{SA} Old Joske's building sold, downtown Dillard's to close... Great news inside!

[sirkingwilliam]

The Dillard's in the Old Joske's is closing but for a good reason!

Old Joske's building sold, downtown Dillard's to close

Web Posted: 06/05/2008 01:53 PM CDT

By Express-News Staff

New York-based Ashkenazy Acquisition Corp., the owner of Rivercenter Mall since 2005, said today that it has purchased the historic Joske's building from Dillard's Inc. and plans to revitalize the landmark property.

Ashkenazy will begin redevelopment work this summer that includes converting the 500,000-square-foot building into a high-end restaurant called Fogo de Chao and adding new retail to the property.

"Negotiations between Dillard’s and (Ashkenazy) for the acquisition began in early 2007 and were critical to our redevelopment plans” said Barry Lustig, senior vice president of leasing for Ashkenazy.

Dillard's will remain open until mid-August and the company will work to relocate Rivercenter workers to other Dillard's locations in the city, a Dillard's spokeswoman said.

The acquisition is part of a three-phase development plan for the mall that began three years ago, Ashkenazy said in a statement. One of the phases (II) being the high rise luxury hotel.

The final phase of the redevelopment plan will include updates to the existing mall interior to complement the work done in the Joske’s building.

This is great news as this gives Ashkenazy much more room to play with in the redevelopment of Rivercenter Mall.