On the heels of a foreclosure petition filed last week, a Wichita City Councilman says he doesn’t expect the Towne West Square mall to close.
“I don’t think you will see the mall closing, but I do see a needed change coming as it has pretty much remained the same as when it was built almost 40 years ago,” District 4 Councilman Jeff Blubaugh tells the WBJ. “As we see the retail landscape shift across the country, the widespread closure of malls opens up previously built infrastructure to redevelopment and new opportunities.”
“We look forward to see what’s in store for this area of the city.”
Washington Prime Group is a real estate investment trust based in Ohio that manages the mall. The trust is a spinoff of the Simon Property Group, which incorporated Towne West Square LLC in 2001, according to Kansas Secretary of State records.
Wells Fargo, which is representing the trust that holds the title to the property, is seeking nearly $47 million for the principal of the loan and accrued interest in the amount of more than $220,000.
(Read more: Wichita Business Journal)