The long-ailing North Dekalb Mall has secured a new owner, according to a report by Decaturish. The website reported yesterday that North Carolina-based real estate developers EDENS has purchased the mall from real estate private equity firm Sterling Organization.
A sale price has not been released, however according to DeKalb County property records, in 2021, most of the mall was last appraised for $9,800,000, while the Macy’s store itself was appraised for $5,000,000. There is no indication if all or some of the mall structure will be reused in a future development.
The mall will likely be redeveloped into a mixed-use project, according to statements by DeKalb County Commissioner Jeff Rader. Such a redevelopment would require rezoning the property from its current zoning of C-1 (local commercial) to an MU (mixed-use) zoning by the DeKalb County Board of Commissioners. The property is listed as a “Town Center” location on the DeKalb County future land use map.
The North DeKalb Mall is located in unincorporated DeKalb County just west of the North Druid Hills and US-78 intersection. The mall opened in 1965, and at its peak was home to 85 stores, a food court and multiplex movie theater. However, like many indoor malls across the country, North DeKalb Mall’s sales and tenants have declined steadily since the early 2000’s. A Costco store had been planned for the mall as recently as 2016, however the deal never was closed. The pandemic dealt a final blow to the mall when the main section of the mall closed in October of 2020. Only a few anchor stores have remained open, while the main space and parking lots have been periodically used for film shoots.