Why Would A 33-Year-Old Want the Struggling Midland, MI Mall?
Midland, MI's mall started in 1991. That's young for a mall these days.
Originally, the mall opened with anchor stores including JC Penney, Elder Beerman, Target and Sears. Target is the only original anchor store to remain open. Hobby Lobby will be opening this fall according to MLive.
Who bought the Midland, MI mall?
- A Bay County businessman, Jordan Dice, bought the mall at auction -- meaning, he paid a much lower price than previous owners, Kohan Retail Investment Group, did in 2018. Dice paid just over $5 million which (MLive reported) includes nearly $1 million in back property taxes.
- Dice is a local genius, in many ways:
- He went to college around seventh grade.
- Started a successful business as a teenager.
- Made tech to fix (save) alarm system providers.
- Leads his firm J.R. DICE specializing in real estate and property management.
Why would anyone buy a mall these days?
It's no secret that malls around the US have struggled, closed or been bought & sold by numerous operators over the last 20 years. Each claiming to have expertise in operations and vision for future success. Thought, you don't see many mall success stories these days So, why would Jordan Dice buy Midland, MI's mall?
See the Old Saginaw Cty Fairgrounds Today
Based on his acumen, there's opportunity with the right, innovative local vision. He won't be beholden to an out-of-state corporation or hedge fund. That means far less penny-pinching, and creativity can flourish. Ideas can be shared, tried, improved upon or failed quickly. The innovation gene runs in the family, too.
It means genuine connections to the greater Midland, MI area. Dice is in the community and wants it to thrive. His ownership gives an entirely different kind of hope - one rooted in passion for running a successful business that will benefit the community. (He knows how to do that. See how he helped bring alarm companies into the future.)
We're looking forward to seeing what his team can do for Midland Mall. Should this work -- it could be the model that helps other once iconic Michigan malls, before it's too late.