Asheville Mall Sears store to close in July

According to a report on money.cnn.com, between 20% and 25% of American malls will close within five years. That kind of plunge would be unprecedented in the nation’s history.
The reasons are nothing new. People are shopping online more than ever, and that trend is expected to keep growing. Foot traffic at malls has been on the decline for years. The report estimates that as malls close, online sales will grow from 17% of retail sales today to 35% by 2030.

There are also, quite simply, too many stores after years of new mall construction caused a retail bubble.

The closing of the Sears at the Asheville Mall is no surprise. A redevelopment plan is in the works however, to repurpose the space instead of the entire mall closing.

https://www.citizen-times.com/story/news/local/2018/04/17/asheville-mall-sears-store-close-july-2018-heres-what-we-know/520703002/

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Would you live at the Asheville Mall? It may be on possible with this developer's plan.

ASHEVILLE Citizen-Times— In an era when shopping malls are fading into oblivion, the Asheville Mall has no intention of following suit. Part of its strategy? Living there.

A preliminary permit plan submitted last month by Seritage SRC Finance LLC to the city’s development services department details a $45 million redevelopment project in and near the mall’s Sears store.

Plans show the addition of restaurants, retail stores, a 10-screen multiplex movie theater and a six-story structure with 204 multifamily housing units. It likely would be among the largest single investments at the facility since it was built in the early 1970s.

Even in Asheville’s modern development culture — where rental housing is necessary, given a period of sustained demand — the project could be a game-changer, at least as far as the mall’s long-term viability is concerned. Its addition differs from tradition in the shopping-heavy corridor of Tunnel Road, and from enclosed shopping malls, in general.

Read more here:

http://www.citizen-times.com/story/news/local/2018/01/11/would-you-live-asheville-mall-redevelopment-plan-raises-questions-intrigue/1012682001/

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The Lofts at Reynolds Village in Woodfin sells for $36.6M

 

WOODFIN — The Lofts at Reynolds Village, a mixed-use apartment and commercial complex in Woodfin, recently was acquired by a Texas-based real estate investment chain for $36.6 million.

The 201-unit luxury apartment complex with 60,000-square feet of commercial space was sold by The Lofts at Reynolds Village LLC, an investment group led by Kirk Boone. It was purchased by Transcontinental Realty Investors, Southern Properties Capital and Abode Properties, a chain which used the name LARV TCI LLC, a North Carolina Special Warranty Deed filed last week shows

Boone, who has been involved with Reynolds Village and Reynolds Mountain developments since about 2000, said his investment group determined it was the right time to sell.

http://www.citizen-times.com/story/news/local/2017/10/11/lofts-reynolds-village-woodfin-sells-36-6-m/740368001/

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