In the state where the indoor mall debuted, Universal, built in 1965, has had one of the worst records in the past few years. Some of the anchors such as Montgomery Ward and Woolworth's went dark years ago, and the mall is reportedly at less than 50% occupancy. Also, the mall hasn't aged gracefully, and crime is a deterrent to customers.
Mike Shore, chief communications officer for the MEDC, says the property qualified for brownfield redevelopment assistance, requested by the city. "Michigan law allows the designation for properties that are functionally obsolete, as well as blighted and contaminated," Shore tells GlobeSt.com. "This mall meets those qualifications. And anytime we can redevelop an existing property, at a minimum we've saved some green space and reduced sprawl, that's the basis for our programs."
The project includes the rehabilitation of a 100,000-sf anchor building and a 48,000-sf multiplex theater, similar to the existing $1.50 show theater at the mall now. Reportedly, the owners could begin demolition and construction by next spring. Company officials did not return calls for comment for this story.
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