HUNTSVILLE, AL (WAFF) - Madison Square Mall in Huntsville has been sold to a local development company.
CBL & Associates sold the property to RCP Companies of Huntsville for $5 million. RCP representative Lindsay Harper says her company is working for The Grove Huntsville LLC.
Harper said they will release details on the future direction for the mall when they are finished planning.
RCP Companies, a Huntsville and Birmingham-based developer, is also working on CityCentre at Big Spring, the Fountain Shopping center, the Shops and Merchants Walk and Merchants Square. All four projects are located in Huntsville. In the past, they have developed Village on Whitesburg, Flint Crossing Market Center, Madison Festival and several other area properties.
While CBL & Associates owned the mall portion, there are four other owners of properties there. The buyer is talking to the other department stores or former department store owners.
Huntsville Mayor Tommy Battle released a statement on the sale Wednesday:
CBL & Associates also owns Parkway Place Mall in Huntsville.
Madison Square Mall opened in 1984. Groups in the past have attempted to prevent the mall's closure with "Save the Mall" initiatives.