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New owners hope to refresh mall

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By Peter Rugg, Muscatine Journal | Sunday, August 13, 2006 11:42 PM CDT | () comments

MUSCATINE, Iowa — Menards is likely to leave the Muscatine Mall by 2008, but the mall’s new owners are hoping to revitalize the property with new businesses and an improved look.

Almost 30 people attended an open meeting with the mall owners and the Muscatine City Council last week at the mall. Regional businessmen Thad Denhartog, Scott Anderson, Kevin Koellner and Rodney Blackwell purchased the building and land for $2.925 million in July. The Muscatine Mall Management LLC Chicago-based Landau & Heyman previously owned the mall.

The new owners plan a series of renovations and improvements beginning this fall, including roof repair, installation of parking lot lights, renovating the facade — particularly the mall entrances — and updating the Muscatine Mall sign.

“We’re invested here to get something started,” Koellner said. He and his partners said they wanted to bring more nationally known businesses into the mall while encouraging local businesses as well, although no new tenants have been announced.

The mall is currently at roughly 45 percent occupancy.

Although most attending the meeting were optimistic about a local owners, a few smaller business owners expressed concerns about the possibility of rising rent rates, and whether they might be moved should a big box store enter the mall.

“No offense to anyone, but what’s going to to happen to the little guy?” asked Jesse Valenzuela, owner of JVTKD.

Owners insisted they had no intention of pushing any stores out of their locations, and if a big box store did enter the mall requiring moves, management would work to relocate the business in the most accommodating way.

At least one store is expected to leave. Owners said Menards’ lease expires in 2008, and their understanding was the that Menards was more interested in pursuing a standalone store than staying in a mall. Menards acquired a site east of University Drive and U.S. 61, and filed a subdivision plan with the city in 2005.

(The Muscatine Journal is a Lee Enterprises newspaper.)