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.
@2010 WLBT. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Monday, May 20 2013 8:21 PM EDT2013-05-21 00:21:00 GMT
Jackson Police are investigating a homicide in west Jackson Monday after a body was discovered inside a residence on Arbor Vista Boulevard. According to Officer Colendula Green with JPD, officers haveMore >>
Jackson police have released the identity of the man found dead in a west Jackson house Monday morning.More >>
Friday, May 17 2013 7:16 PM EDT2013-05-17 23:16:53 GMT
One person has died in a crash near Harrisonville, MO, Thursday evening. The crash happened on Missouri Highway 7 and Walker Road. It involved a car and a tractor-trailer. Harrisonville is in Cass County.More >>
Savannah Nash celebrated her 16th birthday last week. She died Thursday when her car slammed into a semi while she was texting during her first time driving by herself.More >>
Tuesday, May 21 2013 2:01 AM EDT2013-05-21 06:01:07 GMT
(RNN) – A day after long track tornadoes devastated Shawnee and Edmond, OK, another round has begun near Oklahoma City.KOCO broadcast a slow rotating cloud that slowly extended down towards the groundMore >>
At least 51 have died in a storm the National Weather Service described as large and violent.More >>
Monday, May 20 2013 7:22 PM EDT2013-05-20 23:22:22 GMT
NOTE: Photos and videos will be added to this story later in the evening. The Walthall County Sheriffs Department along with The Humane Society of the United States are in the process of raiding a puppyMore >>
Among the dogs, many are dead, and skeletal remains are mixed with living animals in small, dark, filthy enclosures.More >>
Monday, May 20 2013 9:37 PM EDT2013-05-21 01:37:07 GMT
A body discovered in Clinton Saturday night has led to a homicide investigation. Hinds County Coroner Sharon Grisham Stewart confirms a body was discovered, although few other details are known. The bodyMore >>
Clinton Police Department's Interim Chief Mike Warren said upon further investigation, it appears a disagreement over a woman may have led to the death of a Jackson man.
Monday, May 20 2013 2:26 PM EDT2013-05-20 18:26:49 GMT
Hinds County sheriff's deputies seized five pounds of marijuana and made two arrests as the result of a three-month investigation. Sheriff's office officials say the northeast Jackson investigation isMore >>
Hinds County sheriff's deputies seized five pounds of marijuana and made two arrests as the result of a three-month investigation.More >>
Monday, May 20 2013 11:48 PM EDT2013-05-21 03:48:15 GMT
A woman has been arrested after she allegedly locked her four young daughters out of their home for days at a time.A witness told police that the four girls, ages 7, 5, 3 and 1, had been in the same dirtyMore >>
A woman has been arrested after she allegedly locked her four young daughters out of their home for days at a time.More >>
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department. More >>
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department.More >>
Monday, May 20 2013 4:58 PM EDT2013-05-20 20:58:33 GMT
For Trooper First Class Kervin Stewart, law enforcement, specifically the highway patrol, has always been a passion. "I just enjoy being a trooper. I like the freedom and the ability to interact withMore >>
For Trooper First Class Kervin Stewart, law enforcement, specifically the highway patrol, has always been a passion.More >>
Monday, May 20 2013 12:10 PM EDT2013-05-20 16:10:06 GMT
(WMC-TV) - Arlington High School senior Taylor Flake thought she was making history when her classmates elected her to be the school's first African-American class president. "It's more than just me representingMore >>
Arlington High School senior Taylor Flake thought she was making history when her classmates elected her to be the school's first African-American class president.
So when the school started planning for the commencement, Flake said she was shocked to find out that she was not among those chosen to speak.More >>
WLBT 3 - Fox 40
715 South Jefferson Street
Jackson, Mississippi 39201