SPRINGFIELD, OH (June 9, 2021) – The Clark County Land Reutilization Corporation has identified a buyer for the Upper Valley Mall, which is set to close to the public June 16, 2021.
Ohio-based developer Industrial Commercial Properties (ICP) has agreed to purchase the property for $2.25 million.
“The Land Bank reached its goal of identifying a buyer that could revitalize the property as a positive economic contributor,” said Clark County Land Reutilization Corp. Executive Director Ethan Harris. “ICP has a proven track record of re-purposing properties like this. We look forward to working with them to create great economic opportunities in Clark County.”
The Board of Clark County Commissioners backed a $3 million loan in 2018 to allow the Clark County Land Reutilization Corp. to purchase the property. The land bank has operated the facility as it searched for a prospective developer to breathe new life into the property.
“This is the type of use that we hoped for when the county took ownership of the property in 2018,” said Clark County Commission President and Land Reutilization Board Member Melanie Flax Wilt. "This will use the existing structure as a foundation for development, create new jobs, and support the remaining retail economy on Upper Valley Pike by bringing more people to the area."
After completing due diligence testing, ICP is expected to take ownership of the 76.8-acre property and 811,000-square-foot Upper Valley Mall, which was built in 1971, in the fall of 2021.
"Our company has extensive experience with retail conversions and we expect our model for repurposing these centers into business parks will be very successful at the Upper Valley Mall. The location, demographics and amenities in Springfield are well suited for our redevelopment plans," said ICP Senior Vice President Dean Miller. "The team at the Clark County Land Bank and Executive Director Ethan Harris have been great partners as we move through this process.”
"ICP's track record includes everything from repurposing freestanding big box retail stores to converting former indoor malls and retail power centers into business parks," said ICP Chief Operating Officer Chris Salata. "Following the highly successful redevelopment of Randall Park Mall in suburban Cleveland, we recently announced the acquisition and redevelopment of Chapel Hill Mall in Akron. A project like Upper Valley Mall is right up our alley.”
Media contact: Michael Cooper, Public Information Officer, 937-521-2031