Financial investment firm Advisors Excel has acquired a new property in its home market of Topeka, Kansas, with plans to transition the mall into a mixed-use centre.
West Ridge Mall, the third-largest enclosed shopping mall in Kansas, will soon become a mixed-use lifestyle facility with dining, event, entertainment, green and corporate spaces. The 992,000sq ft property will become Advisors Excel’s headquarters once completed, accommodating more than 500 employees.
West Ridge Mall, located at 1801 SW Wanamaker Rd. in Kansas’s capital city, originally opened in 1988. The centres anchor department stores Macy’s and Sears closed their doors in 2012 and 2018, respectively. The mall’s current major tenants include JC Penney, Dillards, Furniture Mall of Kansas, Petland and SkyZone. In 2021, the mall’s occupancy rate dropped to 39 per cent. To reverse this decline, the revitalised West Ridge Mall will feature a “fresh, urban design and layout” and will incorporate non-traditional mall uses such as co-working spaces, theatres, fitness spaces, spas, breweries and cafes.
“Contrary to popular belief, the American mall is not dead,” said Cody Foster, Co-Founder of Advisors Excel. “It simply needs a facelift, which is our exact mission with this project. Developers are looking to shift shopping centres to a multi-purpose lifestyle hub, incorporating leisure offerings and getting people in the door again, whether they are consumers, tenants or professionals.”
