Canyon Gulfside Greenville, LLC was the seller of the property. In December 2005, Canyon Gulfside Greenville purchased the former Greenville Mall for $37 million with plans to demolish the retail asset and develop Magnolia Park Town Center on the 65-acre site, as GlobeSt.com previously reported. Demolition of the mall began in November.
Now that it owns the Magnolia Park Town Center, Menin Development is taking a step back from the development and re-evaluating the plans, a spokeswoman tells GlobeSt.com. No purchase price or estimated development cost were released.
"We decided to enter the Greenville market with Magnolia Park Town Center because we believe it comprises all of the necessary ingredients that will allow us, in concert with the city and county of Greenville, to create a landmark project that will serve the residents and visitors to the area well for many years to come," Craig Menin, president, says in a statement.
Original plans called for Magnolia Park Town Center to opening spring 2008. The 676,000-sf development was to be anchored by a Regal Cinemas and Sports Authority, which anchored the Greenville Mall. The mixed-use property was also slated to boast the first Costco in the Upstate region.
At the time GlobeSt.com first reported the development, Canyon Gulfside Greenville, a joint venture between Gulfside Development Co., Inc. and Canyon Realty Advisors, was also considering adding office, residential and hotel components to the project.
Menin Development acquires and develops regional, mixed-use town centers across the country. It recently completed Downtown at the Gardens in Palm Beach, FL. That center's tenant roster features a 16-screen Cobb Theatre, Whole Foods Market, the Cheesecake Factory and Urban Outfitters. The project also includes 400 condos, 300,000 sf of class A office space and a 175-room hotel.
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