Cedar Rapids Weather
Westdale Mall Owners Pitch Sale Plan to Linn CountyBy Dave Franzman, Reporter
CEDAR RAPIDS - The owners of Westdale Mall are willing to sell the giant property to Linn County--and at a discount compared to assessed value. But county leaders say it could take months to weigh the complications involved in such a massive deal.
Cedar Rapids Properties represents the bank that foreclosed on the previous owners of the troubled property. A real estate representative disclosed sale terms at a Linn County Board of Supervisor's meeting Monday morning. Westdale owners want $18.5 million dollars for the entire 628,000 square foot property that sits on 63 acres of land. That excludes the big box store now housing Steve and Barry's--a store that will be closing. That single parcel is owned by another company. Representatives told supervisors that price is about 25% less than the assessed value of the mall property currently. In addition, the sellers would be willing to finance another $21.5 million dollars for the county to enable a complete renovation from a retail property to a mix of office and retail. Linn County, the City of Cedar Rapids and other government offices are now renting 70,000 square feet of space with about 265 workers. The mall was providing that space rent free until the end of October. After April 30th next year, the current below market price of $7.00 a square foot would increase if government agencies decide to continue renting. Mall officials argued that surveys have found both government workers and the mall customers approve of grouping offices at the mall on the western edge of Cedar Rapids. The reasons often cited are ease of parking and one stop shopping for many services. Linn County Supervisors say because the deal is so potentially complicated, it will take some time to sort through the options. County staffers were directed to begin taking a look at the possibilities of the county owning the property and leasing to other agencies as well as the existing retailers. Mall officials say they would need an initial answer sometime in mid January with any final details put on paper by February 27, 2009. Supervisors say they have a time line of three to six months to decide whether to rebuild flooded county office buildings or look for other permanent space. More Good Stuff |
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