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It will be a boost of great potential if the Altoona-Blair County Development Corporation is successful in "constructing" the foundation for purchase of the Logan Valley Mall by an apparently yet-to-be-finalized investor group.
If all of the pieces of the purchase puzzle come together, as envisioned, the road presumably will be paved for revitalization of the mall property as a major, proud element of the area economy once again -- even if not entirely retail-based.
It has been troubling to witness the deterioration that the mall has experienced in recent years. Hopefully, the investor group, if it in fact materializes, will be able -- and, most importantly, willing -- to provide the financial "muscle" to return the property to a condition that mirrors the robust attributes that the area economy otherwise projects.
It's not being pessimistic -- rather, it is being realistic -- to express the opinion that the mall probably never again will be the retail engine that it was for many years. However, the "new" Logan Valley Mall that ABCD Corp. and the investors-already-aboard envision can be dynamic in its own way.
Nevertheless, a big hurdle lies ahead.
Information available up to now has indicated that the mall's current owner, Namdar Realty Group, doesn't intend to part with the mall without some tough price negotiations. As reported in the Mirror's Sept. 26-27 edition, "the mall, valued at $13.8 million, is reportedly worth $30 million to Namdar," according to Tim Brown, Logan Township manager.
In a Sept. 25 email, Steve McKnight, ABCD president/CEO, said ABCD has established "an open and constructive dialogue" with Namdar and added that he hopes the dialogue will help produce a realistic -- from the local perspective -- valuation of the mall.
Meanwhile, McKnight made clear that ABCD will not be part of the investor group, and that any offer evolving as a result of dialogue in progress will be made by the private investor group, not ABCD.
According to McKnight, ABCD is willing to provide technical support "and leveraging any applicable state or local programs to help with future development.
"We all share the common goal of securing the property into local ownership," McKnight continued. "At that point, we can begin to look at various reuse options, which would likely include a variety of mixed-uses."
As alluded to above, ABCD's immediate challenge is the need to convince Namdar that it is in the realty group's best interest to part with the local mall at the maximum amount available -- whatever that might be -- from the local investors. Theoretically, that would give Namdar a financial resource for something that the realty group deems more important than continuing to deal with the financial challenges inherent in continued Logan Valley Mall ownership.
The local investors might help their cause by doing some more research regarding potential points of negotiation for the days and weeks ahead.
Namdar obviously has been busy in other negotiations, particularly negotiations involving its possible sale of the Galleria at Pittsburgh Mills.
A Pittsburgh Tribune-Review editorial printed in the Mirror's Oct. 2 edition under the Opinion Page's "Perspectives" heading said Namdar, which purchased Pittsburgh Mills in 2018 for $11 million, is currently under contract to sell that deteriorated mall to an undisclosed buyer for an undisclosed price.
The Tribune-Review editorial refers to "neglectful management" by Namdar, and similar descriptions have been voiced here regarding Namdar's Logan ownership.
Perhaps there is hope for the local mall, after all, but there must be no pause in determination to effect a purchase.