Prospective bidders should think creatively and bring their checkbooks when Iverson Mall hits the auction block later this summer, according to Prince George’s County’s top economic development official.
The county will look to minimize roadblocks and red tape for groups interested in injecting other uses into the suburban Maryland retail center at 3737 Branch Ave., per David Iannucci, president and CEO of the Prince George’s County Economic Development Corp. The 625,000-square-foot mall is slated to be sold at a foreclosure auction soon, and the county will work with the winning bidder on ways to revitalize the property, potentially with multifamily, educational, medical or office aspects, Iannucci said.
“Iverson is one of only a few enclosed malls in Prince George’s County, and it’s really been an essential part of the community for years and years. But it’s got some age on it, and I think it’s time to think creatively about the future of the mall,” Iannucci told the Washington Business Journal. “The county would welcome someone that was going to take a very creative approach to potentially redeveloping that site. That might mean cutting back on retail and bringing some housing to the site.”
The county has a vested interest in seeing the mall revitalized, and not just for the sake of more property and sales taxes. County leaders previously made a $4 million economic development loan to AWE-AR Iverson Mall LLC, an affiliate of D.C.’s West End Capital, which kicked off a $30 million renovation in 2017 that yielded some improvements and new tenants. The parties had envisioned a greater return on that investment, but those efforts stalled heading into the Covid-19 pandemic, which has been particularly tough on in-person retail.
