Slidell Moves Forward with Plans to Purchase North Shore Square Mall
Slidell Moves Forward with Plans to Purchase North Shore Square Mall
Slidell, LA — In a significant development for the city, Slidell officials have taken a decisive step toward revitalizing the nearly vacant North Shore Square Mall. The City Council has authorized Mayor Bill Borchert to enter into a letter of intent to purchase the high-profile property located at the intersection of Interstate 12 and Northshore Boulevard.
Mayor Borchert announced that he anticipates signing the letter of intent with Morguard, a Canadian real estate management firm, on Wednesday. The discussions regarding the sale have been ongoing for several months, with negotiations fluctuating between an initial asking price of $53 million and the city’s starting offer of $9 million. Ultimately, both parties settled on a price just below $13 million.
“This is an exciting opportunity for our community,” Borchert stated. However, he emphasized that several steps remain before the deal is finalized. A property appraisal is necessary to ensure the city does not exceed the appraised value, and a purchase agreement must be established. Additionally, the state Bond Commission will need to approve the bonds that the city plans to use to finance the acquisition of the approximately 55-acre site.
The mall, which opened its doors in 1985, has seen a dramatic decline in business over the years, now housing only two stores: a Dillard’s Clearance Center and At Home, a chain that has recently filed for bankruptcy. The once-thriving shopping hub has become a shadow of its former self, prompting city officials to seek a new direction for the property.
City Council member Nick DiSanti remarked on the nonbinding nature of the letter of intent, stating that it places the city in a “no-risk position” as they explore the potential deal. “We’re excited about the opportunity,” he added.
To further assess the future of the site, the city has commissioned a study aimed at revitalizing the area, with results expected by mid-October. While the city has not disclosed specific long-term plans for the mall, Borchert made it clear that reopening it as a retail space is not on the agenda. “The city will not be in the retail business,” he assured.
Funding for the purchase is expected to come from a special tax on purchases made within the recently expanded Northshore Square Economic Development District. The district’s officers approved a 1% sales tax on purchases and a 2% hotel occupancy tax, both set to take effect on October 1. Officials believe these new taxes will generate sufficient revenue to repay $20 million in bonds needed for the acquisition.
While the mall has struggled, nearby businesses such as Home Depot, Walmart, and Sam’s Club continue to thrive, indicating that there is still significant economic activity in the Northshore Boulevard corridor. “There’s a lot of life left in that corridor,” DiSanti noted.
As the city prepares for the next steps in this ambitious project, community members are encouraged to participate in a public meeting hosted by Colliers, the consulting firm assisting with the revitalization efforts, to share their ideas and visions for the future of the North Shore Square site.
