GERMAN TOWNSHIP, Ohio (WDTN) — A Miami Valley mall has been foreclosed, but remains open.
The Upper Valley Mall in German Township was owned by Simon Malls. A company that owns more than 100 shopping centers nationwide. We learned today that Simon Malls had a decade to reduce the debt on the Upper Valley Mall. A debt that totaled more than $47 million. 10 years later, the same amount is owed.
According to their website–Simon Malls no longer considers the Upper Valley Mall to be part of their company. We tried reaching out to Simon Malls, but they didn’t comment on the situation.
Wells Fargo has foreclosed the mall, and plans to seek new ownership. It’s a move that could pay dividends for a mall that hasn’t been updated since opening in 1971.
Clark County Commissioner John Detrick has lived in Springfield his entire life. He says he’s seen the changes the mall has made over the course of 43 years; however, he’s excited for what new ownership could bring.
“When you get new owners, you sometimes get new enthusiasm. New ideas. We have a good product there, we just need to re-merchandise it,” Detrick said.
The mall’s anchor stores–Macy’s and Sears–own their property separately. Revenue from those stores does not go into the $47 million owed by the former owners.
Up the hill from Upper Valley Mall is Collier’s Family Restaurant. A business that employs close to 50 people.
Matt Tarzinski, Owner of Collier’s Family Restaurant, says the restaurant has seen growth and decline in customers due to new area retailers close to Bechtle Avenue.
“It’s much easier for people to go there, and to two or three different things,” Tarzinski added, “You almost have to make a special trip to come out here.”
Tarzinski says the restaurants clientele has helped them during the recession. He said that he hopes to see a rebirth of Upper Valley Pike in the form of a renovated mall.