Posted December 23, 200519 yr From the 12/18/05 Akron Beacon Journal: A road map for Romig? Small industry, warehouses may emerge in retail area There's a huge difference between the vision Tom Fox has for the future of the Romig Road retail neighborhood and what he sees when he visits the area. Right now, most of it is "asphalt and empty buildings.'' Eleven former retail buildings along Romig Road are closed and up for sale or lease, according to the city of Akron. more at: http://www.ohio.com/mld/ohio/13429719.htm
December 23, 200519 yr I used to work at Rolling Acres Mall when it was the place to be back in the day. I went up there the other day after reading this article just to take a look around; the entire area is like a ghost town. I hope that some developers step in quickly and start to redevelop some of the many vacant sites located in the area; the area is really starting to look rundown and neglected. I'm most interested in seeing what will be done with the mall itself. I believe it's days as a retail center are numbered; so it would be interesting to see what be done with the structure. I'll have to try to find the article, but there was a proposal by somebody about a year ago about turning the mall into a supersized assisted living facility for the ederly. His idea called for having parts of the mall split into individual units for seniors who need assistance and having various other services (health and beauty, medical, pharmacies, fitness center, etc...) occupy the remainder of the mall. He would then remove a large chunk of the parking lot and built individual town homes for seniors who are still able to live indepently. It was a pretty interesting idea; however, he wasn't having much luck with obtaining financial assistance for the project; I haven't heard anything else about it lately. Like I said, I'll try to find the article and post it.
July 6, 200618 yr From the 7/6/06 Akron Beacon Journal: Rolling Acres to lose Dillard's City planners seek ways to spur redevelopment around the Akron mall By Sarah Filus and Dave Scott Beacon Journal staff writers Struggling Rolling Acres Mall will take another hit next month when Dillard's closes its clearance store. The move will leave three major department stores at the mall in southwest Akron: J.C. Penney, Kaufmann's (now part of Macy's) and Sears. Target left the mall this year, opening a new store in Wadsworth. The mall has been for sale for more than a year and city planners are looking at changing the zoning of nearby land from retail to light industrial use to spur redevelopment... for more: http://www.ohio.com/mld/ohio/business/14976271.htm?source=rss&channel=ohio_business From same: ROLLING ACRES MALL http://www.ohio.com/mld/ohio/business/14976278.htm?source=rss&channel=ohio_business
July 8, 200618 yr From the 7/7/06 Akron Beacon Journal: Troubled mall sold Calif. man pays $1.7 million for Akron's Rolling Acres, plans mixed-use facility Anchors' role in plan is unclear By Mary Ethridge Beacon Journal business writer Rolling Acres, Akron's beleaguered mall, has been sold to a Beverly Hills lawyer and developer for $1.7 million. Invest Commercial LLC, formed by Michael Mirharooni in late June, bought the property from the Whichard Group of North Carolina. The sale was finalized Wednesday, according to reports with the Summit County Auditor's Office... for more: http://www.ohio.com/mld/ohio/business/14994052.htm?source=rss&channel=ohio_business
July 11, 200618 yr From the 7/11/06 ABJ: Rolling Acres no longer called mall New owner says building will be known as complex, and name change will signify different uses of facility By Dave Scott Beacon Journal business writer That big building on Romig Road in southwest Akron isn't a mall anymore. The new name is Rolling Acres Complex and the new owner insists the name is more than a cosmetic change. "Complex'' signifies the future of the building as a trade school, day-care center, small factory, sports center or maybe something nobody has even thought of yet, said Michael Mirharooni, chief executive of Invest Commercial LLC, the new owner... for more: http://www.ohio.com/mld/ohio/news/15011388.htm?source=rss&channel=ohio_news
January 1, 200718 yr From the 11/17/06 ABJ: $3.2 MILLION MORE THAN JULY SALE PRICE Rolling Acres Mall listed at $4.9 million Tenants still waiting for center to turn around By Betty Lin-Fisher Beacon Journal business writer Rolling Acres Mall is back up for sale. The beleaguered retail center was bought in July by a group of investors led by Beverly Hills lawyer Michael Mirharooni for $1.7 million. Mirharooni renamed it Rolling Acres Complex and said he planned a mixed-use facility with retail, a trade school, day-care center, small factory, sports center or other ideas that people have not considered... for more: http://www.ohio.com/mld/ohio/business/16035559.htm?source=rss&channel=ohio_business
January 1, 200718 yr From the 11/21/06 ABJ: SELLER'S MARKET? Interest in buying mall high, representative says Developers eyeing mixed-use possibilities; asking price $4.9 million By Betty Lin-Fisher Beacon Journal business writer Interest in turning Rolling Acres Mall into some type of a mixed-use facility is high if preliminary inquiries after the mall went up for sale last week are any indication. Tim Dimoff, chief executive officer and president of SACS Consulting, said he has four to six interested parties... for more: http://www.ohio.com/mld/ohio/business/16065015.htm?source=rss&channel=ohio_business
January 2, 200718 yr As much as I Love Rolling Acres (and hate Chapel Hill) I also realized that the days of it being a traditional retail center are numbered...however, If it were up to me, I would... Tear down the Dillard's building and move the food court from the basement to the first floor at the main entrance. Cut the number of specialty stores from 120 to about 70. Look for different types of interior uses, ie. libraries, schools, university branches (UA, I'm looking in your direction) Put restaurants/smaller businesses in front of the mall-I always thought that's what killed it in the first place was there was nothing to do when it closed. See if Sears is willing to repurpose the store at RA and turn it into their new hybrid store, Sears Grand (I went to one in PA-phenominal) Add middle income housing at the target site, add access roads, etc. Let the movie theater expand...it's a surprisingly decent draw. I visited the mall before Xmas...and there were a large amount of cars at each of the three anchors, and at the theater. I also noticed that the parking lot was much improved!
March 19, 200718 yr From the 1/18/07 ABJ: Rolling Acres sites get some interest Sale of old Target space to close Friday; Dillard's facility to be auctioned By Betty Lin-Fisher Beacon Journal business writer Sales of property at Rolling Acres Mall are starting to roll along. The space formerly occupied by Dillard's is going on the auction block next month. And on Friday, the sale of Target's former space is scheduled to close. It's being bought by an Akron-area investor who does not want to be named, according to his lawyer... for more: http://www.ohio.com/mld/ohio/business/16487447.htm?source=rss&channel=ohio_business
March 19, 200718 yr From the 2/9/07 ABJ: Buyer interested in Dillard's outlet No bid made during auction for Rolling Acres store. Group submits offer later; owner has 4 days to decide By Betty Lin-Fisher Beacon Journal business writer The former Dillard's store at Rolling Acres Mall failed to attract a bidder at an auction on Wednesday but did garner an offer from a group with Akron ties afterward. The group put in a "conditional'' offer "north of $600,000'' for the property, which had an auction reserve price of $735,000, said Gordon Greene, the auctioneer and broker for Chartwell Group, a commercial real estate broker in Cleveland that specializes in accelerated real estate auctions... http://www.ohio.com/mld/ohio/business/16660146.htm?source=rss&channel=ohio_business
July 11, 200717 yr From the 4/4/07 ABJ: Rolling Acres owner remaining upbeat about mall's future No buyer after five months. Developer hoping for joint venture, comes up with 35 potential uses By Betty Lin-Fisher Beacon Journal business writer Although it has been five months since Rolling Acres mall was put up for sale, and the retail center's occupancy rate has declined again, the owner said he's as excited as ever about the property's potential. Interest is high in the mixed-use concept for the 570,000 gross square feet of space on 49.5 acres, said Michael Mirharooni, president and founder of Invest Commercial LLC, on Tuesday from his office in Beverly Hills, Calif. The asking price is $4.9 million... http://www.ohio.com/mld/ohio/business/17024429.htm?source=rss&channel=ohio_business
July 11, 200717 yr From the 4/12/07 ABJ: Homeless man finds hideaway inside mall Akron police arrest squatter in vacant store at Rolling Acres By Carl Chancellor Beacon Journal staff writer At least there is one guy in Akron who loyally frequented Rolling Acres Mall, although his patronage at the troubled shopping center was seriously curtailed with his arrest Tuesday night. According to Lt. Rick Edwards, Akron police spokesman, Brandon Shawhan, 24, whom he described as homeless, had been living in a vacant mall store for about a month... http://www.ohio.com/mld/ohio/news/17065798.htm?source=rss&channel=ohio_news
July 11, 200717 yr From the 5/15/07 PD: Once-packed mall: exercise in futility? Tuesday, May 15, 2007 Laura Johnston Plain Dealer Reporter Akron -- Mall walkers face no obstacles at Akron's Rolling Acres. With no pesky crowds and only an occasional open store, they can power around the 1.1-mile perimeter, dodging no one, hearing only the squeak of their sneakers and the soft-rock music tinkling overhead. "I think it's pretty sad," said Karen Kirkendall of Akron, who regularly walks six miles around the now-deserted concourse. "It's nice for the walkers. . . . It seems like the stores are kind of falling by the wayside."... http://www.cleveland.com/news/plaindealer/index.ssf?/base/summit/1179218287175560.xml&coll=2
July 11, 200717 yr All from the 6/10/07 ABJ: With Rolling Acres for sale, supporters believe it can be reborn for mixed use A loyal few keep site's doors open By Betty Lin-Fisher Beacon Journal business writer Eli Choueiry remembers Rolling Acres Mall's heyday. The food court vendor, who has been at the mall for 24 years, recalls when the area in front of his stand was packed with customers. "It was a full house. A full house. All the time. It was the most popular place to hang out, especially for teenagers,'' said Choueiry... http://www.ohio.com/mld/ohio/business/17350081.htm?source=rss&channel=ohio_business
July 11, 200717 yr From the 7/10/07 ABJ: Fomo joins Romig Road corridor Norton company that produces spray foam renovates Marc's site By Betty Lin-Fisher Beacon Journal business writer Where there once were aisles of toys and groceries, there are now rows of spray foam insulation tanks. The building that was once a Children's Palace toy store and Marc's discount store has a new life as the Spray Foam Production Center for a local manufacturer, Fomo Products... http://www.ohio.com/mld/ohio/business/17476287.htm?source=rss&channel=ohio_business
October 30, 200816 yr Lights to go out any day at mall in Akron Rolling Acres shops, minus anchor stores, are closing this week By Betty Lin-Fisher and Jim Mackinnon, Beacon Journal, October 28, 2008 Rolling Acres mall is closing. Management of the property, which does not include the anchor stores Sears and J.C. Penney, notified the eight remaining tenants inside the mall on Monday that it would be closing as soon as possible.
October 30, 200816 yr See above for another recent article. Rolling Acres tenants rush to pack up pieces in time Few loyal stores left receive last-minute notice to move after years of false promises By David Giffels, Beacon Journal, October 30, 2008 Rolling Acres mall is closing. Generalissimo Francisco Franco is still dead. And, experts say, the sun will come up tomorrow. Rolling Acres, perhaps the only retail complex that could qualify for long-term disability benefits, has been dying for so long that its eulogy is being written in quarterly installments...
July 17, 200915 yr I was up there today @ the sears to go to the dentist.. JC Penny outlet and Sears are doing fine (more so JCP) .. The mall is ghostly. Potholes all over and mall security is a middle aged woman in a rusty minivan. It was up for auction early last month.. No bids.. Sad
December 7, 201014 yr I was told that Rolling Acres finally sold this past week to a developer out of Cali to become a mixed use center.
December 7, 201014 yr I was told that Rolling Acres finally sold this past week to a developer out of Cali to become a mixed use center. Just in the paper today, but it sold on Dec. 2 Company spends $3 million for mall Rolling Acres property deal made after four years on market. Buyer plans mixed-use business center The mall had seen a decline in tenants for years before it closed in October 2008. Nearby anchor stores Sears and J.C. Penney Outlet have remained open. The buyer is a company called Premier Ventures LLC of Irvine, Calif. http://www.ohio.com/news/top_stories/111429104.html ROLLING ACRES August 1975: Sears and 20 other busi... Published on Tuesday, Dec 07, 2010 http://www.ohio.com/news/top_stories/111429159.html time line of mall history The company that last bought it paid $2.5 mil. So I doubt they made much after any money they invested in marketing, any upkeep, security, etc... edit: wow, they paid about $450K in taxes, so they probably lost money.
December 7, 201014 yr Yanni: Check the article again. Davis said about $300,000 in tax liens have been paid to the county and are now held by a trust in California. At least another $150,000 is still owed to the county. If the tax liens are now held by a trust in California, it sounds like the county actually sold the tax debts on the public distressed debt market. The taxes--all $450k--are still assessed against the mall and remain unpaid, from the look of things. Also, the current owner paid $1.7m for it (in July 2006), not $2.5m; according to the article, he tried to sell it for $2.5m in May of last year, failed, but has now inked a deal to sell it for $3.0m. The tax liens will presumably have to be paid from the sale proceeds before the sale can close. The fate of the utility accounts payable is less clear. Even after paying the tax liens, though, the current owner may still be turning a life-of-ownership profit, though what the effective annualized rate of return on the investment for Miharooni's company will be will probably never be made public. In either event, I wish the redevelopers the best of luck; Heaven only knows that that area could use a boost.
January 13, 201114 yr Sears store at former Rolling Acres Mall closing on April 3 AKRON, Ohio - Sears Holdings Corp. is closing its store at the former Rolling Acres Mall on Romig Road, permanently cutting about 85 jobs on or around April 3. http://www.cleveland.com/business/index.ssf/2011/01/sears_store_at_former_rolling.html This was the last place I worked before I left Ohio... :-(
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