Cities Want Developers To Help Them Monetize Dead Malls
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Across the country, apartment buildings, hotels and office buildings are rising out of the ashes of dead malls.
Shuttered urban malls are especially hot development opportunities as cities reclaim lost streets and empty space by working with developers to revitalize urban centers, the Wall Street Journal reports. A development board in Burlington, Vt., recently agreed to contribute $22M to a $225M project to erect offices, shops and apartments on the site of a failed mall.
There are similar stories around the U.S., and experts said local governments are often eager to help developers demolish dead malls, especially since the new construction will help revitalize neighborhoods and provide cities with more tax revenue.