Glimcher puts University Mall on the block

[USFan]

I hate to burst your bubble, well, I do enjoy it, but take a closer look at the University Mall.  Mr. Glimcher does not own the land or buildings that are Sears, Burdines or Dillards.  Thus, it cuts the property in half at best.  Now try to buy out those three companies and you can add another $50 million just starting, but first you have to find another location and buy them that as well.

I'm glad you keep up with USF news... UCFers love USF, it's incredible.

[Triple B]

I hate to burst your bubble, well, I do enjoy it, but take a closer look at the University Mall.  Mr. Glimcher does not own the land or buildings that are Sears, Burdines or Dillards.  Thus, it cuts the property in half at best.  Now try to buy out those three companies and you can add another $50 million just starting, but first you have to find another location and buy them that as well.

Interesting, a know-it-all Kanigit, sounds like a real estate developer, sticking his nose in where he has no dog in the hunt whatsoever ......... looks like someone's obsession has forced him to come crawling back with a new name.

[Brad]

I hate to burst your bubble, well, I do enjoy it, but take a closer look at the University Mall.  Mr. Glimcher does not own the land or buildings that are Sears, Burdines or Dillards.  Thus, it cuts the property in half at best.  Now try to buy out those three companies and you can add another $50 million just starting, but first you have to find another location and buy them that as well.

Those tenants may leave voluntarily if they can get police protection while they evacuate.

[Rabbi Bull]

glimcher owns the property burdines, dillards and sears are on, they rent the space from him.  if somebody buys it and wants to tear down the mall, there goes those three stores

[turkeysoup]

The $64,000 question is who is going to pay for the aquisition of the mall?

Wouldn't tenent leases have to be bought out before the mall could be shutdown?

[80mins]

The $64,000 question is who is going to pay for the aquisition of the mall?

Wouldn't tenent leases have to be bought out before the mall could be shutdown?

This reminds me of comedian Godfrey's impression of his Nigerian father:

"Who will pay for eet?"

[Bobcat99]

what is really weird about the mall, is that it down right kills any other establishment on that side of fowler avenue.  It is just a weird dichotomy.  That BullPen joint isn't really picking up steam, and the other stores along that way struggle as well.

The UA Hangout is across the street from the mall and is a money factory.

Anyway, the mall isn't going anywhere, it's just being sold. If you read the article, it explains that the mall makes an average amount of money compared with other mall in the country, so it's certainly not on any kind of decline. Buying out the mall would mean buying out all its tenants, which would be an exorbitant amount of money.

[Triple B]

Maybe it can be turned into a NetPark like East Lake Square was. That seems to be doing pretty well.

[Guest]

glimcher owns the property burdines, dillards and sears are on, they rent the space from him.  if somebody buys it and wants to tear down the mall, there goes those three stores

Actually, no. Glimcher does not own the Dillards, Sears, Macy's/Burdine's, or Burlington Coat Factory parcels.  They are independently owned.

Check out the Property Appraiser's website for more details: www.hcpafl.org. (Search for 2200 Fowler and look at the number of parcels.)

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If I'm not mistaken the State of Florida doesn't purchase land for university use.

You are mistaken. The state does purchase land for state university use.

How could the mall property be aquired other than by someone donating it to USF?

The university can buy it, if given funds from the state or raising the money from private sources.  Heck, the Foundation could even borrow the money from the bank!!

Who is going to pay for it?

See above.

The $64,000 question is who is going to pay for the aquisition of the mall?

Wouldn't tenent leases have to be bought out before the mall could be shutdown?

See above.

Yes, the tenant leases would have to be bought out before the mall could be shut down.