Major Redevelopment Planned For Aging Pittsburgh Mall

MONROEVILLE, PA — The new owners of Monroeville Mall are planning a significant redevelopment of the sprawling retail complex that has been a staple for shoppers in Pittsburgh's eastern suburbs since 1969.

Dallas-based Cypress Equities, which will manage the property for the as-yet unidentified new owners, issued a statement Monday saying it would "lead the efforts to re-imagine Monroeville Mall into a new retail and commercial destination."

"The property is well suited for a major redevelopment and repositioning into a mix of uses including retail and entertainment, restaurants, residential, hospitality, office, and public spaces," Cypress said in the statement.

The mall's former owner, Chattanooga, Tennessee-based CBL Properties, announced Friday that the mall had been sold for $34 million.

An asset description that became public last month described the super-regional mall as sitting on 186 acres and composed of the main mall, The Annex at Monroeville, The District at Monroeville and outparcels Best Buy and Firestone. The anchors are Macy's, JCPenney, Dick's Warehouse, Full Throttle Adrenaline Park, Dick's Sporting Goods and Cinemark.

The mall has 1.2 million square feet of retail space.

"We are excited to embark on this transformative project and bring a new vision to Monroeville Mall," Cypress Equities CEO Chris Maguire said in the company's statement. "We believe this redevelopment will create a vibrant and dynamic destination that serves the community and drives economic growth in the region."