Sale Possibly Near For Mounds Mall Property

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Mounds Mall closed in April 2018. Mounds Mall closed in April 2018.

The owners of the now-closed Mounds Mall in Anderson say an offer to purchase the property has been accepted. An attorney representing the Cook family tells our partners at The Herald Bulletin Baumann RE LLC is looking to acquire the former mall for $3 million.

According to a press release, financing terms and sources for the purchase and planned improvements are being negotiated. Carl Baumann with Baumann RE says plans call for an initial investment of $12.5 million. He says he is looking to use the former Sears store to manufacture small modular homes, which would create nearly 1,200 jobs with an annual payroll of $45 million. 

The developer is looking to have a new roof installed on the mall buildings and eventually convert portions of the property into a food/convenience store, as well as an exposition and banquet hall. He also plans to demolish one building and build new housing units.

The mall closed nearly a year ago after anchor tenant Carson's closed its doors. Only the Mounds Mall 10 Theatre and the Dr. Tavel Family Eye Care office remained open. 

The mall is currently listed on a certificate sale set to take place April 8 because more than $700,000 in property taxes is owed on the building. Attorney Jonathan Cook tells the publication he plans to ask the Madison County Board of Commissioners to remove the property from the certificate sale, the deadline for which is March 25.

You can read more about the effort from The Herald Bulletin by clicking here.

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