Ray O'Connor buys mall in Nebraska for $1.8M to turn it into lifestyle center

By VCPOST Staff Reporter

Mar 19, 2014 09:03 AM EDT

Ray O'Connor, a property developer in Nebrasa, has acquired the Grand Island Mall including a 154,000-square-feet structure and an old parking lot. The transaction is valued at $1.8 million, according to The Grand Island Independent.

O'Connor explained his reason for the purchase: "The mall has been an eyesore for many years, and I felt a civic responsibility to acquire and transform the mall into something the community can be proud of again."

To achieve that goal, O'Connor hired St. Louis-based redevelopment firm Staenberg Group Properties to renovate the Grand Island Mall. He wants to redevelop the mall and turn it into the first lifestyle center in Nebraska. The planned structure will have commercial stores with leisure amenities for the more affluent consumers in the area, the report detailed.

In addition, O'Connor revealed that the newly-bought property will also be renamed. New tenants, whose names will be released later on, will also be brought in, The Grand Island Independent reported.

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