City Council is once again considering a revival plan for the former site of Eastland Mall. The site is located on Central Avenue between North Sharon Amity and Albemarle Road. The City of Charlotte purchased all 80 acres of land in 2012 for $13.2 million.
The mall originally opened in 1975 and operated until it closed in 2010. There were security concerns due to crime and economic setbacks in the surrounding neighborhoods. The old mall was demolished in 2013.
The city is poised to hear from government officials on Monday afternoon regarding hiring a consultant to help entice development in the property. This plan should be modeled after a development in Denver, Colorado. The Denver project was also a reconfigured shopping mall.
Earlier this year, city council agreed to sell 11 acres of the land to Charlotte Mecklenburg School District for $650,000. A K-8 school will be built on that parcel and will be part of any larger plan that is developed. Additional features will be a tie in with the transit plan and with other assets in the area.
This proposal comes at a time when residential building permits have been on the rise. In fact, they are up 5% over last year for the first three quarters. Much of the new development has been to the South along the SouthEnd corridor, SouthPark area, and Ballantyne. The East side of the city seems poised for a revival. Property values are lower here so they stand to gain substantially if the plan goes forward.
As with any speculation, there is risk. There have been a few other proposals for Eastland Mall over the years, with none reaching fruition. If you would like to learn more about the Eastland Mall area, call us at (704)525-4045. Or check out our listings in this community.