Company representatives confirm to GlobeSt.com that a lack of new tenants forced Goodman to leave the project. Steven D. Bell & Co. of Greensboro, NC owns the mall, which has an estimated occupancy of75%, area retail brokers tell GlobeSt.com. Brokers put the estimated redevelopment cost at $18 million, or about $50 per sf.
As Goodman bows out of the project, two other unidentified owner/developers are making purchasing inquiries on the mall, brokers tell GlobeSt.com. If sold, brokers say the mall will face almost immediate new competition from the Loop, a planned 440,000-sf open-air shopping and entertainment hub planned for 2005 by the Wilder Cos. of Boston in north Osceola County near Hunter's Creek which is in south Orange County.
"One way or the other, somebody will have to put some new bucks into this asset shortly in order for it to survive in the growing marketplace," an Osceola independent retail planner who may be working on the project tells GlobeSt.com.
Prior to Goodman's presence on the project, Trammell Crow Co.'s regional mall services group had also planned to redevelop Osceola Square Mall but backed out later, brokers tell GlobeSt.com.
The 27-year-old Steven D. Bell & Co. manages approximately three million sf of retail and office properties and 15,260 apartment units in 58 locations.
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