After facing a string of financial difficulties, Valley West Mall may be looking to return to its shopping center roots by adding more stores. The mall is now managed by US Bank, whose management company has told store owners it wants to turn the mall back into a bustling shopping destination for consumers in the Des Moines metropolitan area. According to court documents filed by US Bank, Mall has not made a payment on the $50 million loan since May 2021. This spring, the bank filed a foreclosure petition against Mall in Polk County District Court. In 2021, the previous owner announced his $278 million plan to redevelop Valley West Mall into offices, housing, entertainment and shopping facilities. The Iowa Department of Economic Development did not accept the plan. Now that the proposal has been scrapped, one of his tenants said his new goal is to rent space in the current mall and revitalize the shopping center. Laura Johnson, co-founder of the Des Moines Children’s Museum on the mall’s lower floors, said: She said, “We want to be here. We’re really happy here.” The Des Moines Children’s Museum, which opened in 2017, is one of the few remaining tenants on the Valley West Mall. Johnson said she was heartbroken when the mall was on the verge of foreclosure. KCCI has reached out to the new manager of the Valley West Mall but has not heard back.
After facing a string of financial difficulties, Valley West Mall may be looking to return to its shopping center roots by adding more stores.
The mall is now managed by US Bank, whose management company has told store owners it wants to turn the mall back into a bustling shopping destination for consumers in the Des Moines metropolitan area.
According to court documents filed by US Bank, Mall has not made a payment on the $50 million loan since May 2021. This spring, the bank filed a foreclosure petition against Mall in Polk County District Court.
In 2021, the former owner announced a $278 million plan to redevelop Valley West Mall into office, residential, entertainment and shopping facilities. The Iowa Economic Development Agency did not accept the plan.
Now that the proposal has been scrapped, one tenant said the new goal is to lease space in the current mall and revitalize the shopping center.
Laura Johnson, co-founder of the Des Moines Children’s Museum on the mall’s lower floors, said: “We want to be here. We are really happy here.”
The Des Moines Children’s Museum, which opened in 2017, is one of the few remaining tenants of the Valley West Mall. Ms Johnson said she was heartbroken when the mall was on the brink of foreclosure.
After meeting with the new manager, Johnson said he felt confident that the mall could once again serve as one of the state’s top shopping centers.
KCCI has reached out to the new Valley West Mall manager, but has received no response.