[sirkingwilliam]

LINK

Historic Joske's building purchased by Rivercenter Mall owners

June 5, 2008 3:25 PM ET

An iconic property in downtown San Antonio could soon find itself part of a larger rehab of the area's leading shopping destination.

New York-based Ashkenazy Acquisition Corp. (AAC) has purchased the former Joske's department store building from Little Rock-based Dillard's Inc. The firm has also announced plans to revitalize the property.

The building, which dates back to 1867, spans a total of 550,000 square feet on Main Plaza. At present, a Dillard's department store occupies about 160,000 square feet of the property.

In 1988, the building became part of a regional shopping center known as Rivercenter Mall. AAC, in turn, purchased Rivercenter in July 2005.

According to Barry Lustig, senior vice president of leasing for AAC, "Negotiations between Dillard's and AAC for the acquisition (of the Joske's building) began in early 2007, and were critical to our redevelopment plans."

In addition to renovating the Joske's building itself, those redevelopment plans also include adding some new retail and high-end restaurant venues to the mall, adds Rivercenter General Manager Chris Oviatt. The lagoon area of the mall along Commerce will be renovated, and plans also call for "major updates" to the mall's interior.

"We're calling this a Grand Re-Imaging," Oviatt continues. "It's been 20 years since Rivercenter opened, and AAC is excited about the opportunity to revitalize this iconic River Walk destination."

As for the Dillard's store in the Joske's building, it will remain open through mid-August, according to Dillard's spokesperson Julie Bull. Her firm is currently working to relocate employees at the Rivercenter store to the retailer's four remaining stores in San Antonio.

The Joske's building first opened to the public back in 1867 -- the first of a chain of Joske's department stores that would ultimately dot the retail landscape in Texas and Phoenix. The store was founded by German immigrant Julius Joske.

The chain was ultimately purchased by Dillard's in 1987. As part of that deal, all of the department store's moniker went from Joske's to Dillard's.