After five years of uncertainty about the future of a major Mercer County shopping venue, the Shenango Valley Mall has been sold to a Cleveland area real estate company

Officials from the City of Hermitage announced in a media release that the mall has been acquired by Flicore LLC affiliate Butterfli Holdings of Pepper Pike, Ohio.

The mall, located at the intersection of State Route 18 and Business Route 62, is in the heart of Hermitage’s Central Business District, according to city officials.

Although Flicore has not divulged its plans, city officials say they are familiar with the company’s management team.

“This is great news for the City of Hermitage and surrounding communities.  The city looks forward to working with the Flicore team and supporting their efforts to revitalize the 54-acre site,” Hermitage City Manager Gary Hinkson said in a statement.

Since the adoption of the “Hermitage 2030 Comprehensive Plan” city officials say they have been engaged in discussions with the property owners and development prospects to find a way to fill the void created by the loss of the mall’s anchor tenants over the years such as Sears and Macy’s.

According to the media release, the property is in disrepair and blamed “mismanagement of the facility by the prior, absentee mall operators” for making the situation worse.

The 2030 Plan said that creating a “Vibrant City Center” was a top priority with a walkable city center that is home to public open space, a mixture of uses and entertainment.

Characterizing the mall property as an underutilized and deteriorating site in the center of Mercer County’s commercial district, city officials say investment is critical to the community’s future.

 City officials say declining property with store vacancies has resulted in several reappraisals resulting in real estate tax losses of over $240,000 per year to the city, school, and county.

The city officials recognize the extensive challenge of repositioning an outdated, suburban shopping center, that it is no easy task and that the success stories of similar undertakings rely on a strong public-private relationship.  The inclusion of public spaces is essential and consistent with the comprehensive plan. 

The city has been working with Senator Michele Brooks and Representative Mark Longietti to secure state funding that can be used as an investment to aid in a redevelopment project.

“The City of Hermitage is committed to supporting FLICORE in their efforts to reinvest in the site and restore the tax base which has been eroded with the demise of the shopping center,” said Hermitage Board of Commissioners Duane Piccirilli,,“the board endorses a proactive approach to address this challenge.”