Will the Greendale Mall Close?

WORCESTER, MA — To anyone who’s shopped or worked at the Greendale Mall in the past few years, the news wouldn’t be surprising. Sometimes referred to as a “ghost town,” the mall hasn’t seen overwhelming traffic in some time.

The value of the mall has dropped to 77 percent within the last ten years. The value is now $14.7 million and could mean foreclosure, reports the Worcester Business Journal.

The Greendale Mall has had an 80 percent occupancy rate, which translated into not enough profits to cover the loans on the property. The loan was foreclosed on in October last year, but the company recently revalued the property “to give the involved parties and any future buyer an idea of how much the property is worth.”

Simon Property Group owns and operates the Greendale Mall, as well as the Solomon Pond Mall in Marlborough and the Auburn Mall.

Read Sam Bonacci’s full report in the Worcester Business Journal.