Ridgmar Mall awaits a makeover as GK Development Inc., owner of the west side mall, acquired the 120,000-square-foot building currently occupied by Neiman Marcus.
The Barrington, Ill.-based commercial real estate firm on Monday announced it had closed on the $2.1-million building last week. Ridgmar Mall is anchored by Dillard’s, JCPenney, Sears, Neiman Marcus and Cinemark Theaters.
The acquisition marks the next step in GK Development’s mixed-use redevelopment plan for the property.
“This is an exciting time for Ridgmar Mall,” said Garo Kholamian, president of GK Development, commenting in a news release.
Kholamian confirmed plans to fully transform the property.
“This revitalization will brand Ridgmar Mall as a superior gathering destination for shopping, dining and entertainment. Our goal with these plans is to enhance the ultimate experience for its customers,” Kholamian said.
Earlier this year, the developer launched a phased multimillion-dollar renovation of the property. Phase one entailed interior improvements to open up sight lines within the center and a $3-million remodel of Cinemark Theatres. Meanwhile, the city’s the first H&M store opened last year at Ridgmar in a 20,693-square-foot space.
Future phases of the transformation to a mixed-use property are expected to include new retail entertainment and dining establishments to maximize the property’s location between the heart of Walsh Ranch and downtown Fort Worth.
In-Place Design, based in Baltimore, Md., has been hired as design architect for the project.
The mall, located at the northeast corner of Interstate 30 and Green Oaks Road, currently features about 126 retail stores. More information is available at www.Ridgmar.com.