SALT LAKE CITY (ABC 4 News) - Salt Lake City's Trolley Square is in trouble. The Mall has reportedly defaulted on millions of dollars in loans on the property.
Bank of America has filed a complaint against the group that operates the Mall. It states the Mall's Manager owe more than 50 million dollars in loans.
Trolley Square was once a profitable Mall. Then, according to store owners two things hit. First, the shooting in 2007, which some store owners believe scared shoppers away. Then the great recession hit in 2008 amid an expansion project. The one-two punch hurt the mall, store owners say.
"That's amazing because everything seems kind of prosperous there when we've been there," said shopper Doris Standing who visited the Mall about five months ago, but as ABC 4's Noah Bond found many empty store fronts as he walked through.
"Shutting it down would be foolish. They have nothing to gain by doing that. I would like to see this mall craft itself to be the cultural local mall," said Tony Weller who owns a book store at the Trolley Square Mall.
Something must give because the Mall's owner owes more than $50 million in loans. Media reports indicate Bank of America doesn't wan to shut the mall down, rather it would like to get a management team in place to increase profits.
ScanlanKemperBard out of Portland, Oregon owns the Mall. Bond called Executive Vice President James Paul, but the call was not returned before this web story was posted.