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Towne Square Mall

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Coordinates: 37°43′14″N 87°07′41″W / 37.720572°N 87.1281856°W / 37.720572; -87.1281856
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Towne Square Mall
Map
LocationOwensboro, Kentucky, United States
Coordinates37°43′14″N 87°07′41″W / 37.720572°N 87.1281856°W / 37.720572; -87.1281856
Address5000 Frederica Street
Opening dateMarch 1, 1978[1]
Closing dateSeptember 5, 2023
ManagementGulfstream Commercial Services LLC[2][3]
OwnerTSM Holdings LLC[4]
No. of stores and services52[5][needs update]
No. of anchor tenants3[5]
Total retail floor area437,752 square feet (41,000 m2)[6]
No. of floors1[5]
Parking2,493 spaces[5]
Public transit accessBus interchange Owensboro Transit System[7]
Websitearchived

Towne Square Mall was a shopping mall located in Owensboro, Kentucky. The mall operated for 45 years before shutting down permanently in September 2023. [3][6][8]

History

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Towne Square Mall was built by David Hocker and Alan Squitieri for $20 million, with Squitieri later being bought out.[9] It opened on March 1, 1978, and was one of the largest shopping centers in the area.[1] JCPenney moved to the mall from downtown.[8] Heitman Advisory Corporation (Heitman Financial) purchased most of the malls shares in 1987. Hocker and Associates continued as management.[9] TS Partners (Heitman Real Estate Fund III and Southwestern Bell Corporation Master Pension Trust) sold the mall for $29 million to Aronov Realty Management and NationsBank of Texas in 1998.[9] Lakestar Properties purchased the mall for $29 million in April 2007 from Aronov Realty Management.[1] Sears closed in December 2014.[10]

U.S. Bank National Association foreclosed on the mall in July 2015, with the mall owing $27.6 million.[1] Jones Lang LaSalle managed the mall as its receiver.[11] U.S. Bank later purchased the mall at auction for almost $19 million.[12] Kohan Retail Investment Group purchased the mall for $2.9 million in May 2018. Macy's was not part of the sale due to owning its building. Additional property purchases around the mall totaled $1.1 million.[13][14] Towne Square Mall was again sold in December 2019 to Towne Square Mall Holdings LLC (TSM Holdings LLC) for $5.15 million.[2][3][4] Management of the mall was changed to Gulfstream Commercial Services LLC, one of its owners.[2][3] Macy's closed in spring 2020.[15] JCPenney closed later in 2020.[8][16]

The former Macy's, not owned by the mall, was sold to Owensboro Indoor Sports LLC for $1.25 million in July 2020. Plans are to convert the building to a sports facility. [17][18] Due to the COVID-19 pandemic, the plans are delayed as of January 2021.[19]

On August 8, 2023, the remaining open tenants that were located in the interior of the mall were handed eviction notices as the mall announced that it would be closing permanently by September 5, 2023, for future redevelopment plans.[20]

References

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  1. ^ a b c d Lawrence, Keith (July 10, 2015). "Bank seeks foreclosure of Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved December 12, 2019.
  2. ^ a b c Mayse, James (December 10, 2019). "Local investors purchase Towne Square Mall". Messenger-Inquirer. Retrieved December 12, 2019.
  3. ^ a b c d Lawrence, Keith (December 11, 2019). "Ray says mall can again be destination". Messenger-Inquirer. Retrieved December 12, 2019.
  4. ^ a b "TSM Holdings buys Towne Square Mall". The Owensboro Times. December 10, 2019. Retrieved December 12, 2019.
  5. ^ a b c d "Towne Square Mall" (PDF). Jones Lang LaSall. Retrieved December 11, 2019.
  6. ^ a b "Towne Square Mall" (PDF). Veritas Realty. Retrieved December 11, 2019.
  7. ^ "OTS Route Map" (PDF). Retrieved July 27, 2023.
  8. ^ a b c Lawrence, Keith (July 15, 2020). "JCPenney closing mall store, 153 others". Owensboro Messenger-Inquirer. Retrieved July 17, 2020.
  9. ^ a b c Lawrence, Keith (February 11, 2016). "Clock ticking for Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved December 12, 2019.
  10. ^ Campbell, Joy (September 20, 2014). "Sears closing Owensboro store: 52 employees affected; target date is Dec. 7". The Messenger. The Messenger-Inquirer. Retrieved December 12, 2019.
  11. ^ Lawrence, Keith (July 30, 2015). "Owensboro mall appears headed for auction block". The Messenger. The Messenger-Inquirer. Retrieved December 12, 2019.
  12. ^ "U.S. Bank Buys Towne Square Mall in Owensboro". Eyewitness News (WEHT/WTVW). February 16, 2016. Retrieved December 12, 2019.
  13. ^ Lawrence, Keith (May 16, 2018). "New York investment firm buys Owensboro mall". Kentucky New Era. The Messenger-Inquirer. Retrieved December 12, 2019.
  14. ^ Kapusta, Katie (May 15, 2018). "Towne Square Mall has a new owner". 14news. WFIE. Retrieved December 12, 2019.
  15. ^ "Macy's in Towne Square Mall to close". The Owensboro Times. January 6, 2020. Retrieved February 20, 2020.
  16. ^ Erin, McNally (June 5, 2020). "JC Penney permanently closing Owensboro location". 14news. WFIE. Retrieved July 17, 2020.
  17. ^ Pickens, Katie (July 16, 2020). "Former Macy's could be converted into indoor sports complex". The Owensboro Times. Retrieved July 17, 2020.
  18. ^ McNally, Erin (July 16, 2020). "Owensboro Indoor Sports LLC purchases old Macy's property". WFIE. Retrieved July 17, 2020.
  19. ^ Lawrence, Keith (January 1, 2021). "Greater Owensboro Realty sold". Owensboro Messenger-Inquirer. Retrieved January 2, 2021.
  20. ^ "Towne Square Mall closing after nearly half a century serving Owensboro". 14 News. August 12, 2023. Retrieved August 12, 2023.
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