HUNTSVILLE, Ala. (WHNT) - Last week WHNT News 19 learned that RCP Companies, in partnership with another entity called The Grove, Huntsville LLC, had purchased a large chunk of the Madison Square Mall property for $5 million.
Today, RCP Companies representatives released this statement:
RCP Companies, on behalf of the new owner, is excited to begin planning of the redevelopment of Madison Square Mall. There's a lot of work ahead of the team as it considers how to best reposition this iconic property, and the public's recent interest has added vital feedback to the discussion.
“News of the sale has stirred a lot of interest in town and RCP Companies is pleased to see such interest in the Mall’s future,” said RCP Companies’ Director of Public Relations Lindsay Harper. “There’s a lot of potential and promise for this property and we will endeavor to keep the community informed as our plans are solidified.”
Madison Square Mall is open for business. Currently, RCP is focused on the seamless transition of ownership and continuing to serve the Mall patrons and storeowners. Tenants have been notified that business will continue as usual. The next step in the process is to identify and understand the best long-term options for the Mall. The team is committed to creating a project that best fits the community and adds value to the Property.
RCP Companies is a boutique commercial real estate company, headquartered in Huntsville, Alabama, formed to provide acquisition, development and asset management programs for its partners."
Tenants tell us they've learned the company doesn't have immediate plans to terminate their leases as of this time.
We talked to Huntsville's Manager of Urban and Long Range Planning, Dennis Madsen, about mall redevelopment trends across the country. He said a successful redevelopment of a declining mall usually involves more than just retail, although he couldn't speculate about the plans for Madison Square Mall.
"Successful redevelopment rarely involves kind of a put-back of the same thing," he said. "It usually and almost always successfully involves a multiple part program. You start coming back with some retail and commercial, but you also add in residential or office or green space."
WHNT News 19 is working to track the future of the property. Stay tuned on-air and online for updates.