 |
|
 |
|
|
Features of the mall:
The mall features skylights, arched roof, a much spacious interior than most malls, various sections have carpet where most of the mall has either hardwood or tile flooring, 5 sets of escalators, 2 elevators, 1 set of stairs & info desk.
# of entry points: 8
# of floors: 2
Type of mall: Enclosed from ground breaking to current date
|
|
|
Intro:
Almost as if the mall was cursed from the breaking of ground, this is a struggling mall that has been plagued with issues ranging from leases to debt since the first year it opened. It is located in the Northern suburbs of Cincinnati, OH. The mall has seen its share of stores come and go over the span of the 22 years its been in operation.
History:
Construction began for the orginally called "Forest Fair" Mall in 1986 by LJ Hooker and was finally completed in 1989, though the contractor was $50 million over-budget constructing the mall, it opened in 2 phases. It started off with 150 of the 200 tenant spaces and 4 anchors. In January '91, Hooker sold the mall due to the debt collected constructing the mall.
By the late 1991, the mall was half vacant due to the nearby successor Tri-County Mall which was expanding and getting new tenants.
In May '92, a $25 million renovation project and advertising was underway to divide the mall into four different categories; Entertainment, Fashion District, Value and Lifestyle. In '93, the project was completed and the mall re-opened. By late 1994, Kohls signed on as the last anchor and the malls occupancy rose to 75%.
In February '95, the mall was on the market, and was purchased by Gator Forest Park Partners of Miami in '96. It was stated that they would invest $10 million for renovation.
Conversion to "Cincinnati Mills"
In 2002, Maryland based management firms bought the mall, closed it down, renovated and re-opened in 2004 known as Cincinnati Mills. At this point, the mall had 145 stores including 3 anchors that carried over with 93% occupancy. Also during this year, two public parking garages were built.
On January 16th, 2007 Brookfield Asset Management and Simon Property Group aquired Cincinnati Mills and was down to 66% occupancy. (Though it is noted that the anchors had better business than the internal tenants.)
In 2008, Bigg's - the largest and oldest anchor at the mall closed, then in December, Simon Property Group of Indianapolis, IN sold the mall to North Star Reality and the mall was renamed to "Cincinnati Mall" due to the naming rights not being included in the sale.
The delinquent property taxes and payments relating to the construction of the parking garages from 2002 was carried over to North Star.
Conversion to "Cincinnati Mall"
On March 4th, 2009 Cincinnati Holding of New York purchased the mall and at this point was seeking to turn the mall into a discount outlet.
On February 28th, 2010 Showcase Cinema 10 closed and was later replaced with Danbarry Dollar Saver Cinema.
Other notes:
The mall owed: $2.5 million for annual assessments, they also owed the Winton woods city schools board of education for $200,000. It was noted that North Star had little intention to pay its debt as they were uninterested in keeping the property for much longer.
On January 27th, 2011 Karla Ellesworth - the new manager of Cincinnati Mall, revealed a new plan for the failing mall, which includes: three-level Candlewood Suites, ice hockey rink, indoor mountain bike park, indoor water park, and a agriculture museum. which in return would bring over 1,500 jobs at the mall.
Plans for now are to renew current leases for the remaining anchors that wish to stay, and the new project should be competed within the next three to five years providing finanical and permits are in order.
Conclusion:
As of 2012 - The mall has remained open, with only 19 tenants and 4 anchors and is running with 15% occupancy. The anchors are: Kohls, Bass Pro, Babies R us and Burlington Coat Factory. No change has been made since the first year the new plan was revealed by Ellesworth, so who knows what the future holds for this mall. The interior has no lights, dim lights, blocked off sections, and is well preserved. This has to be the best dead mall that is still alive. Maybe there is a Blues Brothers 2 movie in post production here yeah?
|
|
|
|
|
|
|
| |
|
 |
|
 | | |
| |
|
|
|
| Quick Facts: |
|
Years in Operation: 22 years
Initial mall opened: 1989
# of (open) anchor stores: 5
# of tenants: 150
Of year: 2004
# of (open) anchor stores: 15
# of tenants: (pending)
Of year: 2007
# of (open) anchors: 14
Of year 2009 # of (open) anchor stores: 4
# of tenants: 44
Mall directory the same thru 2012
Of current year: 2012
# of (open) anchors stores: 4
# of tenants: 19
| | |
| | |
|
|
|
|
|
Names mall is known for:
-Forest Fair (1986 - 2002) - built by LJ Hooker
-Cincinnati Mills (2002 - 2008)
Mills Corporation & Simon Property Group
-Cincinnati Mall (2008 - present day) North Star Reality
Construction cost: Perfomed by LJ Hooker
Budgeted at: $200 million
Actual Cost: $250 million
Renovation Statistics:
Year: 1992 for $25 million
Year: 1995 for $10 million
Year: 2003 for $70 million | |
|
|
|
| | | |
