A deal is in the works to save the Cedar Creek Mall
ROTHSCHILD (WAOW) -- A deal is in the works that could save the Cedar Creek Mall. The Rothschild Village President confirms to Newsline 9 a new owner is expected to take over the mall Wednesday. The mall is located in Rothschild, right off Business 51.
It's been an up and down battle for the Cedar Creek Mall.
"We've invested a lot of money into that mall and we want it to be successful,” said Rothschild Village President George Peterson.
Peterson says a deal is the works to make that happen.
“We anticipate that we will see big changes as a result of this. Hopefully some national chains come in," explained Peterson.
Last year the cedar creek mall faced foreclosure. According to the lawsuit, the mall owners owed almost $15 million to a company with links to the original developers. A Madison attorney was named to run the mall and it operated as normal.
Now, Peterson says developer out of Milwaukee is going to buy the mall. That sale is expected to be finalized sometime Wednesday.
"We know he's got outlet malls through the upper Midwest, successful malls, several malls,” said Peterson.
Peterson says he's been in contact with the mall's hopeful new owners. He says during telephone conversations the developer had already talked about plans to improve it.
“A lot of money is going into the appearance of the mall, making it look better, more attractive to customers and retailers,” said Peterson.
That, he says, will be a big benefit to the community.
“It's long over due,” added Peterson.
Peterson says the Patriot Center will be part of the sale. Right now the Wausau Visitors and Convention Bureau runs it. But, Peterson says when the sale is final, a separate management company will take over.
The mall's current owners declined to comment on the sale.
More details about the sale are expected to be released this week.