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Shannon Mall sold for $9 million

By JOHN THOMPSON
jthompson@TheCitizenNews.com

Shannon Mall has a new owner.

Officials at Lee Najjar Real Estate confirmed this week that Atlanta businessman Lee Najjar purchased Union City’s mall. While the official at the real estate company would not confirm the purchase price, other published reports put the pricetag at $9 million, or just over $11 a square foot. Najjar bought the mall from Toronto-based Cadillac Fairview Corporation.

The mall was built in 1965 and has just over 734,000 square feet of retail space and is anchored by Sears and Richs-Macys. While officials at Lee Najjar Real Estate did not provide many details, they did say that renovations are planned for the mall.

Union City officials were already doing their part to improve the area around the mall. In 2003, the city won a $60,000 planning grant from the Livable Centers Initiative (LCI) of the Atlanta Regional Commission and selected a firm to spruce up the area.

The community design and architecture firm of Tunnell-Spangler-Walsh & Associates of Atlanta was picked from three finalists out of six proposals submitted and has already begun work by reviewing existing Union City projects.

One of the projects that most appealed to Union City officials is the firm’s work on the Winter Park (Florida) Mall Redevelopment, partnering with the firm of Glatting Jackson, who will again team with Tunnell-Spangler-Walsh in Union City.

Winter Park was challenged by a 500,000-square-foot mall that was badly in need of reinvestment. The team worked with both the city and the property owner to develop an alternative urban design concept that essentially integrated the city into the mall.

Today, Winter Park Village is a revitalized live-work-and-play community that is highly successful.

“We are looking for the help of the Tunnell-Spangler-Walsh team to remake the Shannon Mall area and environs into a seamless community,” said Mayor Ralph Moore, himself a professional city planner.

In recent years, the mall, which was built in 1965, has faced challenges from more retail centers opening in the region. The Fayette Pavilion, the Marketplace at Camp Creek and The Avenue in Peachtree City all draw shoppers from the mall’s customer base.

Coweta County’s retail options have exploded in the last few years and two major projects are underway in Newnan that will offer even more stores for residents to explore.

”With our enviable location on Interstate 85 and its direct connection with Hartsfield Atlanta International Airport and the amenities of Atlanta nearby, Union City has a very good chance of being a highly desired address,” Moore said.