OAK RIDGE, Tenn. (WVLT) -- The Oak Ridge City Center will soon be under new management. On Tuesday, the city's Chamber of Commerce announced the shopping center, formerly known as the Oak Ridge Mall, was sold to the Crosland Southeast.
"This is a great day for Oak Ridge!" said Mayor Tom Beehan. "The lank of retail and sales leakage have been huge issues to everyone who lives in Oak Ridge for a number of years."
It agreed to buy the City Center in January and is currently conducting its due diligence.
After the purchase is complete, Crosland Southeast will tear down the current mall to make way for a new development. It expects demolition could begin as soon as early January 2014.
While it hasn't finalized any plans for what will replace the mall, the developers expect to create a mixed-use center, which would include retail, restaurants, office space and more.
According to the Chamber, the principals involved in Crosland Southeast have sucessfully developed over 24 million square feet of retail and mixed-use projects, mainly in the Carolinas. They have also developed the Providence Marketplace in Mt. Juliet.
“This is a true win for this community – and one that’s been a long time coming,” said Leigha Edwards of UT-Battelle/ORNL and Chair of the Chamber’s Retail, Commercial and Residential Growth area.