Is this where the Woodlands Mall is headed?
ZeroHedge reports on a New York Time Story
Landmark’s current owner, the Howard Hughes Corporation, plans to tear down the mall and build a mixed-used space that could include offices, retail and other attractions that are still being finalized. It could take many more years to complete the planning, permitting and construction process for such a huge project.
“It’s a great piece of real estate,” said Mark Bulmash, a senior vice president of development at Howard Hughes.
The Macy’s at the Landmark Mall in Alexandria, Virginia used to be an iconic and historic building. In what is now undoubtedly a sign of the times, it has been converted into a homeless shelter until the property can be razed and its owner, the Howard Hughes Corporation, can repurpose the property and build something new at its location.
Even more telling, this homeless shelter houses many of those who used to work at the very same Macy’s.
In the realm of brick-and-mortar retail, the times are definitely a changin’. We have often, on this site, detailed not only the slow and painful death of brick-and-mortar retail as it has been occurring, but also how the value of once coveted mall property has disintegrated and similarly, how landlords of these properties now find themselves stuck between a rock and a hard place – tenants are dropping like flies, sales numbers used to help calculate rent are on the decline and property appraisals have been underwhelming. This has led to a influx of abandoned property, not unlike the Macy’s in Alexandria, just sitting and waiting to be repurposed.
