The owner of Post Oak Mall in College Station has filed for bankruptcy.
According to the announcement on Monday by CBL Properties, they are declaring voluntary bankruptcy in an attempt to reorganize. That comes amid the City of College Station’s efforts in a new zoning designation for the mall. Economic development director for College Station Natlie Ruiz shared a proposal on WTAW’s the Infomaniacs a couple of weeks ago, which includes major store chains that own their own property there.
“What we have offered, is to work with them on a city initiated re-zoning, that would allow more flexibility for commercial uses i there,” said Ruiz.
Ruiz says this in response to the drastically changing nature of big box retailers.
“We have seen other malls, that are designed to be more indoor, incorporate medical uses, call centers, more jobs, to bring more activity to those areas,” said Ruiz.
CBL’s news release states it is business as usual as the reorganization takes place in Houston federal court.