The owners of Alton Square Mall are apparently interested in selling the property, but that’s not news to Alton’s mayor. A representative of the owner NorthMarq Capitol spoke this week to the Alton City Council Committee of the Whole to outline what the company has done, the challenges facing the property, and the possibilities for the shopping center.
Previous owner Coyote Management purchased the property in 2007, reportedly taking out a loan for $26.2 million for the property and improvements. Coyote defaulted on its loan in 2010 and Marquette took over. Since then, Alton Mayor Brant Walker says the company has been keeping the doors open while looking for a buyer.
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The lower level of the mall will be 95-percent occupied by this summer with the opening of Ross Dress for Less planned for July, and Hibbett Sports just opened earlier this month. Walker believes the mall has a bright future and expects to see continued growth.