Property adjacent to Greenwood Park Mall could become new park, gateway opportunity
The Greenwood Redevelopment Commission (RDC) yesterday took the first step toward purchasing a former strip mall located adjacent to Greenwood Park Mall at 1265 N. Madison Ave. Formerly home to The Patriot’s Grill restaurant, the property has no current tenants and an assessed value nearly cut in half since 2012.
Greenwood Mayor Mark W. Myers says the property has been on the city’s radar for quite some time as an opportunity for significant transformation.
“This is a very important piece of land for Greenwood,” said Myers. “The property is right across the street from Greenwood Park Mall, a major destination for both residents and visitors. It’s also one of the first things you see traveling south into Greenwood on Madison Ave. We now have the opportunity to turn what was once a negative into a valuable community asset.”
The former strip mall, which many residents consider an eyesore, is being considered for new park space, green infrastructure and improved overall aesthetics to enhance one of the city’s most-traveled corridors. Myers says plans for the property will be studied once the RDC provides official approval to purchase and that the city will seek community input for potential uses.
Commercial activity at the property took a major hit after significant flooding in 2008. Updated flood maps produced by FEMA indicate a majority of the parcel is now in a flood plain. Given this designation, future commercial use is highly unlikely.
“This is the RDC’s primary function,” said Redevelopment Commission President Brent Tilson. “We have a property that, for several reasons, is no longer commercially viable. By purchasing the property and redeveloping a new use, the surrounding area and all of Greenwood benefits.”
Total size of the property is roughly 8.6 acres, and the RDC expects to purchase the land for approximately $1 million. An official vote will take place during the commission’s next meeting on Aug. 8. If the RDC approves the purchase offer, the city will then begin official negotiations with the current owner.