Redevelopment of Times Square Mall In Mt. Vernon

Business
February 6, 2014

Redevelopment Of Times Square Mall In Mt. Vernon

By Leigh Williams, Contributing Writer

The redevelopment of Times Square Mall in Mt. Vernon continues to be on schedule including the recent announcement of the completion of more than $25 million in financing for projects by Pine Tree Commercial Realty LLC.

According to information released by Associated Bank, “A $12.8 million construction loan will enable Pine Tree and partners Wanxiang America Real Estate Group and Sansone Group to redevelop the Times Square Mall, a 281,000-square-foot retail shopping center located at 42nd and Broadway in Mt. Vernon. Times Square is anchored by JC Penney, Hobby Lobby, and Big Lots. Associated Bank previously provided the partnership with the $2 million loan for acquisition of the mall.” Hobby Lobby, and Big Lots will be additions to the mall and fill the space left vacant by Sears.

The new Hobby Lobby will bring from 35 to 50 jobs and will be housed in the 53,000 square foot facility which formerly housed the Sears store. Big Lots will be located in a 32,000 square foot area in the mall. Officials broke ground for the redevelopment in November. A third addition to the mall should be named shortly.

In addition to the Times Square Mall, Pine Tree also acquired Shops at Shoal Creek in Kansas City, Mo., in partnership with Wanxiang and Osprey Real Estate Capital.

The Times Square Mall website lists its current stores as Bath and Body Works, Claire’s Boutique, Dunham’s Sports, Glik’s GNC Live Well, Hibbett Sports, JC Penney, Joe’s Records, Kirlin’s Hallmark, Maurices, Mt. Vernon Eye Care, Peebles, Pro Nails, Shoe Sensation, Southern Illinois Driving School and Subway.

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