ALTON • The Alton City Council on Wednesday night approved using tax increment financing to redevelop the Alton Square mall.
Hull Ownership Group of Augusta, Ga., is the developer and officials point to the firm's expertise in revitalizing shopping malls as reason for optimism.
Hull will have plenty of area to revitalize. The recent closing of Macy’s – one of the mall’s featured retailers – left about 14 acres and 100,000 square footage vacant, including the parking lot.
Alton has not had a movie cinema in over a decade and Hull is pursuing the addition of a cinema complex as significant to the redevelopment. Optimally, officials prefer a mix of food-related and medical office tenants with a healthy retail blend.
Now negotiations will begin to revisit the initial $24 million cost assessment provided by the developer and how much the city is willing to subsidize.Â
