Lewisville Economic Development Director Marichelle Samples confirmed Sept. 13 that Los Angeles-based company 1000 South Vermont LLC and its affiliates purchased the interior of the mall, the theater and the former JCPenney store on Aug. 25. The mall was previously owned by ICA Properties Inc.
The 33-year-old mall was formerly known as Vista Ridge Mall. It was purchased for $17.3 million and renamed by ICA Properties Inc. through an online auction in 2017. At the time of purchase, the Odessa-based real estate management company planned to spend $3 million-$4 million on rebranding and investing in the mall to make it into a music haven.
Music City Mall has seen multiple changes over the last few months as local officials work to bring it into a new era, officials said. In recent years, the mall moved away from traditional department stores and has focused on local businesses.
The mall has 160 stores, four of which are anchor tenants. There is one vacant anchor last occupied by JCPenney. There were 24 vacant spaces as of Sept. 2, according to ICA Properties Inc.
Lewisville City Council approved an agreement with The Catalyst group earlier this year to prepare for the first phases of a Music City Mall redevelopment project.
A number of local businesses have opened at Music City Mall this year, including Juss Shoes Purses and Accessories, Mango’s 4 Men Boutique, Anime Yankii, LK Boutique, All Things Corned Beef, Flavors of India, All in One Boutique, iCompete and more.