business

Eastland mall sells at auction

Eastland Center sign is seen, Tuesday April 21, 2015, in Harper Woods. (Steve Perez/ The Detroit News)
Eastland Center sign is seen, Tuesday April 21, 2015, in Harper Woods. (Steve Perez/ The Detroit News)
The Detroit News
Aa

A major piece of the beleaguered Eastland Center in Harper Woods sold in an online auction Tuesday, according to the auctioneer's company website

The winning bid or sales price for the massive property at 18000 Vernier wasn't disclosed. The mall,opened in 1957,  has been in debt since 2006 and entered financial receivership in 2015.

Not all of the mall property was included in the auction. The Lowe's and Home Depot stores were not included, nor were the former locations of Macy's and Target.

Whoever the potential new owner may be, the City of Harper Woods wants to be part of a mixed-use development at the site that would include a city hall. The city's plan calls for 450,000 square feet of civic space and nearly 700 apartments and row houses. There would also be a hotel and restaurants.

The mall is Harper Woods' largest source of tax revenue and its decline has resulted in the community losing about $2 million total in property taxes since 2014.

 

 


 

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