The Clark County Land Re-utilization Corp. has purchased more than 40 acres of the Upper Valley Mall property for about $3 million in an effort to spark redevelopment of the retail property in German Twp.
The land bank expects to hold the property for about 60 to 90 days as a tentative agreement is finalized with a private developer, said Community and Economic Development Director Tom Hale.
“The Upper Valley Mall is a prime property for economic development,” said Clark County Commissioner Melanie Flax Wilt, who also serves on the land bank board. “It’s been one of our county’s largest retail hubs for four decades and we hope we can kick-start a new vision for that area.”
The Clark County Commission guaranteed a $3.5 million loan to allow the land bank to purchase the property last month.
In January of 2017, the land bank spent $200,000 to purchase the former Macy’s store at the mall. The land bank now owns about 60 acres of property at the mall site, Hale said.
All mall staff will be retained as part of the deal. All businesses will continue to pay rent, Hale said. The acquisition does not include the Sears property, he said.