Done Deal: Shoppes at Northway Sold to Ohio Firm
Akron based LRC Realty, Inc. is promising to redevelop the nearly 439,000 square foot mall.
An Ohio real estate developer announced today it had purchased the Shoppes at Northway, better known to many Ross township residents as the Northway Mall, for an undisclosed sum.
Akron based LRC Realty, Inc., formerly Levey and Company, purchased the 438,900 square foot mall from current owner Jefferson-Pilot Investors, a division of Lincoln Financial. Jefferson-Pilot purchased the property through sheriff's sale earlier this year.
"LRC intends to redevelop The Shoppes at Northway and is very excited about the project’s future," said statement issued by the company. "During the last few months, LRC has been busy meeting with tenants, residents and township officials to further develop their plans."
“The Shoppes at Northway, with its rich tradition for shopping and its excellent location along McKnight Road in the North Hills, will provide a tremendous opportunity to re-invent the mall and provide both expanded shopping, dining and entertainment to the area as well as economic/job growth for the region,” said Frank A. Licata, Principal and President of LRC Realty.
LRC Realty completed the acquisition of two properties along McKnight Road in Ross Township – the addition of AutoZone and Dollar Tree to the formerly vacant Roth Carpet location and the former McCrackin Ford property.
No plans for the former McCrackin property have been revealed.
Ross Township and West View residents will get their first glimpse at what may be planned for the Shoppes at Northway when LRC Realty holds a public meeting on Wednesday, Dec. 5 at 7 p.m. in the upper level of the mall, just outside the entrance to Dick's Sporting goods.
"I expect close to 200 people to attend," said commissioner Peter A. Ferraro Monday night.
At a meeting on Nov. 19 Ferraro said of the potential plans for the mall, "They don't have any firm contracts yet, what they've discussed has been hypothetical. It's going to be relocating some of the establishments up there, they're talking about professional office space for doctors and lawyers, they're talking about a restaurant, they're talking about another grocery store."
LRC is also purchasing the former Northway Elementary School, and reportedly plans to tear it down and possibly replace it with a hotel.
“We will eventually demolish the school building and integrate that site into the total master plan of development,” Kevin Fallon, Levey & Company's vice president of development told the Pittsburgh Tribune Review .
He, and other sources, have confirmed that some thought is being given to a hotel there.
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Are you planning to attend tonight's meeting? What would you like to hear from the developer about his plans for both the Shoppes at Northway and Northway Elementary? Tell us in the comments box below.