Gwinnett County has closed on its purchase of Gwinnett Place mall.
The county bought 39 acres of the mall property for $23 million, including the main mall building. Anchor tenants Macy’s, Mega Mart and Beauty Master own their own property and will continue to operate.
The purchase was made by the Urban Redevelopment Agency of Gwinnett County. Plans for the mall property have not yet been made, but Gwinnett County Commission Chairwoman Nicole Love Hendrickson said the purchase “offers us an incredible opportunity to create a redevelopment that will serve every Gwinnett resident.”
“With community involvement and careful planning, this site will be a catalyst for future growth in our area,” she said in a statement after the Thursday closing.
The county in March agreed to issue $23.5 million in bonds to finance the mall’s purchase. The bond sale will cost $1.45 million a year through 2041 with a 2.11% interest rate.
The county bought Gwinnett Place from Moonbeam Capital Investments, which allowed the mall to fall into disrepair since it purchased the property for $13.5 million in 2013. Residents and business groups have long been advocating for the county to get involved in the mall’s future.
Commissioners late last year announced their intent to purchase the property, which was built in 1984 and was once seen as the county’s default downtown.