Burrow Announces Plans for Indian Mall Site in Jonesboro
Arkansas Business
11/30/2007
Developer Bruce Burrow on Friday announced plans for redevelopment of the Indian Mall site at the corner of Highland Drive and Caraway Road in Jonesboro.
Burrow's MBC Holdings LLC is calling the new project The Shoppes at CaraLand. The company said the open-air, mixed-use shopping center will create more than 700 new jobs at the 32-acre site.
MBC said it will invest $50 million in the property. It said it will raze the old mall structure and that new construction will begin "shortly."
"This is an exciting day for us and an exciting day for Jonesboro," Burrow said in a news release. "Our goal is to create a shopping experience, and The Shoppes at CaraLand will provide the perfect combination of retail selection and lifestyle amenities to serve as a wonderful complement to The Mall at Turtle Creek."
MBC Holdings opened the $107 million Mall at Turtle Creek last year. It is located on Highland Drive, less than a mile away from The Shoppes at CaraLand site.
MBC Holdings said it closed on the Indian Mall property Wednesday. It purchased the site from Warmack & Co., which built the property in 1967.
Plans call for "one major department store, several junior department stores, restaurants, extensive landscaping and potentially a multi-screen movie theater."
MBC said negotiations are underway with several potential tenants, including Sears, which is now a Indian Mall tenant. MBC said the property will bring about 70 million dollars in annual sales to the city.
ArkansasBusiness.com reported in August that MBC Holdings was going to buy the site.
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