Clark County land bank buys Upper Valley Mall in Springfield

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.”

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As anchors like JC Penney and Macy’s have vacated the mall in recent years, local economic development officials have pushed for new ideas to redevelop the site. The Clark County Land Reutilization Corp., a nonprofit set up by the county, had previously purchased property owned by Macy’s at the mall.

The rest of the mall property was privately owned and Sears also owns its property at the site.

MORE ON UPPER VALLEY MALL

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• Clark County plan includes entertainment district, youth programs

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