The new owners of the sprawling mall on Capital Boulevard near Interstate 540 plan to rezoning for higher development on parts of the property that have seen foot traffic decline over the years due to traditional malls. Economic and demographic changes have succumbed to change.
A community meeting scheduled for today will discuss the proposed 11-acre rezoning, which includes two rows of outdoor retail adjacent to the main mall and extending south to Sumner Avenue. Property proposal located at 5959 Triangle Town Blvd. was to transform it into a mixed-use commercial space with a height limit of five floors. The current zoning is for mixed commercial use and is limited to three storeys in height.
The meeting notice states that the rest of the Triangle Town Centre will retain its current zoning, which also limits the height to three storeys. The meeting will discuss possible zoning terms related to developing the 11-acre property, which currently includes a men’s camp, a children’s development center and a vacant restaurant space, the notice said.
The mall is currently owned by New York-based investment management firm Kohan Retail Investment Group. Kohan bought the property in 2021 for $33.25 million. The sale, which comes after years of financial trouble in Triangle Town Centre, sold for a fraction of the $174 million the property fetched in a private sale in 2016.