Developer to purchase Upper Valley Mall site

Clark County officials have identified a buyer for the Upper Valley Mall, which is set to close this month.

Ohio-based developer Industrial Commercial Properties has agreed to purchase the property for $2.25 million, according to a Wednesday news release from Clark County officials.

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The property is currently owned by the Clark County Land Reutilization Corp.

The Board of Clark County Commissioners backed a $3 million loan in 2018 to allow the Clark County Land Reutilization Corp., also known as the land bank, to purchase the property.

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The land bank has operated the property and mall since then and has looked for a prospective developer to invest in the property.

Industrial Commercial Properties is expected to take ownership of the 76.8 acre property as well as the 811,000 square-foot Upper Valley Mall by the fall of this year.

Representatives of the development company said they plan on converting the mall to be used as a business park.

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About the Author

Hasan Karim

Hasan Karim, covers all things business in Clark and Champaign counties. Has been a reporter since 2017. His focus is primarily on job creation and covering the largest companies in the area. He also reports on the local healthcare industry as well as local government.