By WKTV Staff
Poag Development Group CEO, Josh Poag, recently announced the acquisition of RiverTown Crossings, a 1,267,272-square-foot enclosed mall in Grandville, MI.
“We always start with location, and in this case, we love the site in Grandville and its strong position within the greater Grand Rapids area,” said Poag, adding that he began looking at the mall as a potential acquisition upon the suggestion of a friend.
After visiting the Grand Rapids area last summer, Poag was impressed with the Grand Rapids MSA, Grandville in particular.
“This property has so much potential for redevelopment given its great location and proximity to rooftops,” said Poag. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property, both inside and outside, and its role in the greater Kent County area.”
The Poag CEO was also impressed with Grandville’s passion for the area – and for the future.
“There is a lot of growth in the area, and we walked away very impressed and encouraged,” said Poag.
Revitalizing through creating experience
Though RiverTown Crossings boasts five anchors including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods, the two-story enclosed super regional shopping mall has seen a decline in patronage over the last several years.
Poag believes the reason for the decline in mall patronage is twofold.
“Online shopping is certainly one cause over the past 15 years,” Poag said. “The operations of a mall are another. When a mall or any property is neglected, the customer sees that and feels the decline. They are less encouraged to come back.
“Our history is about creating experience. Our first mission is to take care of the property, from filling in potholes to trimming back overgrown landscaping to getting the carousel working again.”
Poag aims to revitalize the mall through redevelopment by adding new uses and activating underutilized parking fields, though the planning process is in early stages.
“While we know we want to add new uses and leverage underutilized real estate, we can’t yet say what that will look like just yet,” said Poag. “It could be multifamily, hotel or more retail.
“Until we take the necessary steps to understand what changes and additions the community would most like and what would be most viable, we can’t share anything definitive just yet.”
A team effort
The Memphis-based developer will work with JLL, its strategic management and leasing partner, to maximize the potential of the property.
Poag will also be consulting the Grandville community.
“We believe it’s a team effort,” said Poag. “We know that we do not know the community better than the folks that live there. We are not the type of developer to come in and tell the community what they need.
“We actively involve local community leaders and members, city representatives and nearby business owners in the early planning process to get an understanding of what works and doesn’t work currently, what they feel is missing, and what folks think would resonate well in the local community.”
The retail developer adds RiverTown Crossings to its portfolio on the heels of its acquisition of Oak Court Mall, an 800,000-square-foot enclosed mall currently undergoing redevelopment planning in Memphis, TN.
