Akron, Ohio – Former Chapel Hill Mall

Challenge

Chapel Hill Business Park is a redevelopment project located on the former Chapel Hill Mall site in Akron, Ohio. The mall opened in 1967 and was originally anchored by Sears, JCPenney, and Macy’s, with Macy’s replacing the former O’Neils Department Store. At its peak, the property housed over 100 stores. However, between 2016 and 2018, two anchor tenants closed, resulting in more than 25% of the stores becoming vacant. As unpaid utility bills accumulated, the final anchor tenant closed in early 2020, resulting in the mall’s permanent closure the following year.

Solution

In 2021, ICP acquired the property and quickly initiated a comprehensive renovation. This redevelopment involved removing remnants of interior retail spaces to create an open layout, allowing potential tenants to envision their operations in the newly designed space. This proactive approach demonstrated ICP’s commitment to revitalizing Chapel Hill Mall’s iconic features as they sought new occupants for the space. Craft 33, a division of Famous Supply, became the first tenant and was located in the former Sears building. By early 2024, the redeveloped mall was fully leased to five tenants, including Driverge, OnQ and Quantix, employing over 250 people.

Outcome

ICP has significant experience transforming defunct retail spaces into vibrant hubs for jobs and businesses. Their adaptive reuse process preserves the historical significance of many properties while preventing more debris from ending up in landfills. The company owns eight former retail centers across the country, each at various stages of redevelopment, often overcoming significant challenges to achieve its goals.

As consumer shopping habits continue to evolve in the post-pandemic era, there is a growing trend toward repurposing retail spaces to help communities recover lost jobs and stimulate economic development. The demographics, utility infrastructure, and highway access surrounding large-format retail projects like Chapel Hill Mall make them ideal for creating distribution and logistics hubs for manufacturers. ICP’s success in identifying, creating demand and re-leasing these former retail real estate assets underscores the strategic importance of these redevelopment efforts.