It’s official: Richland Mall has been sold; property to be redeveloped with retail, apartments

The long-struggling Richland Mall officially has been sold, a move that will pave the way for the demolition of most the mall and a complete redevelopment of the site that will include new retail and apartments.

The city of Forest Acres confirmed in a release that the sale of the property closed late Wednesday afternoon. The terms of the sale were not disclosed. The deal had been under contract since early 2021.

The mall property had been owned Century Capital LLC and Forest Holdings LLC. Now, Augusta development company Southeastern will look to overhaul the 32-acre property with a more than $100 million plan that is set to include a 100,000-square-foot grocery store, more than 500 apartments, a public park, a brewery or taproom and more.

“We are pleased to see the deal is done,” Forest Acres Mayor Frank Brunson said in a statement. “City leadership was confident from the start Southeastern Development was the right developer to make this happen once and for all. Now we can start looking forward.

“In a few short years, the downtown gateway into our city will be transformed further cementing Forest Acres as one of the most sought-after destinations in the Midlands.”

City officials say the coming redevelopment of the mall site will be the largest single economic development investment in Forest Acres in nearly four decades.

The bulk of the mall will be demolished, though city leaders stressed that won’t happen immediately. Southeastern will have an architect spend about six months drawing up plans for the project. Then the former Parisian building on the property will be revitalized, so that the Belk that is currently in the mall can move in there long-term.

The city’s release noted Belk and a Barnes & Noble bookstore will remain open during the first phase of construction.

The full first phase of the project could take four to five years to complete, the city said in a previous release. An anchor grocery store tenant has not yet been named for the project. A specific brewery partner also has not yet been named.

Southeastern is no stranger to major developments. The company has numerous retail, residential, hospitality and other business developments in its portfolio, with projects across the South. Among their developments is the mixed-use Shelter Cove Towne Centre in Hilton Head.