If You Ever Wanted to Own Valley View Center, Well, Now's Your Big Chance

valley-view-mall-10.jpg
Prange Way/Labelscar
The place: the north side of the George Allen Courts Building, below the overhang. The date: February 7. The time: between 10 a.m. and 4 p.m.

That's your invite to the foreclosure auction for Valley View Center, which, since August 2010, has been in the hands of LNR Partners out of Miami, who took control of the mall when Arizona-based Macerich said it couldn't make the $125-million note due in 2011. LNR -- or, at least, the bond holders it's repping -- has decided enough's enough and is looking to get what it can for the 38 acres at LBJ and Preston. Though as a friend in the real estate biz reminds this morning, sure, the slate will be wiped clean, but the new owner will still have to contend with, say, the owners of the old Macy's space, whatever their plans may be.

This morning I asked Bruce Bradford, interim president of the North Dallas Chamber of Commerce, how the foreclosure auction affects those visioning plans we discussed last year. Says he: Not sure, but only because the owners of the mall property and the hundreds of acres around it have walked away from the table. The chamber's "level of engagement has been nil" in recent months, he says.

"Our understanding was the property owners group, the finance committee of that group, was going to step aside and arrange the capital for the next step -- the visioning document by HKS. And we've lost connection since then. ... It's a diamond in the rough, and the city has a strong focus on polishing that diamond, and I still think some day that'll be the diamond we need it to be. Just don't know when that'll be." Valley View Foreclosure

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18 comments
mark zero (Jason)
mark zero (Jason)

Seeing that Sanger-Harris tile mural always makes me wistful.

Justaguy
Justaguy

I worked there for many years, just now got out of there thankfully, they haven't fixed those damn escalators in almost two years, looks like the muslim people will have to find somewhere else to haggle now. 

Marcy
Marcy

I vote we use the land for 10 Trader Joe's stores and an In & Out Burger.

Max
Max

I'll pass, fella.

Russp
Russp

Does it come with a "sexually oriented business" permit? That area is awful light on strip clubs.

crack"the natural high"
crack"the natural high"

Super secret ninja training facility, maybe??? Just throwing some ideas out there....

Mark Allen
Mark Allen

Every time you guys report on Valley View's slooooow death, I feel a little sadder and a lot older. Still... keep the news coming.

Mark Allen
Mark Allen

Every time you guys report on Valley View's slooooow death, I feel a little sadder and a lot older. Still... keep the news coming.

Kevin Kirby
Kevin Kirby

The Game Chest will have its revenge . . .

Oak Cliff Townie
Oak Cliff Townie

": Not sure, but only because the owners of the mall property and the hundreds of acres around it have walked away from the table. The chamber's "level of engagement has been nil" in recent months, he says.

"Our understanding was the property owners group, the finance committee of that group, was going to step aside and arrange the capital for the next step -- the visioning document by HKS. And we've lost connection since then. .."

In other words ...

The property will be revalued at auction and it will not have 125 million debt hanging over it.

lgbt lbj
lgbt lbj

It would be a good place to store all of the road construction equipment, sand, and gravel that they can't fit at the former Texas Stadium site.

Ed D.
Ed D.

There are already In & Out locations at 635 & Coit, 635 & Midway, and there's one going in on the Tollway just north of Belt Line. It's just a fast food joint with good burgers and terrible fries. I'm not sure we need one every two blocks like a Starbucks.

NewsDog
NewsDog

That would require the City of Dallas to buy it. Do you really think that's such a good idea?

T. Erickson
T. Erickson

Given the current construction on LBJ, it's not a bad idea

Paul
Paul

I'm going short ....

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