The Oaks Mall, a north central Florida fixture for more than 50 years, has entered an official period of financial decline. Since opening on Aug. 2, 1973, Oaks Mall has served the Gainesville community for generations as a hub for shopping, dining and social gatherings.
Now, with foreclosure looming, the stability of one of the area’s largest indoor malls is threatened. U.S. Bank court documents show that The Oaks Mall is under receivership after its owners at Brookfield Properties failed to fully repay a significant loan taken out in 2012.
The loan was originally for $118 million, and the mall still owes roughly $78 million. The court-appointed receiver, Spinoso Real Estate Group DLS LLC, is managing the property while legal and financial issues are resolved.
Gabriel Klier, specialty leasing manager for The Oaks Mall who works with Spinoso, said that despite the outside noise and legal action that has taken place, there are still several plans and stores in the works that area residents should look forward to.
“From what I have seen from the community, people are sad to see some of the stores go, but they are also excited to see what stores I can bring,” Klier said. “I am hoping to bring more community-oriented businesses and work with smaller businesses in the area.”
Since Klier took over, the mall has opened two new restaurants in the food court — 936 Jamaican Cuisine and Southern Stop. Klier also hopes to bring in more fine dining rather than chain restaurants to the mall.
Several stores, including Macy’s, Sears, Forever 21 and Altar’d State, have closed, but staples like Belk and Dillard’s are what have kept community members coming back, offering a place to shop and be comfortable during weather changes.
Josie and Jeff Broker have been coming to The Oaks Mall since it first opened in 1973. He is a Gainesville native, while Josie Broker moved here in 1984 and has loved the area ever since. Although several stores have closed, the Brokers said they still enjoy the experience of going to a store and seeing what is available.
“We come here to get Chick-fil-A and grab lunch, to see the ancient stores that have been here for hundreds of years and to see them close up was sad,” Jeff Broker said.
His wife Josie Broker was also sad. “It is the end of an era, I’m afraid,” she said.
Visitors walking around the mall will see that a number of stores are still open, but there are noticeable vacancies. Dillard’s was full on a recent afternoon, but you step foot into the mall, look next door and you can see Altar’d State completely gutted, with a last-minute closing sale being supervised by the few remaining employees.
An employee from the Build-A-Bear stand shared a different perspective as someone who has worked at The Oaks Mall for six years after moving from the Northeast.
“It is kind of interesting to see people say this is a dying mall because to me this isn’t dying at all, “Aly Hernandez said. “It’s sad to think that the community already thinks that it’s dead because you should really see what the other malls look like.”
Hernandez also explained that along with rent prices going up in the mall, which, in her opinion, has caused stores to close their doors, the mall has also been in competition for hospital spaces around the area.
“I think it’s a mix of mall management and from what I’ve heard the rent prices as well have become outrageous. And it’s the competition of the hospitals too, that’s a bit stressful,” Hernandez said. “UF took over the old Sears, and so it’s been a rumor since I’ve been here that UF is going to take over, but some people just know that it’s inevitable.”
So far, neither the courts nor the bank have taken any concrete actions toward foreclosure. The Oaks Mall is private property, so if the bank moves forward with the foreclosure, the city doesn’t have any plans for the area, Gainesville City Commissioner Bryan Eastman said.
“The future of Oaks Mall is really up to the private business that owns it, but it’s always been the city’s vision that it could become more flexible for mixed use,” Eastman said. “We rezoned that area a couple years ago which allowed apartments to go in, UF Health to go in and give the owners more flexibility.”
Indoor malls across the U.S. have been struggling to survive for years after the proliferation of online shopping. Eastman emphasized that malls offer many opportunities, and they provide great resources, such as spaces for people to walk and shop in a climate-controlled area.
The Oaks Mall is the only indoor mall in Gainesville and north central Florida. Until further action is taken in the foreclosure process, Klier said the mall will continue to operate for Gainesville residents and visitors.