Northgate Mall's future is more complex than it looks.
The struggling Greater Cincinnati mall at 9501 Colerain Ave. has been in the news lately for the ongoing demolition of the attached Sears, and for a possible sale.
But what kind of group would buy a dying mall?
Here's everything we know about Northgate Mall's potential next act.
Northgate Mall is still on the market
Northgate Mall listing agent Chris Prosser of CBRE confirmed that the two largest parcels up for sale at Northgate Mall are still on the market as of Sept. 4. Since this spring, the 500,083-square-foot mall has been marketed as a 29.8-acre redevelopment opportunity with "blank canvas potential" along the highly-trafficked Colerain Avenue corridor.
The Enquirer previously reported that property records showed Northgate
Mall had been sold by long-time owner Tabani Group to Dallas-based Tundra Realty Inc. on Aug. 10.
The transaction was more complicated: the new owner is really an entity of Dallas-based lender Inwood National Bank, which took over the property this July, according to Hamilton County property records. The transfer was completed through a deed in lieu of foreclosure, per county-filed affidavits obtained by The Enquirer.
Inwood did not return calls about their intentions, but township officials say the bank's plan is still to sell it.
No price is listed in CBRE's listing; the mall is assessed at over $5.3 million, according to property records.
What's happening to the stores?
While very few tenants remain in Northgate Mall, several were given a 30-day notice to vacate, per Enquirer reporting.
Prosser declined to answer questions related to the evictions, but Colerain Township Development Director David Miller said most tenants have been on a month-to-month lease for a while.
Not all of Northgate Mall is for sale
The 60-acre Northgate Mall site is owned by a mismash of groups:
- Tundra Realty Inc. owns the 27-acre parcel that is the mall itself, and a three-story parking garage. It also owns a 2.2-acre parcel that is the former Macy's.
- The Epic Entertainment Center, which opened in February, occupies an old theater inside the mall.
- Colerain Township, by way of The Port, owns the former Sears department store. Sears, which is currently being demolished, spans 12.6 acres.
- The front-facing retail spaces housing Michael's, Burlington and Ulta Beauty, among others, are separately owned.
What about Epic?
Epic Entertainment told The Enquirer in an email that because their business is located in a different building but they share some utilities, they are "keeping an eye on the (sale) situation." Epic's co-owners told other media outlets last winter they aimed to expand in and around the mall, but those plans are currently on pause, they said.
"We are waiting until there is more clarity regarding the future of the mall and the land owned by the Township," they added in an email.
What does Colerain Township want for Northgate Mall?
Colerain Township has been invested in Northgate Mall's future for years.
Miller explained the site is perfect for a mixed-use development with more retail, housing, restaurants and a "central downtown-feeling gathering space."
"Colerain Avenue is highly commercialized and already well built out," he said. "This really is that corner. This is our shot to make that happen."
In 2019, township officials commissioned a study of the Colerain Avenue corridor to address road safety and access. It then worked with Cincinnati's KZF Design to come up with a preliminary plan to redevelop Northgate Mall as a mixed-use town center. In 2023, trustees bought the vacant Sears anchor store for $2.2 million, later announcing plans to demolish the structure.
The next Montgomery Quarter?
Miller explained that township trustees wanted a "seat at the table" to enact its future. He thinks there are plenty of projects around Greater Cincinnati that they could mirror, like Montgomery Quarter and Liberty Center − but in their own way.
He envisions single-family attached condos along the south side of the mall property as a transition to higher-density apartments further into the site.
Miller doesn't know the status of the mall's potential sale, but hopes to be kept in the loop should a strong buyer come to the forefront. He knows what the township doesn't want for Northgate Mall: a storage unit complex or something like an Amazon fulfillment center.
"Those products will never get approval from us," he said.
"The goal all along has been to find consensus and work through this with whoever that owner is going to be," Miller added, "and build something we can all enjoy, believe in and work toward."
What makes sense for Northgate Mall?
Josh Rothstein, vice president of Colliers Cincinnati's retail team, isn't surprised Northgate Mall is headed for redevelopment. Given its location on what he called "one of Greater Cincinnati's strongest retail corridors," he thinks it's highly marketable.
"To have that kind of landmass along Colerain Avenue is insane," he said. "Northgate was always destined to close eventually."
In Rothstein's perspective, a future buyer would likely demolish most of the mall, keep the structures that still have value, and turn the whole thing into a dense, mixed-use complex similar to what Miller envisions.
If that's the direction a buyer will go in, then that explains whey the tenants are being asked to vacate the mall now, he said.
"Existing tenants can complicate a project because developers need flexibility to demolish, phase our construction and redesign the property without increasing the wait time," he said.
This article originally appeared on Cincinnati Enquirer: Up for sale, here's what could happen to Northgate Mall
