The Indian River Mall is undergoing a dramatic transformation. In June, Illinois-based DTS Properties II, LLC acquired the nearly 750,000-square-foot property for $14.8 million, marking the beginning of a revitalization effort.
Owner Joe Scarfone of ONE Investment Group has ambitious plans to restore the mall to its former glory. A site plan submitted to Indian River County outlines a multi-phase project that includes extensive renovations, transforming the mall into a mixed-use destination featuring new stores, restaurants, a school, a motel, and residential units.
Scarfone is optimistic on the mall’s revitalization, promising an upgraded shopping experience unlike anything the area has seen before. By attracting new tenants, he aims to draw shoppers from both Sebastian and Vero Beach.
The first phase will focus on demolishing the vacant Sears and Macy’s department stores, revamping the mall’s interior, and upgrading the AMC movie theater.
Potential new tenants, as outlined in the site plan, include Kohl’s, Dick’s Sporting Goods, Sprouts, and Books-A-Million.
The mall has fallen on hard times in recent years, mirroring the nationwide “retail apocalypse.” Factors such as the rise of e-commerce giants like Amazon offering convenience and delivery options and changing consumer habits have contributed to its decline.
The property has suffered from neglect, with overgrown vegetation and deteriorating infrastructure. However, Scarfone is optimistic about the mall’s future, citing ongoing cleanup efforts and the potential to attract new tenants.
While many stores have already departed, JCPenney, Dillard’s, and AMC Theatres remain as anchor tenants. The success of the revitalization project hinges on the ability to draw both new and returning customers to the once-popular shopping center.
