Lake City-based company looking to revitalize Regency Square Mall as it seeks to buy troubled shopping center

JACKSONVILLE, Fla. – News4JAX has learned which company is interested in purchasing the Regency Square Mall after the current management of the shopping center put the mall up for sale following nine years of ownership.

According to the Jacksonville Daily Record, a News4JAX news partner, Blackwater Development LLC announced it is the prospective buyer of the once thriving hotspot for shopping in Jacksonville that’s now a dilapidated mall. Company President Rumell McGee made the announcement on Monday in a statement to the Daily Record, saying that the company entered into a contract to acquire the property.

The 56-year-old mall, which opened in 1967, is an anchor in the Arlington area. Namdar Realty Group and Mason Asset Management purchased the property in 2014. Since then, the mall has been in constant decline with an abundance of necessary repairs and the imprint of former stores that have since vacated the mall.

RELATED | Contract finalized: Regency Square Mall owners selling 56-year-old shopping center

State Sen. Clay Yarborough confirmed the sale of the mall in early October, stating that the new buyer was aware of the necessary repairs and planned to address the issues with the city.

McGee told the Daily Record in a statement that the Lake City-based company is working with the current owners “in an effort to determine the necessary repairs needed for the existing structure and garner a full understanding of the outstanding code enforcement violations.”

McGee also said Blackwater is looking forward to “the opportunity to collaborate with state and local officials, as well as engaging with the Jacksonville community, in an effort to create a comprehensive plan for the revitalization of the Regency Square Mall property.”

“I wholeheartedly believe that a property of this magnitude, combined with its historical significance, holds a pivotal role in shaping the future development and growth of this market,” McGee said.

The Daily Record said it won’t be a quick purchase as the sale is expected to close in the third quarter of 2024.

Read the full article here.

Copyright 2023 by WJXT News4JAX – All rights reserved.

https://www.news4jax.com/news/local/2023/10/18/lake-city-based-company-looking-to-revitalize-regency-square-mall-as-it-seeks-to-buy-troubled-shopping-center/ Lake City-based company looking to revitalize Regency Square Mall as it seeks to buy troubled shopping center

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