Tower Place Mall, which has struggled with store and restaurant departures in recent years, has been sold to a New York-based development company for an undisclosed sum.
Northeast Securities Development Corp. of New York City has purchased the three-floor retail center and will meet with local employees this week to discuss plans, said Christi Begley, Tower Place general manager.
Closings at the 108,000-square-foot mall led to a decline in value of $13.5 million since 2002, when the land and building was worth $25.5 million.
The Hamilton County Auditor’s Office valued the property at $18.5 million in 2005, but the county’s board of revision reduced that to $12 million in January.
In recent years, the mall has lost high-profile shops such as Banana Republic, The Nature Co. and more than a dozen other retailers.
A tax-increment financing abatement enables the building owner to avoid paying taxes on the value of improvements until 2032.
BY JOHN ECKBERG – The Enquirer
