I Have Seen the Future of Crossroads Mall

[megax11]

No. The thing happening to Crossroads is housing additions that, for the most part, were still in good shape and safe when the mall was built but now border on being slums, gang bangers running off most of the law abiding customers, major construction which closed the area for a couple of years (and will again), and owners that are like the majority of companies in the fact they could care less about you... Just how much they can line their pockets (no major remodeling or expansion).

Funny, because the last few times I've had to go out there, I don't see these mysterious gangbangers lining the mall.

I don't hear all these stories of mall fights that break out there anymore.

So what's really keeping the mall dead now? Simple... People not willing to put money into renovating it.

[scootinger]

Funny, because the last few times I've had to go out there, I don't see these mysterious gangbangers lining the mall.

I don't hear all these stories of mall fights that break out there anymore.

So what's really keeping the mall dead now? Simple... People not willing to put money into renovating it.

And the fact that the mall simply has no viable future as a retail shopping center. Sorry...but it's simply the truth; once a mall is dead, it is practically impossible to bring it back. The chance that Crossroads is an exception to this is practically zero. Hate to say it, but it's simply the way the retail real estate market works.

I think the best idea for Crossroads (and the surrounding community) would be to find a way to reuse it (whether it would be certain buildings or in full) for another use, similar to what has been done with Shepherd Mall. Offices, educational/community uses, churches, etc...or maybe even some residential/retail mixed in with that somehow. If an innovative developer can wait for the right time to buy the property at a dirt-cheap price then market it in the right way once the market picks back up, someone would be making a crapload of money!

[Spartan]

It's simple, sell the land to a Native American nation and make a Casino out of it.

This actually is the best possible use for the Crossroads site. The area around it already has crime and undesirable elements. And trailer parks.

[Bunty]

lol, so people who you apparently perceive as losers need a casino in their neighborhood. It could make things worse.

[Bunty]

So what's really keeping the mall dead now? Simple... People not willing to put money into renovating it.

Also strong competition from Penn Square and Quail Springs. Long gone are the days when Crossroads was the only game in town.

[kevinpate]

... If an innovative developer can wait for the right time to buy the property at a dirt-cheap price then market it in the right way once the market picks back up, someone would be making a crapload of money!

Appears the chap who purchased the Macy wing of the mall complex got the first half nailed. What he does with it will determine whether he also meets the second half of the above.

[Uncle Slayton]

This actually is the best possible use for the Crossroads site. The area around it already has crime and undesirable elements. And trailer parks.

And Valley Brook. They could move all the strip clubs into one half of the mall and one or two of the giga-churches into the other, you'd have saints and sinners under the same roof and the money would roll in.

[smooth]

Funny, because the last few times I've had to go out there, I don't see these mysterious gangbangers lining the mall.

I don't hear all these stories of mall fights that break out there anymore.

So what's really keeping the mall dead now? Simple... People not willing to put money into renovating it.

Re-read my post. I gave several reasons. Plus, the mall is all but deserted. Gangbangers WERE and at times STILL ARE in the mall. One proof is the program "Gangland" on Histroy Channel. Even THEY agree gangbangers flooded the mall.

You are wearing blinders... Refusal to accept reality.

[anniemae]

I believe I have a better solution for the Federally owned mall, ( but no money to attempt it myself)
Imagine this, take the big department store spaces, put in a sub floor with hidden plumbing, build Two thousand small apartments in them. rent out the small store spaces to coffee shops, small resteraunts, eye doctors, dentist, health clinic, small clothing and specialty stores that cater to the elderly. Build in a small theater, and things for visiting family members to do. Fence the whole property wtih security and nice walking trail and park. then rent out the apartments to independent elderly people, kind of an assisted living center that encompasses everything a person would need in one little city. Imagine if there were over 2000 apartments at $2000 a month, that would be 4 million a month, then throw in the rental for retail and other monies, It could be profitable over a period of time and most likely, the right group could get the whole property "donated" by the federal government at no cost. THis would be a premier place for the independant aging to move to. Families would come to visit, spend money, etc.... I have never heard of any thing like this at such a large scale. Anyone?

I've not seen nor heard of anything like this, but it sounds appealing and profitable. Of course I'm not in the rental business and with the government regulating every little detail of businesses these days it may not be feasible as they might not be able to keep serial killers etc without being charged with discrimination.

[Bailey80]

Re-read my post. I gave several reasons. Plus, the mall is all but deserted. Gangbangers WERE and at times STILL ARE in the mall. One proof is the program "Gangland" on Histroy Channel. Even THEY agree gangbangers flooded the mall.

You are wearing blinders... Refusal to accept reality.

Somehow, I doubt the journalistic integrity of a cable TV show called "Gangland." I was at Crossroads about a month ago and saw more retirees power walking than gangbangers. If it's grandma feels safe enough to exercise there, how bad can it be?

[jn1780]

Somehow, I doubt the journalistic integrity of a cable TV show called "Gangland." I was at Crossroads about a month ago and saw more retirees power walking than gangbangers. If it's grandma feels safe enough to exercise there, how bad can it be?

What time did you go? Perhaps there's nothing left the "troubled youth" even want to visit anymore. The mall was a little bit more active when that incident Gangland talked about occurred.

[Skyline]

"Grandma Power Walker" is like the grim reaper to all malls. Far worse than any gang banger.

[Thunder]

Goodie. Another CRM thread. Exciting, eh?

[USG'60]

Uhhhh, Thundie, I hate to be the one to tell you this, but this thread is a year and a half old.

[Thunder]

Uhhhh, Thundie, I hate to be the one to tell you this, but this thread is a year and a half old.

Its a technological glitch.

[Larry OKC]

It was resurrected by anniemae, or maybe she is one of the CRM Zombies (maniacal laughter)

[BigBadBen]

Oklahoma City's Raptor Properties buy Crossroads Mall from Federal Reserve




Local investors bought Crossroads Mall on Tuesday in a deal that will surprise people who assumed it was doomed: They plan to keep it open as a mall.

Mike Dillard and Roddy Bates, owners of Raptor Properties LLC, paid $3.5 million for the long-struggling mall at Interstate 35 and I-240. The mall had been owned by the Federal Reserve Bank of New York since 2008 in one of the oddest pieces of fallout from the federal banking bailout.

The buyers, who were surprised after taking a good look at the property, are ready to take Crossroads forward, spokesman John Wooley II said.

“We were all blown away. When we thought of Crossroads, we thought, ‘Is that still open?' We figured we'd see a lot of neglect,” he said. “We walked in (and inspected it) and thought, ‘Minus the Pepto Bismol railing, that (property) is probably in better shape than any mall around.'”

Bargain buy

As recently as June, the asking price for the 762,532-square-foot property was $6 million, one-fourth the $24 million asked when the mall property, which then included other space that has since sold, landed among Price Edwards & Co.'s retail listings in summer 2009.

Raptor Properties acquired the main mall building with 383,784 square feet; the former J.C. Penney store, 198,358 square feet; the former Steve & Barry's, 157,000 square feet; and the former Ward's Automotive, 23,390 square feet. Several other former Crossroads properties previously sold to other investors.

With replacement cost estimated at $125 per square foot, the buyers got Crossroads at a price with plenty of room to maneuver as they work to improve it, possibly rebrand it and return its reputation as a southside destination.

Retail revival?

Raptor said it hopes to work with Oklahoma City and South Oklahoma City chamber officials to revive Crossroads retail — but not high-end.

“The price is right for Raptor and (Bates and Dillard) are looking forward to bringing some TLC to the mall,” Raptor Properties said in a statement. “The property has been in receivership for over 3.5 years. The mall is in great shape, but Raptor looks to make some improvements on appearance, open up the leasing gates and attract previous tenants back as well as new retailers.”

A woman who said she was a manager at Zales: The Diamond Store indicated that she and other tenants were gladdened by Raptor's purchase and its plans, but referred questions to Zale Corp. headquarters in Irving, Texas. Other national tenants at Crossroads did likewise late Tuesday, too late to make contact with corporate spokesmen.

Troubled property

Raptor Properties was a late entry in a short line of potential buyers that have tried to buy Crossroads, showing an interest only this summer after the latest deal fell apart. Once the principals took a good look, they realized it had more potential than it was credited for, Wooley said.

Crossroads' recent reputation has had a lot to do with its troubled ownership, although uncertainty associated with the tangle of high finance did affect operations. The nearly vacant property still has about 50 tenants, mostly retail, but on short-term leases.

The likelihood of an alternative use for the space led Price Edwards to remove it from its retail property survey just last spring.

Wooley said large spaces such as the former Montgomery Ward space might be considered for distribution or some other nonretail use.

Price Edwards' last marketing flyer for Crossroads suggested selective mixed use for the property with vacant anchor spaces reserved for office, back office, or flex space.

Price Edwards said will consider how to treat the property before its next survey at year's end, said Jim Parrack, senior vice president.

Parrack said no one with Price Edwards could talk about the property or the sale, citing a confidentiality agreement with the seller, an entity of the Federal Reserve, which the firm represented in the sale. Broker Paul Ravencraft worked the transaction. Frontier State Bank provided financing. Price Edwards will continue to manage the mall and market the space, Wooley said.

The seller was Maiden Lane LLC, a “special purpose vehicle” created by the New York Fed in 2008 as part of the Fed-led takeover of Bear Stearns Cos. Inc. by JPMorgan Chase & Co.; Maiden Lane took a portfolio of Bear Stearns assets that JPMorgan found too risky — even though it acquired Bear Stearns at a bargain.

Bear Stearns, then the Fed and Maiden Lane, wound up with Crossroads because the former mall owner, Macerich Co., had refinanced $61.2 million with Bear Stearns in 2006.

Read more: http://newsok.com/oklahoma-citys-rap...#ixzz1Xvw9HEks

[Larry OKC]

BigBadBen: know you are just trying to be helpful, but the Oklahoman prefers that you just post an excerpt of the story, with the link (like you did). Probably too late for you to self-edit so maybe the Mods can.

[Thunder]

BigBadBen: know you are just trying to be helpful, but the Oklahoman prefers that you just post an excerpt of the story, with the link (like you did). Probably too late for you to self-edit so maybe the Mods can.

Yeah, I hate it when The Oklahoman does that. They should be thankful that their bandwidth are being saved when people just read the article right here. At least the poster did link back. lol

[Steve]

Thunder, would you be ok if I went to your booth and took one of your items home with me? At least I'd be visiting your shop. I hope this doesn't come off as being hostile, not meaning it that way. But seriously, this story was written by someone who works for the paper, and it's their product.

[Thunder]

Thunder, would you be ok if I went to your booth and took one of your items home with me? At least I'd be visiting your shop. I hope this doesn't come off as being hostile, not meaning it that way. But seriously, this story was written by someone who works for the paper, and it's their product.

The article is not something that is being sold. There isn't harm in it, really. For example, how many newspaper has been passed around? Made available for multiple people at barber shops, etc? :-)

[jn1780]

The article is not something that is being sold. There isn't harm in it, really. For example, how many newspaper has been passed around? Made available for multiple people at barber shops, etc? :-)

How do you think Steve gets paid? Ever heard of advertising. Thats kind of hard when people are not reading directly from the Oklahoman website. At least in your barbershop example advertisers sometimes take that into consideration. That form of media is slowly dying, though.

[foodiefan]

. . . the "not high-end retail" concerns me. . .what do they consider high-end?

[Steve]

The article is not something that is being sold. There isn't harm in it, really. For example, how many newspaper has been passed around? Made available for multiple people at barber shops, etc? :-)

Thunder, newspapers and news sites rely on readers visiting their sites, driving up advertiser interest. Copying and pasting is wrong.

[Thunder]

Thunder, newspapers and news sites rely on readers visiting their sites, driving up advertiser interest. Copying and pasting is wrong.

Fine. :-(

Just curious, all the ads, are The Oklahoman being paid each time the ads are displayed or clicked on?