Shannon Mall sold for $9 million
By John Thompson
The Citizen
07/16/04
Officials at Lee Najjar Real Estate confirmed this week that Atlanta
businessman Lee Najjar purchased Union City’s mall. While
the official at the real estate company would not confirm the
purchase price, other published reports put the pricetag at $9
million, or just over $11 a square foot. Najjar bought the mall
from Toronto-based Cadillac Fairview Corporation.
The mall was built in 1965 and has just over 734,000 square feet
of retail space and is anchored by Sears and Richs-Macys. While officials
at Lee Najjar Real Estate did not provide many details, they did
say that renovations are planned for the mall.
Union City officials were already doing their part to improve the
area around the mall. In 2003, the city won a $60,000 planning grant
from the Livable Centers Initiative (LCI) of the Atlanta Regional
Commission and selected a firm to spruce up the area.
The community design and architecture firm of Tunnell-Spangler-Walsh & Associates
of Atlanta was picked from three finalists out of six proposals
submitted and has already begun work by reviewing existing Union
City projects.
One of the projects that most appealed to Union City officials
is the firm’s work on the Winter Park (Florida) Mall Redevelopment,
partnering with the firm of Glatting Jackson, who will again
team with Tunnell-Spangler-Walsh in Union City.
Winter Park was challenged by a 500,000-square-foot mall that was
badly in need of reinvestment. The team worked with both the city
and the property owner to develop an alternative urban design concept
that essentially integrated the city into the mall.
Today, Winter Park Village is a revitalized live-work-and-play community
that is highly successful.
"We are looking for the help of the Tunnell-Spangler-Walsh team
to remake the Shannon Mall area and environs into a seamless community," said
Mayor Ralph Moore, himself a professional city planner.
In recent years, the mall, which was built in 1965, has faced
challenges from more retail centers opening in the region. The
Fayette Pavilion, the Marketplace at Camp Creek and The Avenue
in Peachtree City all draw shoppers from the mall’s customer
base.
Coweta County’s retail options have exploded in the last
few years and two major projects are underway in Newnan that will
offer even more stores for residents to explore.
"With our enviable location on Interstate 85 and its direct
connection with Hartsfield Atlanta International Airport and the
amenities of Atlanta nearby, Union City has a very good chance of
being a highly desired address," Moore said.
