Four months after purchasing the RiverTown Crossings mall in Grandville, new owners Poag Development Group has invested more than $1.3 million into upgrading and modernizing the property.
Poag purchased the two-story, more than 1.2 million-square-foot indoor mall in late August with an eye toward creating a mixed-use retail and entertainment hub. Since the acquisition, the developer has invested in property improvements including new landscaping, parking lot repairs and fixes for the indoor merry-go-round.
“The mall needed significant repairs to get it back to our high standard of operating, and this investment is just the beginning of our grand revitalization plan for the property,” Josh Poag, CEO of Poag Development Group, said in a statement.
RiverTown Crossings had an occupancy rate of 88% at the time of Poag Development Group’s purchase.
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The new mall investments have focused on cleaning the property, repaving parking lots, filling potholes, adding LED lighting and fresh paint.
“The bones of the property are fantastic,” Poag told Crain’s Grand Rapids Business via email. “We are focusing our attention on tending this community asset.”
Currently, the company is weighing all options for the mall’s two-story parking structure.
“The team is examining how to repair the parking deck, with the biggest requirement being that we need to ensure it is safe for our customers,” he said.
Poag also confirmed the loss of a major restaurant tenant at the mall, with the permanent closure of TGI Fridays on Dec. 2.
“The decision to close was the operator’s choice,” he said. “As we look ahead to the changes coming to RiverTown Crossings, we look forward to bringing new and enhanced offerings to our guests.”
Poag purchased the property from Brookfield Property Partners LP, which had previously acquired Rivertown Crossings in 2018 for $60.6 million, according to property records.
The mall has experienced a decline in traffic after languishing for several years without significant investment.
According to data from location analytics company Placer.ai, monthly traffic at RiverTown Crossings declined an average of 27% in 2024 when compared with pre-pandemic levels.
Foot traffic at RiverTown Crossings has declined year-over-year in eight of the past 11 months, according to the data.
“While the property was in default of its loan, customers noticed the drop in quality,” Poag said. “The first step to bringing customers back is by restoring the quality of the mall by improving the landscaping, cleaning up the parking lots, and filling in the potholes.”
The next step, he said, is to “create an environment that serves as a community gathering spot,” with a focus on events to draw in guests. As well, Poag said he intends to modernize the shopping center to drive leasing efforts in the years ahead.
So far, he said that changes at the mall have garnered a welcome response from customers. Ultimately, Poag intends to redevelop the mall into a mixed-use property that includes retail, restaurants, entertainment and potentially both hotel and residential uses.
“The community has been extremely responsive to the positive changes happening at RiverTown,” he said. “We are very encouraged as we look toward the bigger vision of our revitalization efforts to drive traffic and community engagement in the years ahead.”
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