There could be new life for an old mall and a new beat in the heart of Arlington’s retail center.
Regency Square Mall, developed a half-century ago to fanfare as the largest regional enclosed mall, could be redeveloped, according to WJCT News partner the Jacksonville Daily Record.
Commercial real estate developer Rimrock Devlin said it has a contract to buy the 53-year-old largely vacant Regency Square Mall and redevelop the 77.11-acre property into mixed uses.
It’s not a done deal, but it’s on the table.
Rurmell Mcgee, Rimrock Devlin vice president of retail development
“We believe the redevelopment of The Regency Square Mall will not only have a significant economic impact on the local and surrounding communities, but also create a unique social impact coupled with new job creation, among other benefits generated with this project,” said a statement from Rurmell Mcgee, Rimrock Devlin vice president of retail development.
Jacksonville-based Rimrock Devlin said the property, at 9501 Arlington Expressway, could serve multiple uses.
Those include medical services, limited service hospitality, fulfillment centers, multifamily space, charter schools, banks, a convenience store, restaurants and retail, the Jacksonville-based developer said in a statement.
Rimrock Devlin declined to disclose the contract price or estimate when the sale could be completed.
“Rimrock Devlin is still early in the due diligence of this project as a property of this size incorporates various challenges,” said the statement.
It said there are active leases in place, easements and other encumbrances that will “ultimately dictate the potential of a redeveloped property.”
Read an expanded version of this story at JaxDailyRecord.com.
