East Town Mall

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eunos735
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East Town Mall

Post by eunos735 »

Will be closing for good on Jan 21st 2020.

Might not be a long term site, but the lots on the south east corner would make for a very nice course "pad" and the lot just to the west of those two would be a great paddock space.

I'll see if anyone in our CRE group knows the members of Millertown Pavilion LLC
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John Brown
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Re: East Town Mall

Post by John Brown »

didnt we do a few events there back in the 80s ? maybe real early 90s ?
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steverife
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Re: East Town Mall

Post by steverife »

I went to get my driver's license there on a Saturday once. I think that is the only time that I've been. Is it flat?
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Re: East Town Mall

Post by John Brown »

basically. prolly got some lane bumps by now tho
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Re: East Town Mall

Post by RxCritical »

I drove around it a few months ago, the pavement seemed to be in really bad shape.
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Re: East Town Mall

Post by thrdeye »

Yeah I think the pavement is going to be Rockwood-like or worse. But, *I* won't feel a thing. :D
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Re: East Town Mall

Post by MARKP »

Ryan and I talked to the management team a few years ago. There was only one suitable area that the mall owned and it was rough. The Sears lot was nice but Sears owned it.

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eunos735
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Re: East Town Mall

Post by eunos735 »

With the entire property shutting down,it might be worth revisiting those conversations.

Probably a long shot, but a "NO" is never a "NO"....it's only a "Not right now"
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01badz28
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Re: East Town Mall

Post by 01badz28 »

I'll see if I can dig back up my contact (although I suspect she is probably looking for new employment right now).

The pavement generally sucked - but its better than nothing.

I have heard that the mall owes a lot of unpaid taxes to either the city or the county (or both). It might be worth investigating whether or not this property will go at a tax sale and whether we have the funds to pursue a potential purchase.
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benk
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Re: East Town Mall

Post by benk »

I'm down with buying it on the stipulation that I get a set of keys, for ya know, housekeeping reasons. yeah.
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Re: East Town Mall

Post by RxCritical »

According to the WVLT article:

As of Oct. 31, 2019, Knoxville Partners owed 2018 and 2019 taxes in Knoxville. For 2018, according to the City of Knoxville, they owe $133,899.96. For 2019, which is not due until the end of February, they owe $115,431.00.

Just a tad bit more than our site fund. :O
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Re: East Town Mall

Post by 01badz28 »

RxCritical wrote: Tue Nov 05, 2019 11:52 am According to the WVLT article:

As of Oct. 31, 2019, Knoxville Partners owed 2018 and 2019 taxes in Knoxville. For 2018, according to the City of Knoxville, they owe $133,899.96. For 2019, which is not due until the end of February, they owe $115,431.00.

Just a tad bit more than our site fund. :O
Those are rookie numbers - if anyone could actually buy the mall property for $200,000.00 - 300,000.00 that would be a steal.

Would national be willing to step in and provide some money if it actually went to sale?
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Re: East Town Mall

Post by jcox07 »

Possibly but it would take a lot more to get it in any kind of shape to run on.
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Re: East Town Mall

Post by John Brown »

Level it.... re-pave
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steverife
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Re: East Town Mall

Post by steverife »

01badz28 wrote: Wed Nov 06, 2019 9:16 am
RxCritical wrote: Tue Nov 05, 2019 11:52 am According to the WVLT article:

As of Oct. 31, 2019, Knoxville Partners owed 2018 and 2019 taxes in Knoxville. For 2018, according to the City of Knoxville, they owe $133,899.96. For 2019, which is not due until the end of February, they owe $115,431.00.

Just a tad bit more than our site fund. :O
Those are rookie numbers - if anyone could actually buy the mall property for $200,000.00 - 300,000.00 that would be a steal.

Would national be willing to step in and provide some money if it actually went to sale?
From skimming articles...

It was appraised at $31m in 2015 and sold for $10.1m in 2016 with $3.85m of that paid at closing. Looks like about $1.5 owed in debts and taxes and that city leaders are eyeballing the space.
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