Crossroads MallEdit profile
Crossroads Mall is a super regional shopping mall and trade area located in south Oklahoma City, Oklahoma. The name of the mall was chosen because it lies at the major intersection of I-35 and I-240, a major crossroads of the city. Today, the mall faces many problems due to the vacancy of all four anchor stores, as well as the property being foreclosed on in April 2009. The property is now owned by the Federal Reserve due to the Bear Stearns bailout. The mall was part of a portfolio of Bear Stearns assets, including $5.5 billion in commercial loans that the Fed used to secure $29 billion to lend to JPMorgan Chase to buy Bear Stearns. The mall is currently up for sale for $24 million.
Crossroads Mall was opened in February 1974 with anchor stores John A. Brown, Dillard's, Montgomery Ward, and JC Penney. At the time of its opening, it was one of the largest construction projects to have ever taken place in the state of Oklahoma, and also among the 10 largest shopping malls in the US. A 1974 Daily Oklahoman article heralded the center as "the most magnificent enclosed and air-conditioned shopping mall in the Southwest."
Crossroads Mall contains approximately 51 stores and services. It also has a very large trade zone outside of the mall building itself with numerous retailers, and restaurants, including two hotels.
Crossroads Mall had been one of the more popular shopping establishments in the city for over 30 years. It is noted as one of the primary reasons for the suburban flight of retail shoppes from Downtown Oklahoma City, which is just now beginning to show signs of retail life. However, Crossroads Mall, with lack of substantive renovations and retail growth both in Moore and along I-240 west of the mall, has declined dramatically. Not only that, but Crossroads Mall is situated within one mile of Valley Brook. Valley Brook is well known for its business district, which consist mostly of strip clubs.
By square footage, Crossroads Mall is one of two malls in Oklahoma with more than 1,200,000 square feet (111,000 m2). The other is Woodland Hills Mall in Tulsa.Recent Problems
A young man opened fire on May 27, 2006, injuring a teen before the man was shot and killed by an off-duty sheriff’s deputy.
Over the years, teen loitering has increasingly become a problem. On October 26, 2006, the mall imposed a weekend teen curfew. The curfew prohibits those younger than 18 years old from shopping after 6 p.m. on Fridays and Saturdays unless they are with a parent or legal guardian. By imposing a curfew, hope was the mall would create a more family friendly environment.
Crossroads Mall presently faces a severe vacancy problem, as all four anchor buildings are vacant after the departure of Dillard's and Steve and Barry's in 2008. Many of the mall's stores have begun to close after the closing of both anchors.
On November 26, 2008, three suspects, including a man believed involved in an armed robbery, were arrested after reports of a gunman inside the mall. Police surrounded the exits of the mall after a report of a robbery at a nearby store. A police helicopter followed the suspects vehicle because there was a report that shots had been fired along Interstate 240. Police said the vehicle drove into the mall parking lot and that one of the men got out and ran into the entrance to Dillards. Three people were arrested, including the alleged gunman. The mall was not evacuated and there were no reports of injuries.
It was reported on January 23, 2009 that the mall has gone into foreclosure. Officials state that the mall could be put up for bids in about 60 days and stores in the mall will remain open for now. Price Edwards & Co. is now managing the mall and senior vice president Jim Parrack states that he hopes to find a buyer who will keep the property as a mall, but some analysts say it could be taken over by a government agency, a school or a medical organization.
An Oklahoma City police officer was arrested at Crossroads Mall on March 24, 2009. He was accused of threatening his girlfriend a day before at a local hospital. The arrested officer worked security at the mall.
According to Price Edwards & Co.’s 2010 Oklahoma City Mid-Year Retail Market Summary report, Crossroads Mall is 75 percent vacant.