The Bangor Mall sale is through the inspection phase but likely won’t close until September, according to Michael Cole, a representative for the group working to purchase the property.
Closing the deal is the next step in what will be a long process to revitalize the mall, which has bled retailers and been embroiled in a lawsuit with the city over code violations under its current ownership. The sale could not only revive business at the mall, but also add much-needed housing to Bangor, based on plans for the property.
Cole initially hoped to close the deal in June, but said the due diligence phase took longer than expected. That’s when a buyer inspects a property so they can make an informed decision about whether to go through with a purchase. That is now complete, according to Cole.
“Usually when a deal falls apart, that’s when it does,” Cole said. But despite reports of numerous code violations in recent years for issues like sewer and roof leaks, he said the building is “actually in great shape.”
The mall’s HVAC and electrical systems need to be updated, but the building’s foundation is solid, Cole added.
The city’s lawsuit against Namdar Realty Group, the New York-based firm that currently owns the building, have helped the process, Cole said, as the building was already being inspected. A court has also ordered the owner to make repairs to the building and pay fines for code violations.
Cole’s group, Bangor Marketplace and Residences LLC, hopes to turn the mall into a mixed-use hub with stores, condos and an assisted living facility, an ambitious plan that has drummed up excitement in the city, where many longtime residents remember when the Bangor Mall was a popular destination.
Cole’s group is now working with a bank to finance the purchase and talking with businesses that could move into one of the mall’s many empty storefronts. After the sale closes, there’d likely be at least a year of planning before construction began, Cole previously told the Bangor Daily News.
He said he’s excited to bring the mall under local ownership, and to bring more businesses into the planning process. He encouraged interested businesses to reach out to him.