Facing foreclosure, what’s next for Killeen Mall?
Sadly, we've all noticed the stores closing at the Killeen Mall. Not every month, but over the last few years when we talk to our audience about a store closing at the mall the US 105 Nation asks something like, "Wonder if it will close altogether?"
For the time being you need not worry about them locking the doors immediately. Let's hope it does not come to that. In the meantime, wanna buy a mall? A fine recap appeared in the Killeen Daily Herald recently about the financial mess the mall is in. The mall has been facing foreclosure for about six months according to John Crutchfield with the Greater Killeen Chamber of Commerce. It was the topic of discussion at Tuesday's Killeen City Council meeting.
Charles Watts is the President of the Killeen Economic Development Commission’s Board of Directors, and said, “Owners of the boxes that house Dillard’s and JCPenney, for example, do not own the balance of the mall."
The story explains there is a note on the mall that actually exceeds its value. That note has been called by the mortgage company but the folks responsible can't pay it off. Right now the mall is being watched over by CIII Asset Management and being prepped for sale.
What if nobody buys it? Will it keep drying up? Potentially, a buyer could just wait for it to do so and hold out till the price is right. It sounds to me like the city says they are going to press hard to make sure whoever buys it continues to operate it in a way that is beneficial to the community.
The upcoming Sears closing at the mall, scheduled for March, seems to have shed more light on the whole story and has people talking. The Killeen Mall opened back in 1981. Just about everyone has been there. Potentially, things may not change all that much and the mall could stay open. If the opposite happens it may not come off as such a surprise to some. If it wasn't the mall what would you build there? Or how would you use the space?
The Killeen Economic Development Commission are working on incentives for potential buyers.