Alton Square Mall is doing well despite the uneven economy. National retails sales are up for this holiday season, which is good news locally, and with a new owner and management team taking over in the fall, the mall manager believes more positive news is on the horizon.
Alton Square Manager Lori Ehlers says while the number of stores has fallen the past few years, the anchor stores and other retailers remain busy:
Marquette Realty Capital loaned Coyote Management $26.2-million to buy the aging mall in 2007, but Coyote reportedly defaulted on about $13-million in principal, fees and expenses, so Marquette now holds the keys to the building. A court sent the property into receivership in the spring. Cassidy Turley of St. Louis was placed in charge by the courts to preserve the mall as an entity and an asset as the borrower and lender worked out an arrangement for the property. Ehlers says the owners will be in Alton this coming week to discuss the mall's future and make plans for 2012.