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In 2023, the mall was turned over to court-appointed receivership, with real estate firm JLL managing leasing and operations. Despite efforts to stabilize the site, the overall outlook remains bleak, with experts questioning whether any investor can turn this around given the current conditions.
The Challenges of Reimagining the Mall
The once-promising idea of reimagining the mall’s purpose is now under significant doubt. An auction scheduled for September 2023 was postponed yet again due to various legal and logistical hurdles. The numbers tell a somber story: the mall's appraisal has fallen dramatically, from roughly $1.2 billion in 2016 to the current $195 million.