LAKE CITY, Fla. — The Regency Square Mall is looking close to home for its next owner. Blackwater Development announced its plan to purchase the 56-year-old mall. The address listed on its business license is in Lake City.
First Coast News took the 60-mile trek to Lake City to the address listed on the business license and wound up at a bridal shop off Highway 90.
An employee confirmed the owner's name is the same one listed on the business license for Blackwater Development.
She said he wasn't available to speak because he's on vacation.
Blackwater Development confirmed over email that it "has Regency under contract."
The company's owner, Rurmell McGee, released a statement about the purchase:
"Blackwater Development has entered into a contract to acquire the Regency Square Mall property. We are currently early in the initial phase of the due diligence process. Our primary objective at this juncture is to conduct a thorough assessment of the property and determine the projects feasibility. Simultaneously, we are working with the current mall ownership in an effort to determine the necessary repairs needed for the existing structure and garner a full understanding of the outstanding code enforcement violations.
We are genuinely excited about this project and the opportunity to collaborate with state and local officials, as well as engaging with the Jacksonville community, in an effort to create a comprehensive plan for the revitalization of the Regency Square Mall property. I wholeheartedly believe that a property of this magnitude, combined with its historical significance, holds a pivotal role in shaping the future development and growth of this market."
On Blackwater Development’s website, it lists Publix, Planet Fitness and Wawa as some of its clients.
Blackwater Development has not revealed a plan for the property. The contract isn’t finalized yet.
Management at The Rhythm Factory, a business leasing space in the mall, said they’re staying optimistic, especially with a local company possibly taking over.
“The landlord we have right now is doing zero and we’re doing everything," said Executive Director Michael Butler. "If we get a landlord to do even one percent, that’s an improvement.”
Butler mentioned business has taken a bit of a hit since news of the sale broke, and they’re handling more calls than ever from people wondering what’s going on at the mall.
He said they saw four moving trucks this weekend as more businesses continue to leave.
He’s hoping they’ll get word soon from either the company selling or the one buying about what this sale means for their lease.
“We’re glad that its local," said Butler. "Lake City is pretty local to where we are so we can actually have some access to it. Right now, it’s difficult with the company that owns it based in New York, so we don’t have a lot of access and they aren’t very good with communications.”
Blackwater Development has its work cut out for it, as the mall currently faces a series of citations.
It was cited four times between May and July for holes in the roof and the leaks those holes have caused.
