His firm specializes in buying distressed retail outlets, including malls. With Kohan’s failure to pay back taxes at Chapel Hill Mall, Thomas said the county hopes that won’t be an issue. The owner of the troubled Chapel Hill Mall in Akron recently bought another mall in Northeast Ohio for more than $10 million. Home Sales & Events Directory Map Contact. Stores at Chapel Hill Mall were warned this week that Ohio Edison could shut off their power within days. Chris Semarjian, owner of ICP, declined to speak Monday about the project. Chapel Hill Mall is getting a new owner in March. ft. enclosed mall located at 2000 Brittain Road in Akron, Ohio. “Whatever I have to do for the community, it’s my responsibility, not even out of my heart,” Kohan said. ICP says it specializes in commercial and industrial rehabilitation, build-to-suits and economic redevelopment. As for Ashtabula Towne Square Mall, Kohan said he thought the property had “potential for us to do some development” and to increase traffic in the mall. How can someone who owes back taxes create a new business? It later became evident that even larger opportunities existed, and the natural choice was a climate-controlled shopping mall. The cost was $8.6 million, Kohan said. Chapel Hill Mall is getting a new owner in March. “We’re not planning to give it up, and obviously we’ll get to the point that we will have some settlement at the end of the day and pay the taxes,” Kohan said. “It’s sitting in a good town.”, Asked whether he would be able to afford the tax burden at his new property, Kohan said, “Absolutely, yes.” He added, “We are escrowing every month.”. Now, some retailers are choosing to relocate their businesses to other areas. The owner of the troubled Chapel Hill Mall in Akron recently bought another mall in Northeast Ohio for more than $10 million. “They can come after those assets that you put into that entity, but they cannot come after your personal pockets.”. Chapel Hill Mall could close if the owners of Chapel Hill Mall fail to pay about $430,000 in current and past-due taxes to Summit County. The former Sears and Macy's buildings at Chapel Hill Mall are not owned by Kohan's company. I'm gonna pay it.". The company said it owns over 42 million square feet of industrial, office and commercial space in four states. “Unfortunately, Chapel Hill has been a challenge from the beginning,” Kohan told News 5. Owner/Operator at Chick-fil-A Fayette Mall Moline, Illinois 194 connections. The owner of the troubled Chapel Hill Mall in Akron recently bought another mall in Northeast Ohio for more than $10 million. Chapel Hill Mall is a one-story, 860,000 sq ft (80,000 m 2) enclosed mall located at 2000 Brittain Road in Akron, Ohio. Chapel Hill Mall lost its first anchor store in 2016 when Macy’s closed, followed by Sears in … Chapel Hill Mall is getting a new owner in March. Owner of Chapel Hill Mall buys mall in Ashtabula. Chapel Hill Mall owner Mike Kohan says his options for the beleaguered Akron mall that he has owned since 2016 include selling it.Other possibilities include bringing in a partner to redevelop the property or, if he keeps the mall, finding non-retail tenants to keep it economically viable, he said during an interview last week.The mall is under siege from … Kohan said he's happy with the pending sale. One of his other Northeast Ohio malls, Richmond Town Square in Richmond Heights, is in the process of being sold, Kohan said. During the Great Depression, J.J. Buchholzer became owner of a Hower's department store in downtown Akron. “[If] we start to see some concerns, then we’ll be right there too, to say, ‘How can we help? Industrial Commercial Properties, the "ultimate owner," according to the commission agenda document, plans to redevelop the building. Just 20 of 75 interior storefronts are occupied, according to a city survey. The owner still owes hundreds of thousands of dollars to Summit County for unpaid taxes and other fees. Your California Privacy Rights/Privacy Policy. We are planning to put more events in a different shape and form.”. Kohan told News 5 he planned to continue holding community events at the mall. The mall has struggled recently, facing threats to … Mall owner Michael Kohan, of New York-based Kohan Real Estate Investment Group, paid $8.6 million for the mall in 2016. ASHTABULA, Ohio — The owner of the troubled Chapel Hill Mall in Akron recently bought another mall in Northeast Ohio for more than $10 million. She stressed that there is a difference between risk and fraud. “We actually want to encourage that, you know, risk-taking. Chapel Hill Mall, Akron: zobacz recenzje, artykuły i zdjęcia dotyczące Chapel Hill Mall w serwisie Tripadvisor w Akron, Ohio The planning commission document does not list a sales price. "The buyer is a very legitimate buyer, known in the community. Kohan said the sales price is less than the $8.6 million that he paid for the mall. “We lost tenants and unfortunately, income decreased in such a way that it was some difficulty to keep up with the bills.”. "Not even near that," he said. Buchholzer teamed up with Forest Cit… “It could be that it looks funny to you, and you’re saying, ‘How can this person do all these things, right?’” Alon-Beck said. He declined to providethe price. Alon-Beck said it is perfectly legal to start a new LLC, regardless of whether another business isn’t doing well. The city is being asked to be part in the chain of title as part of the transfer process, which would allow for the use of tax increment financing for renovations. He said when businesses don’t pay their fair share, it can have a negative effect on everyone. Join to Connect ... University of North Carolina at Chapel Hill Bachelor of Science (BS) Psychology. The only question, of course, was ownership and kind of where the backgrounds were.”. He can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. The mall sales process goes before the Akron Planning Commission on Friday. Documents show the Ashtabula Towne Square Mall was sold for a price of $10.25 million to Ashtabula Mall Realty Holding LLC of Great Neck, NY, with a transfer tax of $41,000. Thomas said there is a bill at the Ohio Statehouse aimed at making the process of property transfers more transparent. On Friday morning, the owner paid Akron $100,000 towards an overdue water bill, minutes before the city was scheduled to shut off the water at the Chapel Hill Mall. “We’ll be right there with this new owner, pushing him along and being a partner, ideally,” Thomas said. Embed Share. Welcome to Chapel Hill Mall. And when, especially larger businesses, don’t do that, what does that say for the rest of the community?”. They continued to own the mall until 2004, when it was sold to the Chattanooga, Tennessee company CBL & Associates Properties, Inc., who owned it until 2014. MENU. Thomas expressed both hope and concern that new ownership would continue to make the mall a community space. “Let’s say there are creditors in the future,” Alon-Beck said. Chapel Hills Mall in Colorado Springs, CO features 100+ stores, eateries and entertainment and is anchored by DICKS, Dillard’s, Macy’s, and Sears. The owner of the troubled Chapel Hill Mall in Akron recently bought another mall in Northeast Ohio for more than $10 million. However, the county is currently revaluing property, as is required by the state every six years. Copyright 2020 Scripps Media, Inc. All rights reserved. I’m for it. Buchholzer teamed up with Forest Cit… 10,559 were here. In a related move, Akron is looking at rezoning the 72-acre mall site to allow commercial uses, such as light manufacturing. ICP also owns and managers other large commercial and industrial properties in the Greater Akron Area. Why were certain things sold for the way that they were? The company, also known as ICP, already owns the former Sears building at the mall and has said it is looking to place a cabinet-making business inside. After businesses in the distressed Akron mall said they got … The Chapel Hill Mall, which opened in 1967, has been struggling financially for years. “Making sure that we have essentially the names, the information, who has possible back taxes owed, who has issues in the community.". “I think it’s the responsibility of a mall owner to work with the community and especially for those kind of events. Thomas also noted that Kister donated “quite a bit of space and energy consumption for local nonprofits,” such as the RAM Clinic, to hold events there. The owner of the troubled Chapel Hill Mall in Akron recently bought another mall in Northeast Ohio for more than $10 million. That addition also included upgrades to the mall’s flooring, ceiling and lighting. That bill will include the back taxes, additional … Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ. Chapel Hill Mall again avoided having its utilities shut off Friday, but it’s still in hot water.Summit County plans to begin foreclosure proceedings against the struggling mall because of delinquent property taxes.The owner of the mall owes nearly $167,000 in back taxes and will receive a bill for just over $400,000 this month. That Kohan was behind the LLC purchasing the mall was news to Thomas, and he said it illustrates a broader issue he and other auditors have been seeing. “And so it gets a little bit tricky when we see LLCs and we see businesses creating shell corporations or masking ownership for transfers.”, In this case, Thomas said, the county “had full compliance with the transfer process, with purchase agreements, with being able to know what was conveyed at the time of purchase. Jim Mackinnon covers business. WEWS Published February 13, 2020 30 Views. Yes we understand the property the water tower sits is within the City of … Kohan said he is making progress on paying the back taxes owed in Summit County. “I thought it was a good community,” Kohan said. The mall first opened in 1967 and borders Cuyahoga Falls and Tallmadge. “We don’t want to encourage fraud.”, She added, “If there’s even any risk or suspicion of commingling of assets and any fraudulent things going on, then you can lift that corporate shield. While the owners of Chapel Hill Mall face foreclosure, trouble with utility providers is ongoing.New York-based Kohan Retail Investment Group was notified… Listen • 0:49 Load More A search of the Ohio Secretary of State’s websites names Mike Kohan as the company’s agent. Case Western Reserve University School of Law Professor Anat Alon-Beck said about three-quarters of new businesses across the United States are formed as LLCs. In January 2020, Kohan told the Beacon Journal that he was open to the idea of selling the mall or bringing in a partner to redevelop the property. We call it ‘piercing the corporate veil.’”, What’s next for Ashtabula Towne Square Mall. How many FRBO properties are available in Chapel Hill, NC? A busy workday left me no time to figure out … Chapel Hill Mall sits on land once owned by Richard Buchholzer's father, J.J. Buchholzer. “Essentially pulling back the curtain and forcing the idea that when a property transfers, whether it’s John down the street or it’s Big LLC up in the city, that it’s fair and equitable during that time of transfer,” Thomas said. “We all have a duty to give back. 56 reviews of Chapel Hill Tire "When I awoke a few Mondays ago to find out first thing in the morning that I had a flat tire, I figured that there was no car repair place in the Triangle that could assuage my irritation at such an unfortunate circumstance. ft. enclosed mall located at 2000 Brittain Road in Akron, Ohio. 10,567 were here. That's it," Kohan said. How to search for Home Rentals by Owner? It later became evident that even larger opportunities existed, and the natural choice was a climate-controlled shopping mall. "It's going to be something productive that happens to the mall, which I think is good. The whole idea of property taxes, of businesses, residents, of farmers paying their taxes is they’re contributing back to their schools, to their first responders. Industrial Commercial Properties LLC, a Cleveland-area development firm, is negotiating to buy the financially struggling mall at 2000 Brittain Road with an expected closing date in the first week in March. Hotels near Chapel Hill Mall: (0.98 mi) Country Inn & Suites by Radisson, Cuyahoga Falls, OH (1.41 mi) Sheraton Suites Akron Cuyahoga Falls (3.51 mi) Hilton Garden Inn Akron (6.42 mi) Kent State University Hotel & Conference Center (4.73 mi) Hampton Inn Stow; View all hotels near Chapel Hill Mall on Tripadvisor Subscribe 404 Share. This material may not be published, broadcast, rewritten, or redistributed. Alon-Beck couldn’t speak about specific cases, but she gave general insight on how it’s possible for someone to create a new business when he or she owns another business that isn’t doing well for any number of reasons. The last remaining of three mall anchors, J.C. Penney, closed its store last year. "They're very good guys, very good guys," he said of ICP. Shop the Latest Trends Store Directory. I think that's going to add to the value. “We’ll, of course, take a lot of time and look into the circumstances around the sale. Allowing someone to take the risk and start a new business is at the core of what entrepreneurship is all about, Alon-Beck said. “It’s demoralizing, in a sense,” Thomas said. When Richard was a boy, he discovered an old Indian council circle on his father’s land, prompting him years later to name his mall development “Chapel Hill.” In 1994, the mall added a food court, a fountain and additional retail space. Finding a Single Family Home or Condo that is 'For Rent by Owner' is easier on HotPads … What are your needs?’ and making sure that he follows up with those promises, too.”. COVID update: Chapel Hill Tire has updated their hours and services. Officials in Summit County’s Fiscal Office say the county has started foreclosure proceedings against the owners of Chapel Hill Mall for delinquent taxes and unpaid sewer bills. “He was constantly at the mall, always looking for ways to improve it.”. 1 rumble. The Buchholzers knew Akron would grow to the north, and they felt that a Hower's store should be located on their land. Rezoning, other plans, in the works to help breathe life into struggling property. The owner cited "unfavorable lease negotiations" and is moving out of University Place mall. Chapel Hill Mall is your one-stop destination for shopping, socializing, dining, and finding great deals! Industrial Commercial Properties LLC, a Cleveland-area development firm, is negotiating to buy the financially struggling mall at 2000 Brittain Road with an expected closing date in the first week in March. leverage mall owner(s) of Chapel Hill Mallto deed , in fee simple, the Chapel Hill Water Tower, land, underground water mains, hydrants, and water easements to the City of Akron in perpetuity. The mall first opened in 1967 and borders Cuyahoga Falls and Tallmadge. They’re popular because they offer the tax advantages of a general partnership, but the corporate shield of a corporation, meaning owners aren’t held personally liable. Explore an array of Chapel Hill Mall, Akron vacation rentals, including houses, apartment and condo rentals & more bookable online. The Buchholzers knew Akron would grow to the north, and they felt that a Hower's store should be located on their land. By: Olivia Fecteau Posted at 9:25 PM, Feb 13, 2020 According to Ashtabula County Auditor David J. Thomas, the current taxes on the mall are approximately $60,000 to $65,000, based on the mall’s current value of $6.1 million. “Our responsibility is to assign value and to assess taxes in as fair a way as possible,” Thomas said. But of course, calculated risk,” Alon-Beck said. "We already have a lot of plans in place," the new owner said, "including bringing in new tenants, to … Thomas said he and the county would work closely with Kohan. Chapel Hill Mall is in the process of going to a sheriff's sale following a foreclosure ruling Jan. 20 in Summit County Court of Common Pleas for nonpayment of more than $631,000 in property taxes. The mall was sold again in 2016 to the current owner. He said the previous owner, Ken Kister, and investors were local and did a lot for the mall, not only by remodeling some of the facades, but focusing on bringing in local businesses as well. Its projects include, with development partner Industrial Realty Group, the East End redevelopment of the former Goodyear headquarters off East Market Street in Akron. This is the first time he's dealt with ICP, he said. Its third and final anchor store – J.C. Penney – closed last year , … His company owns 18 malls in 13 states including Trumbull Plaza in Warren, Tiffin Mall in Tiffin and Mayberry Mall in Mount Airy, N.C. “Even though Chapel Hill Mall is in Akron, most of the Howe Avenue corridor is Cuyahoga Falls, so I would certainly like to see the mall succeed,” Cuyahoga Falls Mayor Don Walters said. Chapel Hill Mall owner buys struggling Ashtabula Towne Square mall. Chapel Hill Mall's new owner sees potential to add new tenants by attracting young shoppers. Chapel Hill Mall's owner Kohan, who also goes by Mehren Kohansieh, of New York-based Kohan Retail Investment Group, specializes in buying distressed retail properties, including malls, around the nation. Buchholzer and Forest City Enterprises, it opened on October 12, 1967. Choose from more than 71 properties, ideal house rentals for families, groups and couples. Chapel Hill Mall is getting a new owner in March. Industrial Commercial Properties LLC, a Cleveland-area development firm, is negotiating to buy the financially struggling mall at 2000 Brittain Road with an expected closing date in the first week in March. Chapel Hill Mall: Rezoning, other plans, in the works to help breathe life into struggling property. Ima Sportsphile Recommended for you The Chapel Hill restaurant City Kitchen has officially closed. Chapel Hill Mall sits on land once owned by Richard Buchholzer's father, J.J. Buchholzer. Built by Richard (R.B.) Chapel Hill Mall is a one-story, 860,000 sq. “That sale [of $10.25 million] will likely become the new value of the property,” Thomas said. I'm with it 100%.". However, if there are bankruptcy proceedings on one business, it is illegal to fraudulently transfer assets from one business to another. Store closures and light foot traffic have been the norm at Chapel Hill Mall for some time, as shown in this 2017 photo. But more than likely, that will become the new value, which then, of course, will increase the mall’s tax burden as well.”. Kohan Retail bought Chapel Hill Mall, located on Brittain Road, in July 2016 for $8.6 million. During the Great Depression, J.J. Buchholzer became owner of a Hower's department store in downtown Akron. “One business failed and you’re trying, ‘Let’s see what happens,’” Alon-Beck said. “We don’t quite realize it, until it changes over, just how lucky we were to have a local investment group with Ken kind of leading the charge and being that community face,” Thomas said. Mike Kohan, of Kohan Retail Investment Group of Great Neck, N.Y., said he took ownership of the ailing shopping mall on Friday. Comedy - Smothers Brothers Host Young Comedians - Jerry Seinfeld & Maureen Murphy - - Duration: 22:50. According to its website, Kohan Retail owns 29 malls, four of them in Ohio, including the troubled Chapel Hill Mall in Akron, which is currently in foreclosure proceedings due to failure to pay back taxes. The mall sits in what the city calls the Chapel Hill Mall Redevelopment Area and right now is zoned for retail. Take a look: Chapel Hill Mall through the years. Industrial Commercial Properties LLC, a Cleveland-area development firm, is negotiating to buy the financially struggling mall … There are currently 37 properties For Rent by Owner in the Chapel Hill area. Chapel Hill Mall is a one-story, 860,000 sq. “Maybe I can, still within the same industry, be successful in a different venture, in a different location or even within the same location, but I’ll open a new company and let’s see if Lady Luck’s going to be better to me this time.”. Besides the Sears building, the other former anchor is a Macy's that has been converted into a self-storage business. Don't Miss Our Great Deals & Events Sales & Events. Rent a whole home for your next weekend or holiday. By phone, Kohan confirmed that he was behind the limited liability company (LLC) that bought Ashtabula Towne Square Mall.

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