What Does The Sale of Lindale Mall Mean For Local Businesses?
The Lindale Mall along Collins Road in Cedar Rapids has new owners. And they just purchased a whole lot more than a mall.
The Corridor Business Journal reports that the sale of Lindale Mall was completed back on March 23rd, according to the Cedar Rapids Assessor's Office. The price? $28.5 million. CBJ reports that ownership of the mall transfers from Washington Prime Group in Colombus, Ohio to KRIG out of New York. The mall stretches for over 723,000 square feet, but this deal comes with more than just the mall.
KCRG reports that the sale of Lindale Mall also includes the former Collins Road Hy-Vee building. Unlike the above photo, it now sits empty. Other buildings included in the sale are JoAnn's Fabrics, Jared Jewlrey, and Five Guys Burgers. The former Sears store, which is attached to the mall, is NOT included in the sale. Could the sale of the property kick-start new development in the Lindale area?
The city of Cedar Rapids certainly hopes so. When the Hy-Vee was open at Collins Road, it brought hundreds if not thousands of people into the Lindale Mall shopping area each day. Many of those people visited the mall or at least some of the restaurants located nearby. I've always wondered what could be put into an old Hy-Vee location. Now I believe the best option is to tear down the building and start from scratch. New, modern storefronts to attract new businesses could make that portion of Lindale Mall thrive again.