OWENSBORO, KY (WFIE) - Kohan Retail Investment Group bought Towne Square Mall for $4 million dollars last month.
The company actually specializes in buying old malls to refurbish them for mixed use.
"It's always an opportunity to see how people take their innovative approach to making things better," Candance Brake the President and CEO of the Owensboro Chamber of Commerce said.
We reached out to Kohan Retail to ask about reports they have a history of lawsuits, unpaid utility bills and property taxes. They own 25 malls across the country, including Washington Square Mall in Indianapolis where Kohan reportedly owed over $600,000 in property taxes last summer.
But Brake is hopeful that won't happen here.
"Retail is such an important part of our economic strategy here and really it's an important part of any booming economy," Brake said. "We're very interested to see what happens and very excited about the possibilities."
Owensboro residents say the mall is in bad shape now and they don't want to see it get worse.
"It could get a little bit worse," Kendal Black a resident said. "If it turns into flea markets and a bunch of crappy stores that want to sell random things, then yeah [it'll get worse]."
Brake says she is hopeful the sale will be positive and will help keep retail on south Frederica successful.
"We don't see one area of town competing against the other," Brake said. "We see all areas of town kind of blend in together to make us a very vibrant community."
And they hope the sale of the mall contributes to retail growth.