Palestine Economic Development Corporation is pleased to announce the finalized sale of the Palestine Mall which allows the City to turn the page to a new chapter for economic development and revitalization.
When the City purchased the Palestine Mall 11 years ago in 2010, it solved several issues. One, it gave the Palestine Public Library a new home. the library had suffered from roof collapses in 2009 that left the building condemned. The estimated $12 - $15 million to construct a new library was not feasible at the time. By moving into the mall, the library was once again able to serve the citizens of Palestine. Also around the same time, the mall provided the solution the City was seeking for space for vocational classes and the Early High School College Initiative Program.
In addition to the Palestine Public Library and retailers JCPenney, Aaron's, and Burke's Outlet, mall tenants grew to include the V.A. Clinic, Texas Workforce Office, and Trinity Valley Community College. However, at the end of 2020, JCPenney closed its doors.
The purchase price of the mall 11 years ago was $3.5 million - a bargain due to the condition of the building that was built in 1980 and last renovated in 1991. After the purchase, the city made profits of $800,000 from mall pad sites.
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This article originally appeared on Middletown Economic Development and was written for Middletown Economic Development by Golden Shovel Agency.
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