A struggling Columbia-area mall could be redeveloped with residences, retail, offices
For years, the Richland Mall in Forest Acres has been largely vacant, a massive ghost that is a sort of physical metaphor for an American retail age gone by.
But now a new plan is being considered that could see the mall property at 3400 Forest Drive redeveloped into a mixed-use project that could include residences, retail, office space and more.
Mall general manger Joe Walker II confirmed to The State that the property currently is under contract to be sold. Walker declined to identify the potential buyer of the property and said that all the parties involved are currently going through a period of due diligence that could take a number of months.
“We are under contract,” Walker said. “We have been working for a long time to get it into the right people’s hands for a redevelopment.”
The mall is just under a million square feet, Walker said. Opened in 1988 in its current form, the mall is almost completely vacant, though there are a few notable national retailers there, such as Barnes & Noble bookstore, a rooftop Regal movie theater and a Belk department store.
While he stopped short of naming a potential buyer and stressed that details are still far from certain, Walker conceded that developers and city leaders in Forest Acres seem united in wanting the property to become a mixed-use development.
He said the desire is for it to be “a bonafide, first-class, mixed-use facility” that could include residences; boutique, high-end retail spaces; a workout facility; office space; and potentially even a boutique hotel, among other features.
“And, of course, the location is absolutely fantastic,” Walker said, a reference to the mall’s prominent spot on busy Forest Drive, near where Columbia and Forest Acres meet.
Forest Acres Mayor Frank Brunson said he was aware the mall was under contract but said the project is still in an “infant stage.” However, the mayor said he is hopeful that the property could become a dynamic new development.
“It needs to be sort of like a mixed-use, multi-use town center,” Brunson told The State in a Feb. 4 interview. “That is what we are hoping for. ... (Redeveloping the mall property) has been a topic of conversation at just about every other meeting we have, and it is also something that, when I see people out at church or at work, they are asking me, ‘When are we going to do something about that mall?’
“So we are excited about the potential for there to be a multi-use component to that property, and hopefully we can hear something about that in the next (few months).”
Walker said the city of Forest Acres hopes to see a redeveloped mall site as the “jewel in their crown” and a gateway to the city that is just east of Columbia.
This isn’t the first time in somewhat recent years that the mall has been considered for sale and redevelopment. Walker estimated it has been under contract five times previously in the last decade or so, but those deals didn’t come to pass.
Walker said there has been work behind the scenes that makes a potential sale more palatable. For instance, he said that the mall once had three different owners, but that has now slimmed down to two: Century Capital Group LLC and Forest Holdings LLC. He emphasized that the entire mall property is under contract, not piecemeal.
Though Richland Mall — like many enclosed malls across a nation where the retail landscape has shifted dramatically in recent years even before the global pandemic — has struggled to attract tenants and retailers, Forest Acres has continued to grow and bustle outside its doors. Forest Drive drive just east of the mall is packed with stores, restaurants, banks and other retail and business offerings.
Brunson said he thinks that makes the mall property even more enticing for redevelopment.
“If someone comes up with the right idea, I think you’d see it zoom out of the roof,” the mayor said. “It’s going to be really exciting. (Forest Acres) has been a hot spot, commercially. And it’s always been a great place to live. ... Just ride down Forest Drive and you’ll see that it’s a desirable spot, very unique in its own way.”
This story was originally published February 7, 2022 at 8:34 AM.
