The City of Forest Acres announced that Richland Mall will be sold to Southeastern, a development, brokerage and consulting firm based in Augusta, Georgia. The site as it exists right now will be demolished and redeveloped.
“We’ve seen the potential in the property for years, the location is a huge appeal,” added Jason Long, the VP of Southeastern Development. “We look forward to delivering a space that can be enjoyed by the entire community.”
The project is the single-largest economic development in Forest Acres in nearly 35 years.
“We are looking at the future of our city,” says Mayor Frank Brunson of the historic announcement. “We are building on the successes within our city, using the mixed-use model that has proven to work in Forest Acres – and we are giving our citizens what they’ve long said they want: the property redeveloped once and for all. And a brewery and large outdoor space for entertainment will continue to put Forest Acres in the spotlight.”
City and Richland County leaders pointed to Southeastern Development’s proven track record of success, specifically in rehabbing former indoor mall properties, as the reason this project garnered so much support. Both councils unanimously passed a combined 23 million dollar incentive package to move the project along.
“We wanted a long-term solution for the property,” Says Councilman Thomas Andrews. “Over two-and-a-half years of working on the project, we’ve come to learn to be successful, the mall property has to be completely reimagined to deliver a thriving commercial space.”
Phase one will begin once Southeastern closes on the property sometime this winter.
Residents should expect the first phase to be completed within five years.
This information is from the City of Forest Acres’ Facebook page.