Eastland Mall is a quite famous mall in the city of Charlotte. The beautiful architecture and especially the floors, it’s mind-blowing. But recently the tenants of the mall got a letter which stated that the property is now foreclosed. It was because the owners failed to find a buyer to operate and redevelopment of the mall under the time deadline.
LNR Partners, a Miami Beach-based lender who took over the ownership of the mall, stated that the foreclosing decision was understood as the owners really failed to manage it.
Eastland Mall was once a premier mall in the city with first ever food court of the state. But due to lack of proper management, attracting new businesses and regular renovations, the mall lost its customer to other malls in the city. Moreover, the loss of premier stores like Belk, Dillard’s, Sears and JC Penny, also cost it hugely.
Charlotte’s local governing body proposed to buy the entire site of 90 acres which included the 1.1 million square feet of Eastland mall area. The staff of governing body planned to revitalize the east Charlotte city by developing hospitals, stores, houses, and offices.
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