Nationwide is awesome in doing all this, helping to spur growth in the dowtown area.  My only fear is that they will gain too much control and one day go out of bussiness and nolonger be able to maintain things in the area.  Not saying that it is likely that they would go out of business but it's always a possibility.

 

So they're still undecided on what to do with the property?

 

Could be a Forest City in the making.

(But I am all doom and gloom)

How about an indoor ski resort like the one they just built in Dubai?

How about just completely demolishing it, opening town street back up, expand the ohio theater, and rase <raze?> the parking garage and turn into a park.  Okay, maybe keep the parking garage, but definately tear down the mall.

It looks like Nationwide can't get things started until Mills and GM get off their lazy butts and either hand it over or decide to actually do something with the mall.

 

City Center next up for Nationwide Realty

Business First of Columbus - March 31, 2006

by Brian R. Ball, Business First

 

"In order for (Mills and GM) to go forward, they'll need a lot of approvals from us and probably some participation by us in the property," said John Rosenberger, Capitol South's executive director. "To have the depth of field for those proposals, we've engaged (Nationwide Realty) as an adviser ... to make us a better partner for the owner of the center."

 

Hard times for department stores in general have also taken their toll.  City Center anchors Marshall Field's and Jacobson's have long since abandoned Columbus, while Federated Department Stores Inc. closed the adjacent Lazarus-Macy's store more than a year ago.  The departures have prompted speculation in real estate circles that Capitol South may have the keys to the mall returned to it.

 

But Rosenberger said he expects a redevelopment plan from Mills, because the Mills-GM partnership, TL Columbus LLC, has kept up with its rent payments.  "As long as the lease is in good standing, they own the center," he said.

 

Rosenberger said hiring Nationwide Realty will help Capitol South should Mills call it quits. "If the current owner decides not to go forward, in that event (Nationwide Realty) has agreed to become the quarterback, so there would not be a lapse in the efforts to redevelop the center," he said.  "We have no right to meddle in the management of the center," Rosenberger said. "The opportunity to redevelop it belongs to them."

 

Mills spokesman David Douglas said the company has no timetable for revealing its plans for what it will do with the mall.

 

Read more at http://columbus.bizjournals.com/columbus/stories/2006/03/31/story4.html?b=1252296000^2043921

Dumb question, but does Nationwide do these downtown Columbus projects solely as an investment for insurance premiums, to be a good corporate citizen, or a combination of both?

My guess is both, depending on who they are trying to look good in front of.

As far as Nationwide Reality, the company is really the development extension of Nationwide Insurance.  The two work seperate but Nationwide Reality is owned by Nationwide Issurance.

 

Expect to see Nationwide Reality's urban developements extend into other cities in the region.

 

Nationwide Reality is working on developing an Arena District in Pittsburgh and build a new Hockey Arena.  Nationwide already developed an outdoor shopping center in Pittsburgh.  I am not sure if Nationwide Reality has already had a hand in any other Cleveland or Cincinnati developments.

 

Nationwide Reality is building their first residential highrise in Columbus this year.  If the companies success continues I expect to see Nationwide look to developing in some other Ohio cities. (and hopefully building more highrises, after the Columbus one, across the state)

 

Even if Nationwide Insurance runs into troubles, I wouldn't expect to see that really affect Nationwide Reality.  I think it is more possible that Nationwide Reality could break off of Nationwide Issurance, but hopefully still be based in Columbus.

And the plot thickens...

 

URBAN RETAIL FOCUS

Is City Center in Wal-Mart sights?

Wednesday, April 05, 2006

Jeffrey Sheban THE COLUMBUS DISPATCH 

 

Could Columbus City Center’s savior be wearing a Wal-Mart smiley face?  That possibility, remote though it might be, got a boost yesterday from the world’s largest retailer.  Wal-Mart Chief Executive Lee Scott unveiled plans to build more than 50 stores during the next two years in neighborhoods with high crime or unemployment rates, on sites that are environmentally contaminated, or in vacant buildings or malls in need of revitalization.

 

The latter describes City Center, a Downtown mall with a occupancy rate below 50 percent and a majority owner, Mills Corp., in dire financial straits.  "That’s interesting," said Bob McLaughlin, the city’s Downtown development director, when told of Wal-Mart’s plans. "It’s clearly the market that needs to be served Downtown. Having a Wal-Mart would be a great thing."

 

Robert Milbourne, president of the Columbus Partnership, a group of central Ohio business leaders, said he wasn’t surprised that Wal-Mart is showing interest in urban centers.  "I have always expected discounters to replace major department stores in downtowns, especially as residential development reached larger numbers," he said. "Would it work in Columbus? Maybe."

 

Read more at http://dispatch.com/business-story.php?story=dispatch/2006/04/05/20060405-D1-00.html

HELL NO! Walmart would be TERRIBLE for downtown. Can't the city buy it hold onto it until something else is figured out? If you bring Walmart in there, it's going to take business away from any independent specialty stores. That means if you had any hope of Columbus having more independent grocery stores, furniture stores, etc they will be less likely to succeed. Not to mention it would look unbelievably tacky.

I can't say I'm a big fan of this prospect either, but it's a possibility nonetheless. I doubt the city would just "hold on to it," as that would be a horrible waste of money. Also, considering the demographic that currently lives in the downtown area, I doubt that most of them would patronize a Wal*Mart, even if it did locate in the heart of downtown. If anything, it would cater to a demographic that is not too prevalent in the center of the city, the budget-minded family. It could also be of interest to downtown office workers, so they could pick out whatever foodstuffs they need before heading home. Again, this is putting a VERY positive spin on this, but it could happen. It would looks pretty bad, but no more tacky than a Target downtown, like in Minneapolis.

Does OSU ban cars for Freshman/Sophmore that live in dorms?  That could be the demographic that is appealing to Wal Mart since OSU is so big, and college students tend to not have a huge expendable income.  Could be a reason to locate downtown. 

 

I love how Wal Mart is putting this spin on it that they are doing this urban market move out of the goodness of their hearts.  Please...it's just that the cow pasture market is pretty much saturated and they need to continue expanding.  BTW...don't expect friendly greeters, nice food and clean stores in these urban markets...Wal Mart will understaff them and squeeze them for as much money as they can.  Don't be surprised to see food almost out of date....like it has been trucked in from the suburban stores to unload.  They will be dumps for a captive market that lack mobility to vote with their feet.

I think OSU does ban cars for freshmen but if they're living in dorms and on meal plans I don't think they'll have much of a reason to leave campus.

No, OSU officially does not ban cars for freshmen (I had mine my freshman year, out in west campus), though it is suggested that students use CABS and campus facilities their first year.

I thought I read something about how you couldn't have one as a freshmen starting like last year or this year.

Oh, I don't know about this year.  I do know a girl last year that was a freshman that had a car on campus.

I view this as good news...

 

http://www.dispatch.com/business/business.php?story=177581

Layoffs at troubled owner of area malls

Associated Press

Thursday, April 6, 2006

NEW YORK -- Mills Corp., a shopping-mall real-estate investment trust that operates Columbus City Center mall and the Mall at Tuttle Crossing, yesterday laid off about 70 employees, including its president of development.

 

The financially struggling company, which is trying to find a buyer for all or part of its operations, currently faces lawsuits and a federal investigation into its accounting practices.

 

In a regulatory filing, Mills said the employment of James F. Dausch, the company's longtime head of development, would be "terminated" effective May 2, but added Mills is negotiating to retain him as a consultant for its $1.2 billion Xanadu project in New Jersey. He will receive severance and incentive pay of about $1 million, according to the filing.

 

Most of the layoffs come in Mills' development division, which has long been the core of the company, and will result in the company taking a $3 million charge for the first quarter. Mills has not reported its first-quarter earnings and has not said when it will.

 

Richard J. Nadeau, who joined the Arlington, Va.-based company late last month, will "transition to the position of chief financial officer," according to the filing.

 

The layoffs bring the total number of workers fired at Mills in the last three months to 160, according to a company press release. More have been cut through attrition and the total savings will come to $35 million a year, to help position the company as it pursues a sale of all or part of itself, Mills said.

 

But analysts have said a sale would be difficult given the company's accounting problems.

 

In January, the company said that financial statements from 2000 to 2004 and the first three quarters of 2005 would be restated to fix accounting errors. It is reviewing several areas of its accounting and has scrapped 10 development projects so far this year. Mills owns 42 retail properties in the United States, Canada and Europe.

 

The Securities and Exchange Commission has launched a formal investigation of the company.

 

Investors filed a class-action suit against Mills in January in U.S. District Court in Alexandria accusing the company of defrauding them by making false statements about its financial condition and status of certain projects.

 

Massachusetts' attorney general and treasurer filed a motion last month seeking to make the state the lead plaintiff in the suit, saying the state's pension funds have suffered more than $5 million in losses due to Mills' actions.

 

Mills shares rose 7 cents to close at $27.30 yesterday on the New York Stock Exchange, far below their 52-week high of $66.44.

 

Maybe with the development folks out of the way, the business folks at Mills will see this as an opportunity to unload a stranded investment.  They've got a lot of pressure being put on them right now.

^ Good news for that particular real estate perhaps, but probably not great news for places with functioning Mills properties.

Well I guess it would create a 24-hour downtown  :roll:

tacky tacky tacky tacky tacky tackyyyyyyy

$6 MILLION WRITE-DOWN

City Center devalued by owner

Friday, August 25, 2006

Jeffrey Sheban, THE COLUMBUS DISPATCH

 

Columbus City Center’s lead owner has designated the Downtown property "impaired" and is writing off $6 million to reflect its declining value.  Mills Corp., which bought controlling stakes in City Center and the Mall at Tuttle Crossing in October 2004, revealed the move in a Securities and Exchange Commission filing this month.

"Mills believes the investment in the Columbus City Center … is impaired and it is expected that a write-down of approximately $6 million … will be recorded in the fourth quarter of 2005," the suburban Washington-based company said in the filing.

 

Bob McLaughlin, the city’s Downtown development director, said Mills is current on its $200,000-a-month rent, which is paid to Capitol South Urban Redevelopment Corp., a nonprofit group aligned with the city.  He said city officials are growing increasingly frustrated with Mills’ inattention to City Center.  The company is the subject of an SEC accounting probe, is in the process of rewriting financial statements and has been forced to sell assets as it seeks a possible buyer. Mills is struggling to complete a $2 billion shopping and entertainment project in the New Jersey Meadowlands called Xanadu. 

 

Read more at http://www.dispatch.com/business-story.php?story=dispatch/2006/08/25/20060825-G1-04.html

Tear the damn thing down already.  Argg.

Mayor’s chief takes top job in Downtown development

Capitol South, related group to merge boards

Friday, September 01, 2006

Mike Pramik

THE COLUMBUS DISPATCH

 

Mayor Michael B. Coleman’s chief of staff is leaving city government to oversee two nonprofit organizations charged with aiding Downtown development.  Guy Worley will take over as chief executive of the groups, Capitol South Urban Redevelopment Corp. and Columbus Downtown Development Corp., in January.  Worley is a former Franklin County administrator who has been Coleman’s chief of staff for the past 16 months.

 

Plans are to merge the boards of the two organizations and put Worley in charge of both. Larry Fisher will continue to be president of the Downtown development organization, the nonprofit group the city created to improve Downtown.  John Rosenberger, the longtime director of Capitol South, said a year ago that he planned to retire at the end of 2007.

 

More at http://dispatch.com/business-story.php?story=dispatch/2006/09/01/20060901-G1-03.html

Downtown mall sales ‘terrible,’ expert says

City Center owner releases data on holdings to keep stock listing

Saturday, November 25, 2006

Jeffrey Sheban THE COLUMBUS DISPATCH

 

Mills Corp. has been forced to say what Columbus City Center shoppers have known for many months: Things are bleak at the Downtown mall.  To keep its listing on the New York Stock Exchange, City Center owner Mills has released occupancy and sales information for its properties.  The figures confirm that City Center is one of the worst performers in the Chevy Chase, Md.-based company’s shopping-center portfolio.

 

Mills, which has put itself up for sale after an accounting scandal this year, said City Center and malls in Cincinnati and Pittsburgh were its worst, with combined sales per square foot of $166. "That’s terrible," said Columbus retail analyst Christopher Boring, who follows City Center closely. "That’s not enough to make money for retailers, unless they’re getting free rent."

 

Read more at http://dispatch.com/business-story.php?story=dispatch/2006/11/25/20061125-C1-00.html

Hopefully with there public accnowledgement of how poorly City Center is doing they will be willing to hand over the keys.  My question is, why aren't they doing it?  Obviously they don't care about the property.  What are they holding out for?

I don't think being forced to disclose the performance of their properties as part of their bankruptcy proceedings will bring Mills Corp. any closer to putting City Center up for sale. They've obviously known that the mall has faired poorly (you'd have to be blind not to), so I don't think the fact that they've acknowledged its lackluster performance is a sign of its pending sale.

 

I personally think that Mills Corp filing for Chapt. 7 bankruptcy would be the best thing for City Center, as it would force the company to liquidate its assets, which would allow Nationwide, the City, or whomever to swoop in and acquire the property at the lowest price. I'd rather it not come to that, since I know how painful a complete bankruptcy can be to the employees of a company. However, the other scenario I can see is Mills Corp hanging on to City Center until the majority of the tenents are gone, including Macy's. Then, I can see Mills Corp opening up bidding on the building to the highest bidder, either as is or torn down. In that case, I can't see retail in the form of mall-type stores ever returning downtown, which would certainly be a shame. The here-and-now of it is that as long as City Center is being squatted on by Mills Corp, it will continue to hinder downtown development. So what ever sequence of events must happen to make that into reality, I hope it happens as quickly as possible.

 

 

I hope whatever redevelopment is made with City Center, that a transit element is considered.  I imagine that the proposed Columbus Streetcar Route will have a stop near City Center, but I think a more interesting transit opportunity for City Center would be an extension of the light rail line shown in the 315 Research and Technology Corridor plan.  Since a light rail line for the 315 R/T Corridor plan is shown to extend down to the COSI Point Area, why not explore the feasibility of extending this line to City Center?  This would provide an added bonus to the 315 R/T Corridor with access to downtown Columbus (i.e. increase in ridership) and would also benefit City Center/River South redevelopment areas in the way of improved access/attractive transportation options.

They're planning light rail for the 315 tech corridor!?  :-o

The master plan document produced for the 315 R/T corridor indicates a key component to the success of the corridor is a multimodal transportation system.  One of the components discussed and illustrated in the document is a light rail line with stops at Lane Ave, Goodale, and COSI.  To the extent of which the light rail line has been discussed with RR operators and/or COTA, I am not sure, but an integrated multimodal transportation system with light rail is highlighted many times in the document. 

That's great news, because I was bemoaning how ironic this "high tech" corridor was when it just depends on a highway.

Where did you find this information tt231998?  I have never heard of such a thing

The project web site (www.315corridor.com) has a link to the master plan document (PDF file).  The document focuses on six geographic areas to redevelop/enhance.  The focus areas are located along the rail line that parallels SR 315.  The master plan document has as one of its guiding principles an integrated multimodal transit system that includes light rail, campus buses, walkways, and bikepaths.  The document highlights these six areas and shows conceptual renderings of the areas.  Included in some of the conceptual renderings are station locations for "multimodal transportation hubs", which happen to be located along the RR line.  There is even some discussion about the need to begin dialogue with RR operators so that a light rail line that can serve the corridor and surrounding communities can be realized.  Since this is a master plan document, I would tend to believe this light rail line is not even on COTA's radar, but is any light rail plan on their radar?!?!  However, I take it to be a positive that Columbus and its Corridor partners recognize that this initiative should include multimodal options.

 

In my novice transit planner's opinion, I think this suggested light rail line should connect the 315 R/T corridor elements with downtown Columbus.  The easiest way to do this would be to extend this line to City Center via a retrofitted Town Street bridge.  Not only would this benefit the 315 R/T corridor initiative, but also breathe life into City Center and provide the proposed River South neighborhood with a valuable transit connection via light rail and streetcar.

From the 12/4/06 Dispatch:

 

Casto looking at City Center ?

 

Don Casto apparently is the latest developer to approach Columbus leaders with a plan to redevelop Columbus City Center.  Casto and another developer met last week with Mayor Michael B. Coleman and others involved with the ailing Downtown mall, a Casto spokeswoman confirmed.  John Rosenberger, leader of Capitol South Urban Redevelopment Corp., also confirmed that he met with Casto but declined to comment on the proposal. Sources indicated that it involved converting City Center into a mixture of retail, office and residential uses.

 

Retailers have been leaving City Center in droves in the past two years, and the mall currently is about half empty. In the past few months, City Center has lost the Finish Line shoe shop and FYE music store. Just last week, Spencer Gifts indicated it will leave the mall.  Mills Corp., which is for sale after an accounting scandal this year, said in late November that its malls were underperforming industry averages.  City officials would like to take over the property, but that’s not been in the offing as of yet.

 

Read more at http://www.dispatch.com/business-story.php?story=dispatch/2006/12/04/20061204-E6-00.html

From ThisWeek Clintonville, 12/28/06:

 

 

Downtown Columbus

Population increase hasn't translated into retail growth

Thursday, December 28, 2006

By KEVIN PARKS, ThisWeek Staff Writer 

 

It seems a peculiar contradiction: At a time when unprecedented numbers of relatively affluent people are setting up residence in downtown Columbus, retail stores in the central business district are fading and fleeing and folding. Or are long gone. City Center, once the crown jewel of downtown retail, is but a shadow of itself, more meeting space and charter school than merchandising and charge-card shopping.

 

With Macy's down to a single anchor store from three in its heyday, and with an occupancy rate perhaps below 50 percent, many feel the handwriting is on the wall for the urban mall.  This is in spite of a tax abatement-fueled spate of loft and condo conversion projects that have created about 4,000 new dwelling units, some of them going for handsome prices, in the past four years.

 

What's up with that?

 

Read more at http://www.thisweeknews.com/index.php?sec=clintonville&story=sites/thisweeknews/122806/Clintonville/News/122806-News-284708.html

"City Center was built as a suburban mall," Boring said. "It just happened to be downtown."

 

As longtime downtown resident Michael Wilkos put it, City Center was "downtown in location, not in spirit."

 

That's a great way to put it.

Just turn it into a big ass TJ Maxx and call it a night.

Mills Corp., part owner of City Center, Tuttle, sold for $1.35 billion

Wednesday, January 17, 2007 11:56 AM

 

Mall developer The Mills Corp. said today it has agreed to be acquired by the Canadian investment company Brookfield Asset Management for $1.35 billion.  Mills is part owner of Columbus City Center and the Mall at Tuttle Crossing.  Under the deal, Brookfield will pay $21 per share for each Mills share, an 18 percent premium over Mills' closing price on Tuesday. Including debt and preferred stock, the deal is worth $7.5 billion.

 

Mills will merge into a new Brookfield unit, with Mills shareholders entitled to choose either $21 per share in cash, or up to a 20 percent stake in the new company, which will be publicly traded and managed by Brookfield.  Mills currently owns 38 properties in the U.S. totaling about 47 million square feet.  Toronto-based Brookfield, focused on property, power and infrastructure assets, has more than $50 billion of assets under management.

 

Earlier this month, the mall developer warned that a heavy debt load might force it into bankruptcy.  In a Securities and Exchange Commission filing Jan. 9, Mills said it may lack enough funds to keep operating past March 31 and may have to sell all or part of the company to pay off a $1 billion loan due on that date.

 

Read more at http://www.dispatch.com/news-story.php?story=240617

Max & Erma’s closes City Center location

By Barnet Wolf

The Columbus Dispatch

Monday, January 22, 2007 5:40 PM

 

Max & Erma's Restaurant at Columbus City Center closed Sunday after 15 years in business. The move was no surprise, because company officials said nearly a year ago that the store was one of the chain's worst performers and would close when its lease expired this month. President Rob Lindeman said yesterday that all of the restaurant's employees in good standing would be offered jobs at the chain's other Downtown-area locations: 739 S. 3rd St. in German Village and 55 Nationwide Blvd. in the Crown Plaza hotel.

 

http://dispatch.com/news-story.php?story=241716

From the 2/6/07 Dispatch:

 

New suitor for City Center parent

Mall developer Simon makes Mills an offer for its holdings

Tuesday, February 06, 2007

Mike Pramik, THE COLUMBUS DISPATCH

 

Simon Property Group made a bid yesterday to acquire Mills Corp., a move that could entrust ownership of Columbus City Center to the nation’s leading mall developer.  Based in Indianapolis, Simon has ownership stakes in 285 U.S. properties and 53 properties overseas.  It’s the nation’s largest publicly traded real-estate company and is a regional mall specialist that also develops lifestyle centers and outlet malls.

 

That’s an intriguing proposition for Columbus officials, who have been trying for months to figure out a solution for the foundering Downtown mall.  "It’s another positive sign," said Guy Worley, chief executive of Capitol South Urban Redevelopment Corp., City Center’s developer.  "It’s too early to speculate but there seems to be an interest in Mills’ portfolio."  While it’s no sure thing that Simon’s bid will be accepted or that it intends to rebuild City Center, Simon at least has a track record of downtown mall development.

 

Read more at http://www.dispatch.com/business-story.php?story=dispatch/2007/02/06/20070206-C1-02.html

From the AP, 2/14/07:

 

Mall owner Mills warms to higher bid

Wednesday, February 14, 2007

Stephen Manning, ASSOCIATED PRESS

 

WASHINGTON — Mall developer the Mills Corp. said yesterday that it now favors a $1.6 billion offer from Simon Property Group Inc. and hedge fund Farallon Capital Management LLC, a deal that tops an earlier takeover agreement Mills made with Brookfield Asset Management Inc.

 

Chevy Chase, Md.-based Mills, co-owner of Columbus City Center mall and the Mall at Tuttle Crossing, said its board of directors concluded that the Simon-Farallon deal, at $24 per share, is "superior" to Brookfield’s proposed $21-per-share deal, valued at $1.35 billion. The board authorized Mills to end the Brookfield deal.

 

Read more at http://www.dispatch.com/business-story.php?story=dispatch/2007/02/14/20070214-D1-02.html

From the 2/17/07 AP:

 

Mall developer Mills accepts Simon bid

Saturday, February 17, 2007

Stephen Manning

ASSOCIATED PRESS

 

COLLEGE PARK, Md. — Mall operator Simon Property Group Inc. and hedge fund Farallon Capital Management said yesterday that they will buy struggling mall developer the Mills Corp. for $1.64 billion after outbidding rival Brookfield Asset Management Inc.  Simon and Farallon offered $25.25 per share in cash for Mills, higher than the $1.56 billion, or $24 per share, tender offer the partnership made earlier this month.

 

Mills said yesterday that it has terminated a previous $1.35 billion, $21 per share agreement it reached in January with Brookfield, a Canadian conglomerate.

 

Mills said Tuesday that it favored the higher Simon-Farallon proposal, but gave Brookfield three days come up with a better deal.  A spokeswoman for Torontobased Brookfield did not immediately return a phone message seeking comment.  Simon officials were not available to discuss the future of Mills’ properties, including the two in central Ohio.

 

Read more at http://www.dispatch.com/business-story.php?story=dispatch/2007/02/17/20070217-C1-01.html

The article doesn't give a lot of information on the redevelopment, but there is quite a discussion for the Hot Issue question.

 

Limited pulls last 4 stores at mall

Departure of major retailer another blow for City Center

Thursday,  April 12, 2007 3:47 AM

By Mike Pramik, THE COLUMBUS DISPATCH

 

Troubled Columbus City Center is about to get another jolt. Limited Brands, a big supporter of the mall since its inception, plans to close its four remaining City Center stores by the end of the month.  The company's Bath & Body Works, White Barn Candle Co. and Victoria's Secret at City Center will close on April 21.  Limited Brands will shut down its Express store on April 25.

 

Partly because of the urging of Limited Brands founder Leslie H. Wexner, Taubman Centers built the Downtown mall in 1989.  When it opened, the mall's lineup included many Limited Brands stores, including Express and Victoria's Secret. Bath and Body Works opened at City Center in the early 1990s, and White Barn Candle made its debut there in 1995.

 

Read more at http://www.dispatch.com/dispatch/content/business/stories/2007/04/12/City_Center.ART_ART_04-12-07_A1_QO6C4K4.html

 

Hot Issue Link:

http://www.dispatch.com/dispatch/content/business/stories/2007/04/12/hotissuecitycenter.html

Macy's re-evaluating store at City Center

Saturday,  April 14, 2007 - 3:36 AM

By Jeffrey Sheban and Mike Pramik, THE COLUMBUS DISPATCH

 

Macy's still hasn't decided whether to pull the plug on its troubled Downtown store, a spokesman said yesterday.  Questions about the store and the future of Columbus City Center mall intensified this week when Limited Brands said it will close its four remaining mall stores by the end of the month. "We're continuing to evaluate the store, but no decision has been made," said Nathan Shore, a spokesman for the Macy's Midwest division of Federated Department Stores.

 

Read more at http://www.dispatch.com/dispatch/content/business/stories/2007/04/14/Macys.ART_ART_04-14-07_C1_GO6CME0.html

Why doesn't someone call Les Wexner on the carpet at City Hall and suggest that he help with re-marketing or re-use of City Center?  It was Wexner, afterall, that was one of the prime movers behind building that ugly, fortress-like structure so he could showcase his Limited stores.  He should be just as involved in where it goes from here.  It was also Wexner and his development cronies that contributed to the downfall of City Center with Easton.

 

How 'bout it, Les? 

Why doesn't someone call Les Wexner on the carpet at City Hall and suggest that he help with re-marketing or re-use of City Center?  It was Wexner, afterall, that was one of the prime movers behind building that ugly, fortress-like structure so he could showcase his Limited stores.  He should be just as involved in where it goes from here.  It was also Wexner and his development cronies that contributed to the downfall of City Center with Easton.

 

How 'bout it, Les? 

 

Couldn't...agree...MORE.

Did Simon say something to signal City Center sale?

 

Simon Property Group Inc. is sending signals it may soon sell the Columbus City Center mall downtown.  The Indianapolis-based real estate investment trust has begun to sort through the portfolio of malls and shopping centers it acquired in April from Mills Corp., including the moribund City Center and the thriving Mall at Tuttle Crossing near Dublin.

 

Simon CEO David Simon expressed little interest in trying to figure out how to revive the struggling mall near Capitol Square during an April 27 conference call with securities analysts.  "There is one mall that might be sold here relatively soon, and it's not a material asset," Simon said, according to a transcript of the call. "We'll sell assets that we don't think fit, or that are going to take too much time for us to turn around."

 

Merrill Lynch & Company Inc. analyst Craig Schmidt pressed Simon for a clarification.  He first asked about the 17 retail and entertainment centers Simon got in the Mills deal, then began asking about Mills' 21 regional malls.

 

Schmidt: "You touched on this, but I wanted to get a little more specific. Is there any culling or outright sale of any of the 17 Mills assets."

 

Simon: "No."

 

Schmidt: "So you're hanging on to all 17. And how about something more challenged on the mall side, like Columbus City Center? Would you hang onto that?"

 

Simon: "If you read between the lines, I mentioned (earlier) that we may sell one. You're very warm."

 

 

Read more at http://columbus.bizjournals.com/columbus/stories/2007/05/07/story3.html?b=1178510400^1457359

This is very, very good news!

I've got to say, if the worst thing the GOP can come up with to oust Coleman is the current state of the City Center Mall (as opposed to police and fire coverage, school, taxes, etc), then he must be doing a damn good job.

 

GOP candidate challenges Coleman on mall

GOP candidate uses empty City Center as political forum

Tuesday,  May 15, 2007 3:30 AM

By Robert Vitale THE COLUMBUS DISPATCH

 

The Republican challenging Mayor Michael B. Coleman promised yesterday that he'd present a redevelopment plan for City Center Mall on his first day in office and get it under way during his first year.  William M. Todd accused Coleman of idly watching the departure of shops and shoppers from the once-popular Downtown center. The mall's latest blow came last month when Limited Brands decided to close its last four stores there.

 

He called City Center "the world's biggest above-ground cavern," and he offered a new twist on an old Ronald Reagan line as a potential solution for its ills.  "Mr. Mayor, tear down this mall," Todd said.

 

Todd offered no specifics for his City Center plan beyond saying he thinks the mall should remain an entertainment and shopping area.  He said he meant "tear down" rhetorically; his plan won't necessarily include razing City Center.

 

Read more at http://www.dispatch.com/dispatch/content/local_news/stories/2007/05/15/ccenter.ART0_ART_05-15-07_B3_256NIS6.html

Why aren't more people pointing their finger at Wexner?!?!