By Marilyn Odendahl, Truth Staff
ELKHART -- After standing vacant and orphaned for four years, the former Kmart building along South Main Street has a new owner.
On Friday, Concord Mall Properties Ltd took possession of the structure and the 12.8 acres at 3501 S. Main Street, adjacent to Concord Mall. Most likely, the site, renamed Concord North, will become home to retail businesses.
"We're thrilled we've been awarded the property under the terms that we deemed appropriate," said Robert Thatcher, general manager and director of leasing of Concord Mall.
Although he said Concord Mall Properties is continuing to "remain open-minded" on the property's possible uses, the company is "very focused on retail."
Specifically, Thatcher said the company envisions the 97,000-square-foot building to be divided and used by three retailers or to be used completely by single, possibly big-box, retailer.
He also said the current tenants on the property would stay.
"We welcome them to the Concord Mall family and anticipate a very good and longstanding relationship with Dollar General and, in the future, Taco Bell," Thatcher said.
The Taco Bell restaurant has been closed since a recent fire but will reopen after an internal renovation.
Some cleanup of the property will begin but Thatcher said "any major renovation will be forthcoming when we identify the future user of the space."
The mammoth building has been empty since Kmart declared bankruptcy and closed the store in 2002 as part of a companywide reorganization.
Concord Mall Properties is affiliated with Triyar Cannon Group, a national real estate investment firm based in Los Angeles. The company recently acquired the Marquette Mall and Office Tower in Michigan City.