PEORIA, Ill. (WMBD) – After 24 years under current ownership, the Twin Towers Mall in downtown Peoria is up for sale.
Since 1997, the property has been owned by Jeff Graves. Citing his age and his relocation to Texas, Graves said he felt it was time to give the opportunity to someone else.
The 39,588 square-foot property is up for auction with bids starting at $100,000.
Graves said the mall has been a “great property” for him, but in recent years he’s viewed it as a redevelopment opportunity for a younger developer.
He added that the property’s location could make it attractive for future buyers, but there is some work to be done.
“It probably could use an infusion of cash. Someone needs to come in and remodel and retenant and modernize. I think it’s a great opportunity for someone to do that,” Graves said.
Graves also said as more people return to downtown Peoria, it could help grow the property’s potential.
“As companies bring workers back to their offices, I think the activity is going to increase downtown, and it’s going to enhance the opportunity for someone,” Graves said.
Graves said he believes the Twin Towers Mall will benefit by bringing in larger tenants. He also stated that he hopes a new owner will work with current tenants to keep them at the property.
Bidding for the Twin Towers Mall auction ends on Wednesday, Dec. 1.