WORTHINGTON, OH-A venture of locally-based Real Estate Development Advisors and Fort Worth, TX-based Morris Capital Partners is under contract to purchase the 170,000-square-foot Worthington Square Mall. The property was foreclosed in 2008 by lender General Electric Credit Equities.

The property is 50% leased, with tenants that include Talbot’s, Chico’s and Joseph A. Bank. A Kroger Fresh Fare, self-owned, is next door to the mall.

A plan to add density with condos failed after the economy went sideways, says Bill Morris, principal with the self-named firm. Columbus Retail Inc. Couldn’t service the debt after moving out tenants, and had to return the property to GE, Morris says.

“Our plan is to reposition the, take it back to its original open-air feel, maybe rebrand it with a new name and new entry features,” Morris says. “New amenities could include an outdoor fire pit, a children play area, and new restaurants. There’s only two restaurants, and there’s several million square feet of office nearby that don’t have choices where to go eat. We’re even talking to a developer that may build luxury apartments around the mall.”

He says the repositioning in this Columbus submarket will cost several million. “It won’t be lipstick on a pig, we’re going to have a completely different look and feel. We think this trade area is healthy and deserves a new retail venue with a mix of uses,” Morris says.

Matt Greeson, city manager, said the community is pleased that the property has experience behind it. Morris managed the acquisition and redevelopment of the one-million-square-foot Padre Staples Mall into La Palmera Mall in Corpus Christi, TX, and REDA President Tom Carter developed the local Easton Fashion District. “Worthington Square is a critical asset for the entire community and the pivotal piece to realizing the city’s emerging vision for the Wilson Bridge Road corridor,” Greeson said in a statement.

However, Greeson said pretty much the same thing in February 2009, when GE took the mall back. The lender pitched a $5 million renovation project, similar to the new owner’s plans, to the city about eight months ago.

Morris refused to comment on the cost of their plan, and on the purchase price, but he said there is interest by potential tenants. “We’re currently negotiating letters of intent. Carter, who lives a mile from the site, has many local and national contacts,” Morris says.