DEWITT -- Shoppingtown Mall in Dewitt could have new ownership in 2012 according to the Macerich company. Macerich turned the mall on Erie Boulevard over to lenders this summer but still manages it.
In a Tuesday conference call with analysts, Macerich's Chief Financial Officer Thomas O'Hern said "We don't control it," when speaking of Shoppingtown Mall and said his best guess for when it would be off Macerich's books completely would be the second quarter of 2012.
Earlier this year Macerich defaulted on Shoppingtown's loans. Prior to that, Macerich was in negotiations to have Shoppingtown's assessment cut from $60 million to $30 million. Under a deal with the Onondaga County Legislature, Macerich would have been required to complete a renovation plan by 2014 for the assessment to be dropped. That deal had not been approved by the Jamesville-DeWitt School District when Macerich turned the property over to lenders in July.
