CLARKSVILLE, Ind. (WDRB) -- It's a sign of the times: malls and shopping centers sitting mostly empty.
But the Town of Clarksville sees potential in River Falls Mall.
The town plans to buy 65 acres of mall property for just under $5 million. The property acquisition includes Bass Pro Shops, the old Dillard's building and the old Sonic restaurant. It does not include the mall's other current businesses, the former Toys "R" Us nor the movie theater.
Council members point out that the purchase will allow the town to control development at the site, instead of someone buying cheap vacant property and allowing it to sit empty for years.
"This way, we can ensure that the property will be developed and developed to its highest value," Councilman Paul Fetter said.
Under the acquisition, all existing businesses can remain open. Clarksville also plans to build stormwater upgrades on site to stop flooding problems in the nearby Lincoln Park neighborhood.
As for the rest of the property, the town wants to hire a consulting firm to come up with a Redevelopment Master Plan. It will include mall property plus the rest of Lewis and Clark Parkway.
The town expects to close on the property this fall. While the purchase price is $4.99 million, its assessed value is $11.7 million.
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