Reason: Adding text
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