BY MIKE FUHRMAN

A couple of weeks after going on the market, the Signal Hill Mall property in Statesville is drawing serious interest from developers.

Colliers International, a multi-billion dollar diversified professional services and investment management company, is handling the marketing and potential sale of the property for C & J Associates, the general partnership that owns the mall.

“They have some solid, very good leads,” said David Jones, a representative for C & J Associates. “It’s going to be a multi-use development.”

The property, located at 1685 E. Broad Street near the intersection of Interstate 77 and Interstate 40, includes three parcels, two of which contain existing buildings totaling about 303,000 square feet. The undeveloped parcel is 13.84 acres of land behind the mall property. The listing does not include the Belk store or parking in front or back of that store, which is owned by the retailer, or the adjacent Newtowne Plaza, which is owned by Interstate Development.

“This is a transformational redevelopment opportunity for Statesville, NC, and all future partners,” Adam Farber, vice president for Colliers, said in a LinkedIn post.

Statesville residents have been waiting for years for the property to be redeveloped as anchor tenants Sears, JC Penney and Peebles closed their doors over the past decade or so. Major retailers have shied away from Statesville during that time, according to Jones, because of Statesville’s lagging per capita income and slow residential growth.

During the past year, however, Statesville has seen a surge in investment from existing industry as well as manufacturers and distribution centers looking to relocate to the booming Charlotte region. In April, Northpoint Development announced plans for a $215 million project near I-77 and I-40, and TPA Group announced plans for a $75 million project at I-77 and Highway 21. Two months earlier, Sherwin-Williams announced plans to invest more than $300 million to expand its existing manufacturing facility and add an 800,000-square-foot distribution and transportation center.

There are also plans for more than 4,000 new residential units in the city in the zoning/permitting/annexation pipeline.

And, according to Jones, the ongoing improvements to the I-77 and I-40 interchange have also helped draw attention to the Signal Hill property.

Based on his experience in real estate and conversations with developers, Jones envisions the property being converted into a mixed-use development with multi-family housing units, small retail, and food and hospitality businesses.

“It would be a major redevelopment,” he said. ” But nothing that’s imminent for sure.”

The Collier and Jones families, which own the property, have been waiting for the right opportunity to sell. Once the sale closes, Jones anticipates that it will be three years before residents and visitors can enjoy the redeveloped property.

“We are just as anxious about redevelopment as anyone else,” he said. “We have an optimistic outlook that the right thing is going to happen for the city and the property owners.”

31 thoughts on “Signal Hill Mall property drawing interest from developers

  1. Put a Target in there! Moms are tired of driving to Mooresville or Hickory for a store other than Walmart.

    • Great idea. Combine a Target distribution center and a Target shopping Center. That would be a win win situation! Target are you hearing?

  2. We are tired of just a Walmart in Statesville. We need Target, Kohls or heck a Roses. You want more apartments? Tear down Walmart.

  3. An Outlet Mall like Asheville Outlets on Brevard Road in the southwest part of Asheville would be ideal in Statesville.

  4. Belk store going to be left. It definitely needs some work & remodeling. This store hasn’t seen updating in years & it shows!

  5. Susan Davidson says:

    I dont really care what you bring. JUST bring something Good so I dont have to go out of town to shop!! And hurry, please!!!

  6. Sheryl Bee says:

    Outlet Mall and a nice restaurant. We need shopping and places to eat on that side of town.

  7. Mary Sherrill says:

    STATESVILLE NEEDS A MALL. WHY DO WE HAVE TO DRIVE SO FAR TO SHOP? EVERY ONE DON’T DO WALMART. NO MORE APARTMENTS . WE HAVE ENOUGH GOING UP ON 21 SOUTH.

  8. What about the heroin hotel down below the mall? Until they demolish that place, I wouldn’t invest anything on that block. Well, maybe another Dollar General😬

    • How about a mattress store and another fish games store. Why not the city buy it and build a nice park with miniature golf, go-karts and an amphitheater? How about a drive-in theater? Everybody needs to support it.

  9. John Cronin says:

    How about a movie theater? What genius decided a car dealership was needed in that location?

    • Love to see Outlet stores, movie theater, and Arts and Science Museum. That’s more Interesting than what’s already here. Place something that will interest Children and Teenagers.

  10. About time. Yes a mixed use development is a great idea. That kind of development seems to be very popular with younger professionals. That’s just what Statesville needs.

  11. Rick Bafford says:

    It probably doesn’t matter what goes in there. It’ll be gone in ten years or less because… Statesville. A movie theater and music venue would be nice, though.

  12. No more housing!! The article said 4000 housing units planned already. We need retail and things for families!!! Statesville needs more places to shop and things to do with our families….go carts, mini golf, movies, etc.

  13. Patricia Throneburg says:

    What has happened to the town I lived in as a child and again as a young wife and mother? So sad to read all of this. I remember beautiful, classy downtown shops, Signal Hill Mall, nice housing developments, decent schools.

    I sold my home in the past year, and now widowed and raising a young adopted daughter, immediately contacted two real estate agents with thoughts of this young girl growing up in a nice small town as had I, close to both Charlotte and the beautiful mountains and foothills. Well, after talking with these agents, and after doing some research my own, I realized Statesville and Iredell County would never again be the area I would call home.

    Has all of this happened primarily due to the “Good Ole Boy Politics,” a lack of caring from members of the community, or in retaliation to a change in the racial/cultural balance? Whatever the reason, it is inexcusable to let your county, city and community to deteriorate in this way. So disappointing and sad.

  14. We definitely need more stores to shop for clothing. Target and/or Kohl’s would be great. Academy Sports would be great also!!

  15. FINALLY. It’s is so over due.
    Hate the mall has been left to rot to the ground because the owners have absolutely refused to do ANYTHING about the situation till now. This city absolutely needs this development on this side of town. Great to have highway 21 growing and developing but this side of town needs attention too. I agree we need big retailers and I say a huge NO to housing as there plenty of housing around the mall area. Also there is a big housing development being built not far from the mall on land in the intersection of S. Greenbrier Road and East Broad Street road. Time to redevelop the old Kmart building too.

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