Jason Matzus highlighted the potential to revive “zombie malls” in his column published today in The Hill. As many as 30 percent of America’s malls are classified as “at risk” or already closed, leading to significant consequences for local communities, including lost tax revenue, decreased property values, and increased crime. These challenges arise from absentee ownership of these vacant properties.
To combat this issue, experts recommend rethinking legal frameworks to empower local governments with strategies such as receivership and enhanced nuisance laws. Matzus also emphasized the chance for creative repurposing of these spaces, suggesting that abandoned malls could be transformed into valuable community assets like educational facilities and health centers.
A prominent example of successful transformation is the Belmar development in Lakewood, CO. Originally the decaying remains shopping mall Villa Italia Mall, it was redeveloped into a mixed-use community with 80 shops, 20 restaurants, 300,000 square feet of office space, and over 1,200 residences. This project, recognized for its sustainability and smart growth practices, illustrates how reimagining these spaces can enhance local appeal and property values.
The transformation of Belmar involved a partnership between the City of Lakewood and developer Continuum Partners, starting in 1999. Over a period of ten years, the site evolved from a high-crime area to a desirable residential neighborhood. Belmar continues to grow, adding new projects such as a hotel and additional residential developments, which further bolster its status in the community.
Sources:
The Hill: How to bring so-called ‘zombie malls’ back from the dead
continuumpartners.com