Jackson's Metrocenter Mall in foreclosure - MSNewsNow.com - Jackson, MS

Jackson's Metrocenter Mall in foreclosure

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By  David Kenney - bio | email

 

JACKSON, Miss. (WLBT)   Jackson's largest mall has fallen on hard economic times.

 

This week Metrocenter Mall in Jackson went into foreclosure.

  

Foreclosure experts explain Metrocenters foreclosure, saying it's just like a home foreclosure.

 

The mall owners have fallen behind on their mortgage payments, and now the bank has given them an ultimatum, pay up, or they're taking over the property.

 

Jackson Mayor Harvey Johnson talked to the mall owners earlier this year.

 

At that time Texas Limited Partnership confirmed the mall traffic was dwindling, and tenants were leaving too.

 

"The issue is it's hard making a go of it, at the same time there were a number of improvements that needed to be made in and around the mall to make sure it was attractive to tenants and that kind of thing.  The ring road needs some work on it we've looked at that it's maybe 3-5 million dollars. Really it was a situation when I think the owner didn't feel he had the resources to put in the mall to bring it up to where it needed to be."

 

The bank has given Metrocenter until Dec. 15 to settle their debt.

 

At that time, the bank will put the property up for sale.

 

City leaders say that may be the change that's needed to breathe new life into an area, where revitalization has struggled.

 

"It could create some opportunities for new owners to come in and really work to move the Metrocenter forward," says Johnson.

 

The foreclosure does not include the mall anchor stores like Sears or Burlington Coat Factory.

 

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