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Saturday, November 10, 2001

Beechmont Mall put up for sale




By Lew Moores
The Cincinnati Enquirer

        ANDERSON TOWNSHIP — Beechmont Mall, which has been something of a ghost town for the better part of a year, is up for sale, according to township officials.

        The mall, which had long been the focal point of the township, has been owned by Goldman Sachs' Whitehall Real Estate Fund, its real estate division, for the past two years. But the mall has been virtually empty of businesses since the end of last year.

        There had been talk of redeveloping the mall into an open-air mall, somewhat like Rookwood Pavilion and Commons, but nothing ever came of it.

        Henry Dolive, township administrator, said the bottom line was that Goldman Sachs finally determined that redevelopment of the mall would not be as profitable as the company would like.

        “The best-case scenario that they could come up with was that they were going to have a 10 percent return on their investment,” said Mr. Dolive. “That's not as much as Goldman wants.”

        Township Trustee Russ Jackson said they were surprised by Goldman's decision, but he saw a silver lining in the dark cloud.

        “Surprised? Absolutely,” said Mr. Jackson. “But I think that it may be the best thing that can happen, even though a lot of people might think it's a set-back.”

        Mr. Jackson and township officials believe the sale of the mall could open the door for a local developer who may be more responsive to what the community wants. They have contacted potential local buyers.

        Scott Schroder, a spokesman for Developers Diversified Realty in Cleveland, Goldman's developer, would only say, “I checked with the property owner and at this time I cannot confirm the property is for sale.”

        The lack of progress in redeveloping Beechmont Mall was a key issue in this fall's campaign for two trustee seats.

        Although the candidates said there was little the township could do directly to spur the redevelopment, nearly all of the six candidates said the mall was ideally suited for a mixed-use development that might include a theater, restaurants and community center.

        Mr. Jackson, who was not running for re-election, said a local buyer might be more amenable to what the community wants in the mall.

        “I do know there are a number of local suitors already at the door,” said Mr. Jackson. “This mixed-use might have a higher probability.”

        The mall, which dates to 1969, has 600,000 square feet situated on 60 acres at the corner of Five Mile Road and Beechmont Avenue.

        Last year, as leases began expiring and with the economy growing stale, tenants began moving out, given an extra boost to leave when there was talk of demolishing much of the mall and turning it into an open-air center.

        These days, Lazarus, Kmart and Thriftway remain, along with a handful of smaller stores and restaurants, but most storefronts are vacant. A paper sign still hangs from the grating at what was once Rogers Jewelers, announcing: “We are closed as of 12/29/00.” A message board by the now-deserted food court announces there will be a 5K run on Sept. 23, 2000.

        The conversations of a handful of mall walkers echo in the empty corridors.

        Aubrey Odell, of Amelia, waited while his wife shopped at Kmart.

        “It's just such a shame,” said Mr. Odell. “I wish they'd done something with it. It's been stagnant. I don't think it's fair to the people in the area. Here it sits.”

        The township has tried to encourage development with a proposal to buy the 25 wooded acres behind the mall and turn that property into a park with a lake. The lake proposal, which they call Anderson Lake, would help solve the storm water retention problem and downstream flooding.

        The lake and park, township officials believe, would attract people to the area of the mall and transform it into the heart of the township.

       



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