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COLUMBUS -- Southern Park Mall owner / operator Washington Prime Group highlighted Southern Park Mall's redevelopment project, one of many nationwide as it repurposes former Sears store spaces.
Changes at Southern Park Mall and elsewhere were noted as part of Washington Prime Group's latest earnings report to shareholders.
The group, which owns the mall in Boardman among many others nationwide, is changing the uses for spaces that had been occupied by Sears stores in an effort called "adaptive reuse."
At Southern Park Mall, "demolition of the former Sears is underway and is to be replaced by DeBartolo Commons which includes an athletic green space, an ice skating rink and entertainment venue."
The report continues: "The redevelopment project will also feature a new entertainment hub anchored by Steel Valley Brew Works as well as an indoor golf facility and several new food and beverage options. The renovation also includes a permanent DeBartolo-York Family installation situated within the common area."
Sears Holdings filed for Chapter 11 bankruptcy in 2018, at which time it had 700 stores across the U.S.
Other Washington Prime Group projects to redevelop or replace such former Sears spaces nationwide, according to the earnings report, are:
• Polaris Fashion Place, Columbus: FieldhouseUSA will anchor the mixed use redevelopment.
• The Mall at Fairfield Commons, Dayton: Round1 Entertainment opened November 2019 replacing the lower level of the former Sears, and the upper level is currently under construction and will be occupied by Morris Furniture, which is expected to open during the second quarter of this year.
• Morgantown Mall, Morgantown, W. Va.: The company has executed a lease with Dunham's Sports replacing space previously occupied by Elder Beerman (Bon-Ton Stores). A national discount retailer and an entertainment concept have provided letters of intent to replace the former Belk department store and the former Sears will be replaced with outdoor greenspace for athletic and entertainment use.
• Grand Central Mall, Parkersburg, W.Va.: HomeGoods, PetSmart, Ross Dress for Less and T.J. Maxx will collectively replace the former Sears location.
• The Mall at Johnson City, Johnson City, Tenn.: HomeGoods will anchor the replacement.
• Town Center at Aurora, Aurora, Colo.: FieldhouseUSA will anchor the planned mixed use redevelopment.
• Port Charlotte Town Center, Port Charlotte, Fla.: A national entertainment concept has executed a letter of intent to replace.
• Longview Mall, Longview, Texas: National retailers have executed letters of intent to replace.
• Mesa Mall, Grand Junction, Colo.: Three department store replacements include a national sporting goods retailer replacing the former Herberger's department store (Bon-Ton Stores), Dillard's will replace the former Sears and HomeGoods will replace the former Sports Authority -- all of which have executed letters of intent;
• Southern Hills Mall, Sioux City, Iowa: The company has executed a letter of intent with a national off price retailer and has received a letter of intent from a national home furnishings retailer to replace the former Sears location;
In the report, Washington Prime Group reported financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2019.
Net income attributable to common shareholders for the fourth quarter of 2019 was $17.1 million, or $0.09 per diluted share, compared to net income of $55.0 million, or $0.29 per diluted share, a year ago. Funds from operations were $70.1 million, or $0.31 per diluted share.