Valley West Mall Under Contract: Due Diligence Begins
Valley West Mall Sale Imminent: who Will Revitalize the West Des Moines Landmark?
Table of Contents
The future of Valley West Mall in West Des Moines hangs in the balance as a sale is reportedly under contract, sparking speculation about the iconic shopping center’s much-anticipated redevelopment. For years, the mall has faced declining occupancy, but a recent rezoning decision adn a potential new owner offer a glimmer of hope for a vibrant future.
From regional Hub to Redevelopment Prospect
Opened in 1975, Valley West Mall was once a thriving retail destination, boasting three anchor stores and a bustling directory of 117 tenants at its peak in 2007. However, the opening of Jordan Creek Town Center in 2004 dramatically shifted shopping patterns, drawing retailers and customers away from Valley West. Today, the mall’s online directory lists just 36 tenants, with JC penney remaining as the sole anchor.
The decline hasn’t gone unnoticed by city officials.Recognizing the need for revitalization, the West des Moines City Council unanimously approved a rezoning plan in June 2024, paving the way for a mixed-use development.This change allows for a diverse range of possibilities, including residential units, office spaces, retail stores, and entertainment venues – a critically important departure from the traditional mall format.
The Mystery Buyer and the Promise of Change
While a buyer is under contract,their identity remains shrouded in secrecy. Todd Millang, a senior vice president with CBRE and one of the brokers handling the sale, is bound by a nondisclosure agreement. “Unless they step forward before then, the buyer will become public once documents are filed with the city of West Des Moines as work to redevelop the mall site begins,” Millang stated.
Ryan Moffatt, West Des Moines’ community and economic development director, is also restricted from revealing the buyer’s identity due to a gag order. However, he emphasized the city’s commitment to the project.”We want to be aggressive with this,” Moffatt said in a February 25th Business Record article. “We don’t want to see a giant doughnut hole in the middle of our community that doesn’t have activity to it, so revitalization of the area is certainly something we’ll be working a lot on in the coming years.”
As of Wednesday, no formal applications for economic development incentives, land use plan amendments, or zoning requests have been submitted to the city, according to Moffatt. This suggests the buyer is still in the due diligence phase, thoroughly assessing the property and planning their redevelopment strategy.
What’s Next for Valley west?
The timeline for redevelopment remains uncertain. Millang confirmed the buyer will undertake a comprehensive due diligence process before the sale can be finalized. No closing date has been publicly announced.
The potential for a mixed-use development offers exciting possibilities for the West Des Moines community. Imagine a vibrant hub with modern apartments, thriving businesses, diverse dining options, and engaging entertainment – all on the site of the former Valley West Mall.
The city and residents alike are eager to see this landmark transformed into a dynamic destination that once again contributes to the economic and social fabric of West Des moines. The unveiling of the buyer and their vision will be a pivotal moment, signaling the start of a new chapter for this iconic property.