"We're under contract now to purchase the property and are nowstarting on due diligence for the next 60 days," says Marty Belz,one of MBC Holdings' partners. Belz, who is teaming with localdeveloper Bruce Burrow, says the plan is to convert the asset at1901 S. Caraway Rd. into a lifestyle center by renovating part ofit along with razing some space and rebuilding. The precise plan,including budget and project size, will be determined during duediligence.

"We're looking to redevelop the site," Belz tells GlobeSt.com."This is definitely an older property, but has an excellentlocation in the city and we believe this redevelopment is a greatopportunity for us."

When Indian Mall came on line in 1967, it had the distinction ofbeing Arkansas' first enclosed mall. Its present occupancy isn'tavailable, but Belz says a number of tenants have left and othersare holding on with month-to-month leases. "The only lease with anytime on it is Sears. And, we hope we can fit them into a new storethrough redevelopment," he says.