Foreclosure bidding starts Jan. 7 for Citadel Mall
WEST ASHLEY, S.C. (WCIV) -- Bidding for the Citadel Mall property in West Ashley will begin next week, according to the docket list for the Charleston County Master in Equity.
Records show that not only the struggling mall will open for foreclosure bidding on Jan. 7, but so will the property across Orleans Road, the West Ashley Shoppes.
According to the docket, the mall has been valued at nearly $69.5 million. The shops across the street that house World Market, Bed Bath & Beyond, and Monster Music have been valued at $24.4 million.
The bidding process will begin next Tuesday, but a second bidding period is also scheduled for Feb. 6.
In September, officials confirmed that foreclosure was a possibility for the mall, but management and tenants said they were approaching it as an opportunity for a big change.
Citadel Mall general manager Phil Alldredge said a new management company called Spinoso Real Estate Group took over Sept. 1. Pending a court decision, he expected CBL would turn the building back over to lenders.
"We're trying to continue the day to day like it has been, with the intent to look at what we can do to make it better," Alldredge said earlier this year.
The most immediate improvements would be on deferred maintenance items, he said. Those included landscaping, water stains and restroom improvements.