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Thursday, June 9, 2016

Centennial Properties purchases former Downtown Macy's building

After a few weeks of a confidential bidding process, the now closed up former Macy's building, Downtown officially has a new owner and is already making plans for new life in the prime building.

Centennial Properties , the real estate arm of Cowles Co. is the new owner and is also the owner of River Park Square located right across Wall St from the Macy's high rise. The purchase price was not disclosed at this time but Centennial did beat out at least two other investors that we're also in the bidding process. Other bidders we're a joint venture between developer Kent Hull & John Stockton ( the same people behind the Matilida Building ) and an un-named national company.

The new owners have not yet released their exact plans for the building but do admit to having an aggressive schedule to start renovations. Centennial Properties plans to convert the former Macy's into retail / restaurant space on the bottom two floors and a mix of office space and apartments on the floors above.

Despite the building being attached via skywalk to River Park Square the building will likely be built out and marketed as a separate project. The area to be converted into a retail space is roughly 360,000 square feet and they hope to have a tenant or tenants in place sometime in 2017.

Keep watching for more news on future developments of former Downtown Macy's....