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ORLANDO, Fla. \u2014 For decades, Orlando Fashion Square Mall was the heartbeat of the city\u2019s retail scene. From first dates at the cinema to back-to-school shopping at the height of the 1970s and 80s mall culture, it was *the* place to be.<\/p>\n
Today, the palm trees are dying, the massive parking lots are desolate, and the building\u2019s exterior is in desperate need of a pressure wash. With the recent news that the Premiere Cinema 14\u2014the mall\u2019s last major foot-traffic driver\u2014is closing on March 12, 2026, many residents are asking: why hasn\u2019t this \u201ceyesore\u201d been torn down yet?<\/p>\n
The answer lies in a complicated real estate standoff. Unicorp National Developments owns the land beneath the mall, but it doesn\u2019t own the buildings. Those \u201cimprovements\u201d are owned by Bancorp, which holds a land lease that doesn\u2019t expire for another 25 to 30 years.<\/p>\n
Unicorp President Chuck Woodall, an Orlando native who grew up visiting the mall, says his company is ready to transform the site into a $1 billion open-air \u201clifestyle center\u201d featuring apartments, office space, and a new theater. However, he says the bank is holding out for a price that doesn\u2019t reflect the building\u2019s current state.<\/p>\n
\u201cThe problem is the buildings haven\u2019t been taken care of and they haven\u2019t been updated,\u201d Woodall said. \u201cSo nobody wants to rent them. Nobody wants to be there. So the buildings are functionally obsolete.\u201d<\/p>\n
For long-time residents like Rob, seeing the mall in its current condition is difficult.<\/p>\n
\u201cIt used to be pretty nice,\u201d Rob told Channel 9. \u201cHopefully it comes back… it\u2019s all run down, yeah, pretty bad.\u201d<\/p>\n
With the movie theater\u2019s departure, the mall\u2019s decline is expected to accelerate. Woodall refers to the current situation as a \u201cbulldoze opportunity,\u201d noting that there is actually \u201canti-value\u201d in the current structures because removing them will cost millions.<\/p>\n
Unicorp says it is prepared to be patient, even if it means waiting decades for the lease to expire, though it hopes it won\u2019t come to that.<\/p>\n
\u201cWe think it\u2019s a great piece of real estate, and we\u2019ve been extremely patient,\u201d Woodall said. \u201cHopefully one day they [Bancorp] come to reality on this thing and let us move forward with it.\u201d<\/p>\n
WFTV reached out to Bancorp for comment on the future of the lease but has not yet received a response.<\/p>\n
Here\u2019s a link to the Fashion Square Mall project:<\/p>\n
https:\/\/unicorp.com\/project\/fashion-square<\/a><\/p>\n Click here<\/a> to download our free news, weather and smart TV apps. And click here<\/a> to stream Channel 9 Eyewitness News live.<\/p>\n