New owners to demolish Palm Beach Mall

Rather than redevelop Palm Beach County’s oldest mall into a new outlet center, the partnership that bought the Palm Beach Mall in October has decided to demolish it and build a sparkling new facility, the Palm Beach Post reported.

Now, the $35.5 million New England Development, Eastern Real Estate and Lubert-Adler paid to buy the firm doesn’t seem like such a bargain price, the Post noted, as the cost of planning, preparing and constructing the Palm Beach Fashion Outlets, as they will be known, likely brings the total price north of $100 million.

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New England Development Chairman Stephen Karp told the Post that he’d likely file plans with West Palm Beach in the next 90 days. The developers are in talks with a whole host of retailers, and said that JC Penney, one of the two retailers that remain open at the mall, would likely get a new building.

“We’re probably talking to over 100 tenants right now, and some of them are in different stages of negotiations, some of them with lease requests,” Karp said. [Palm Beach Post]