WAOW - Newsline 9, Wausau News, Weather, SportsFuture of mall up in the air

Future of mall up in the air

by Cami Mountain

STEVENS POINT (WAOW) -- Since April, Center Point Mall owners haven't made a single mortgage payment.  So, earlier this week the bank lender took over. 

But there's still no word on what's going to happen to the mall.  It's an issue even friends are divided over.

Friends Kelly Cox and Shirley Roberts don't have the same opinions on what should happen to the Center Point Mall in Stevens Point.  For years it's future has been undecided.

One option, keep the mall just like it is and hope more tenants come.  That's what Roberts is for.

She says, "I think there should have more people, more vendors, more options because there's nothing here. It's not a mall, it's a Shop-Ko."

But Cox doesn't agree.  She thinks going with the city's downtown revitalization project is better.  That includes demolishing 90,000 square feet of the mall building to make room for more parking and an apartment complex.

Cox says, "They haven't gotten any other stores in here for a long period of time anyway to establish anything. So, I think it should be leveled and put it back to the way it used to be."

Either one of those options takes an agreement between city leaders and mall owners.  Right now, they're not agreeing and mall owners are suing the city.

Because of that claim, no one is talking except for the man controlling the property.  That's bank lender Steve Janney of Valley Bank in Iowa.  He's given city leaders the option to buy the existing mortgage, moving forward the downtown expansion.

No decision on that yet.

Janney says, "I have not set a timeline. We do understand that this isn't something that can happen overnight."

Janney says he'll give city leaders between 30 and 60 days to make a decision.  After that, the deals off.

Janney adds, "I will be actively looking for new tenants for the mall so we can protect the people who are in there, get more traffic in there and try to start getting a cash flow."

If city leaders choose not the buy the mortgage from the bank now they can still buy the mall property if the foreclosure goes through and it's put up for auction.  Anyone with interest in the mall could do that.  But there is still time for mall owners to pay off their mortgage and take the property back.

Online Reporter:  Cami Mountain