Tuesday, June 24, 2008
Leaving Eastland
The news just keeps getting worse for Eastland Mall. Now the owners may walk rather than pay the mortgage, because they owe more than the thing is worth. I tend to remember what Eastland used to be at this time, but in addition to figuring out what to do with the east side, now is the time to wonder: What will be the next Eastland?
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2 comments:
This is not bad news for Eastland. The mall is not viable in its current form and this will help speed up the process of closing the mall and making way for redevelopment. Charlotte City leaders and planners are seeing the impact of decades of sprawl. Now they understand that by encouraging redevelopment of existing properties that don't need new water lines, police service, etc that they can add tax value without growing out. Ongoing development and recruitment of employment centers in east and center-city Charlotte is also a needed component to the revitalization.
Check out my blog for more info on Eastland redevelopment http://www.windsorpark.wordpress.com.
Excellent analysis. Certainly if defaulting on a mortgage brings clarity to the situation, then that is a good thing.
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