DEVELOPMENT Lewisville’s Music City Mall sold; new owners look to rebranding
MALL OWNERS Music City Mall has seen several owners.
1989 General Growth Properties opens Vista Ridge Mall. 2017 ICA Properties Inc. purchases the mall for $17.3 million and renamed it Music City Mall. August 2022 Music City Mall is purchased by 1000 South Vermont LLC.
BY DESTINE GIBSON
will undergo a name change and a rebranding e ort. “We just think it was being under- served and just needed some more [tender loving care],” he said. “It’s pretty evident right now that the mall isn’t doing as great as it should. We also feel like there’s like a lot of opportunity there based on just kind of where it’s situated.” The company does not have any other properties in Texas but is inter- ested in expanding into the market, Jang said. The mall opened as Vista Ridge Mall in 1989. It was purchased for $17.3 million and renamed by ICA Proper- ties Inc. through an online auction in 2017. At the time of purchase, the Odessa-based real estate manage- ment company planned to spend $3 million—$4 million on rebranding and investing in the mall to make it into a music haven.
For the second time in ve years, Music City Mall has changed hands. Lewisville's Economic Develop- ment Director Marichelle Samples con rmed Sept. 13 that Los Ange- les-based company 1000 South Ver- mont LLC and its a liates purchased the interior of the mall, the Cinemark theater and the former JCPenney store for an undisclosed amount Aug. 25. The mall was previously owned by ICA Properties Inc. The new owner of Music City Mall has plans to revitalize the mall while building relationships with existing tenants. Michael Jang, 1000 South Vermont LLC’s chief legal o cer and general counsel, said the company decided to purchase Music City Mall because of the area’s potential. While future plans for the mall could not be disclosed, Jang said it
Music City Mall was purchased in August for an undisclosed amount. SAMANTHA DOUTY COMMUNITY IMPACT
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SOURCE: MUSIC CITY MALL COMMUNITY IMPACT
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Music City Mall has seen multiple changes over the last few months as local o cials work to bring it into a new era, o cials said. In recent years, the mall moved away from traditional department stores and has focused on local businesses. The mall has 160 stores, four of which are anchor tenants. There is one vacant anchor last occupied by JCPenney. There were 24 vacant spaces as of Sept. 2, according to ICA Properties Inc.
Lewisville City Council approved an agreement with The Catalyst group earlier this year to prepare for the rst phases of a Music City Mall redevelop- ment project. A number of local businesses have opened at Music City Mall this year, including Mango’s 4 Men Boutique, Flavors of India, iCompete and more. Jang said the company does not have plans to relocate any of the tenants and anticipates working with them as partners.
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