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MAYFAIRE OWNER FILES FOR BANKRUPTCY

The owner of Mayfaire Town Center recently filed for bankruptcy.

CBL & Associates Properties Inc. and its related entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, according to an announcement Nov. 2.

The filing gives the Chattanooga, Tennessee-based company a chance to recapitalize, including restructuring portions of its debt. The restructuring plan is expected to provide CBL with “a significantly stronger balance sheet” by reducing debt and preferred obligations by about $1.5 billion, extending debt maturities and increasing liquidity while maintaining operational consistency, a news release stated.

“Through this process, all dayto-day operations and business of the company’s wholly owned, joint venture and third-party managed shopping centers will continue as normal,” officials said. “CBL’s customers, tenants and partners can expect business as usual at all of CBL’s owned and managed properties.”

The filing follows the separate bankruptcy filings of several tenants at CBL malls.

This year, Mayfaire Town Center and adjacent Mayfaire Community Center have lost several tenants, including, in the case of the town center, home decor store Pier 1 and children’s clothing retailer Justice.

At the same time, anchor tenant Regal Mayfaire & IMAX movie theater remains dark as a result of COVID-19 as some movie theaters have chosen to remain closed despite the easing of pandemic restrictions in recent weeks.

But the closures haven’t kept different kinds of concepts from setting up shop at Mayfaire. On the way to the town center is School of Rock, joining recent openings of retailer My Sister’s Cottage and artisan holiday gift market Going Local.

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HARRELSON CENTER TO EXPAND CAMPUS

In a place where jail cell doors used to clank shut, space for more nonprofit organizations is taking shape in downtown Wilmington, aided by a $1.8 million construction loan.

The Jo Ann Carter Harrelson Center Inc. received a loan from South State Bank to complete renovations to the former law enforcement center and jail tower, helping it to go from 30,000 to 60,000 square feet.

The loan funds construction of an event venue that is integral to the expanded campus and renovation to two floors in the former jail tower for nonprofit office suites.

“It’s life-changing for many people,” said Meade Van Pelt, executive director of the center, of the basic-need services that organizations provide at the center, from help with housing to mental health. “It’s a true place of connection.”

Named the Vicki Dull Annex, for the second executive director of The Harrelson Center and reflective of a major gift, the expansion (rendering shown above) is expected to be complete in early 2021, officials said.

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