The 40-year-old mall will continue to operate in its current form, but future redevelopment isn’t off the table.
Update #1 — February 4, 2015; 11:53 AM
Following weeks of speculation, Regency Square Mall was purchased by two veteran local development companies, Thalhimer Realty Partners and the Rebkee Co. The purchase price, according to sources close to the deal, was $13.1 million.
The groups have no plans to redevelop the mall at this time, but hasn’t ruled it out in the future. In the near term, they will heavily invest in upgrades and a full remodel of the property.
Thalhimer senior vice president Mark Slusher is optimistic about Regency Square, saying:
“We think it’s a great location with good demographics,” said Slusher. “And it’s in our backyard, so we can reach out and touch it. I don’t know what it needs yet, but we think good local ownership will really benefit the property.”
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Original — September 30, 2014
Regency Square Mall, once a West End shopping mecca, has fallen by the wayside in recent years, thanks to the influx of additional (and upgraded) options like Short Pump Town Center and Stony Point Fashion Park.
In fact, 39-year-old Regency is one of only a handful of old school indoor malls in the Richmond area that haven’t come face to face with the bulldozer.
Growing up in the West End, Regency was quite the happening place, with a healthy crop of shoppers on the weekends. On a recent visit, it was a virtual ghost town, though I hear that’s not always the case.
I have early memories of visiting Santa there each Christmas, and my parents even met there in the late ’70s–my dad was the manager of Radio Shack; my mom a sales clerk at a long since defunct record store chain called Harmony Hut.
Flash forward to 2014, and the mall is a bank-owned property, its stores bringing in a mere fraction of the annual sales they used to rake in.
Richmond BizSense reports that Regency could be up for sale by the time the holidays roll around, and most likely at a fire sale price, making it a potentially attractive deal for someone interested in redevelopment or remodeling (think Willow Lawn’s ongoing evolution).
Much like Willow Lawn’s neighboring community, the area surrounding Regency Square has been a hotbed for redevelopment in the past decade, with a new Walmart and BJ’s Wholesale Club springing up just outside the mall, along with a whole host of other additions and shopping center renovations.
Read BizSense’s full rundown to learn the sales details, find out what’s at stake for creditors, and what fate the mall may face.