The Clark County Land Reutilization Corp. has purchased 40 acres of property at the Upper Valley Mall for about $3 million with plans to spark redevelopment on the German Twp. site.
The land bank plans to hold onto the property for two to three months as a tentative agreement with a private developer is finalized, said Tom Hale, community and economic development director.
The Clark County commissioners guaranteed a $3.5 million loan to allow the land bank to purchase the site. All mall staff will be retained as part of the deal, and all businesses will continue to pay rent, Hale said.
“The Upper Valley Mall is a prime property for economic development,” said Melanie Flax Wilt, who also serves on the land bank board. “It’s been one of our county’s largest retail hubs for decades and we hope we can kick-start a new vision for that area.”