Local Developer Assists Lafayette Square Mall Owners
Photo by Linda Karn
(posted Apr 8)
Clint Fultz of Prime-Site Brokers and Ashkenazy Acquisitions Corp signed
an April 3 contract that should change the complexion of Lafayette Square
Mall and surrounding area. Fultz contends that within the next five to
six years the Lafayette Square area will have a new character of economic
success. He encourages people to start taking pictures now to make comparisons
and notes of the coming transformations.
He recommends taking pictures from Lafayette Road and 34th Street north
to the I-65 exit, noting the streetscape will change. He expects Sandor
Development to interject new economic life into the Lafayette Place retail
strip on Commercial Drive.
The area's upswing started with the 2008 openings of Wal-Mart and Garden
Ridge. Fultz thinks funds from the Community Revitalization Enhancement
District will further enhance the area with a yearly collection of about
$750,000 in sales and payroll tax being allocated into the LSA. The money
is dedicated to infrastructure improvement. He said the CRED has a fifteen
year life that does not start until the CRED funds start to be utilized.
Fultz enthusiastically shared his role in bringing change to the area.
His focus is to zero in on attracting the non-traditional retail services
of hotels, restaurants and office space to come to the mall. The hotels
and restaurants will be located on the mall property but not inside
the mall. Architecture plans now show the 200,000 square foot J.C. Penney
site being transformed into office space. He said the ample parking will
be an advantage for office use.
"The mall's exterior appearance will change, but not the shape. There will be no demolition," he said. The I-65 visibility makes the mall site more attractive for changing the area's complexion.
This is not the first reuse project that Fultz has been involved.
His other experience with creative re-use was purchasing the vacant Cub
Food Store and converting it into the Georgetown 14 Cinemas
and Sav-A Lot. Fultz is also involved in the old
Grain Dealer Mutual building at 18th and Meridian Streets that will be
converted into a $50 million mixed use project.