The Shoppes at College Hills is planning to pay off their bond debt two years early on December 1st. The outstanding principal amount and accrued and unpaid interest on the Bonds will be $859,598 at that time. That amount includes $825,000 of remaining principal and $34,598 of interest. The Town of Normal serves as “issuer and administrator” for the Bonds. The Normal Council is being asked tonight to pass an ordinance approving an early payoff agreement.
The Town of Normal issued bonds in 2004 for the amount of $5,510,000. These bonds were issued to redevelop The Shoppes at College Hills. The Bonds were purchased by Busey Bank, and the bank serves as the Paying Agent The owner of The Shoppes of College Hills is CH Shoppes LLC. The bonds are a legal debt of CH Shoppes LLC.
The complex was originally built in 1980 as a small enclosed shopping mall called College Hills Mall and was demolished and rebuilt in 2005 as a lifestyle center. The bonds were set to mature on December 1, 2024. The agreement allows for the Bonds to be paid off early. It is the town’s role is to facilitate this transaction between Busey Bank and CH Shoppes, LLC.
The Shoppes at College Hills seeks to be the preferred destination for shopping and dining in the Bloomington-Normal area of Illinois. The center includes a collection of stores and restaurants in an open-air setting, with Von Maur, Target, White House Black Market, LOFT, Francesca’s, Beauty Brands, Flat Top Grill, Logan’s Roadhouse, Joe’s Stationhouse Pizza Pub, Alexander’s Steak House, Destihl Restaurant and Brew Works, Panda Express, Red Robin, Chik fil et, Blaze Pizza and more.
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Plans were first announced for College Hills Mall in 1978. The mall’s first stage including a Carson Pirie Scott Store followed by a Montgomery Ward anchor and opened in 1980. Probably one of the first Target stores in Illinois was added as a third anchor in 1982. In 1988, Carson merged with the parent of Bergner’s, which had a store in Eastland Mall. Carson’s sold their store in College Hills to Von Maur that same year. Von Maur remodeled and opened in 1990.
In 1993, the mall was near capacity. It was home to Radio Shack, Payless Shoes, Hallmark, Foot Locker, MC Sports, Vanity, KB Toys, Spencer’s, Waldenbooks. Buckle, Campustown, Barrel N Bins, and Champs. Restaurants included Diamond Dave’s, A&W, and Old Country Buffet.
Normal Staff Recommends $3.94 million for Main St. Water Main
Buckle was the first to leave later opening in Eastland. Other stores with a duplicate at Eastland also left, like Claire’s and KB Toys. Montgomery Ward closed its store in 1997 while MC Sports was moved to Eastland and Foot Locker relocated within College Hills to make room for Stein Mart to open its first central Illinois location in the middle of the mall. Hobby Lobby moved into the Montgomery Ward space in 1999. Over time, many other stores relocated to Eastland leaving College Hills without most of its major chain stores.
Spencer’s Gifts moved to Eastland. Campustown and A&W had stores in Eastland and closed up in College Hills. By 2000, College Hills was half empty. With the closing of Stein Mart in 2000 the exodus began. Barrels N Bins left soon after, followed by Champs Sports, Vanity, Foot Locker, Hallmark, Waldenbooks, Sam Goody’s, and then the death knell Old County Buffet. Even the arcade closed its doors. By June 2004, the only tenants remaining at the mall were the three anchor stores and Diamond Dave’s.
After its closure, the entire mall building was demolished except for Hobby Lobby, Target and Von Maur. Cullinan Properties then redeveloped the property as an outdoor mall, with Gordmans being added as a fourth anchor.The Shoppes at College Hills officially opened in 2005.
Today it’s Eastland Mall that is in trouble. Originally built in 1967 and extensively remodeled in 1999 it has since fallen on hard times. The Shoppes at College Hills 2005 development most likely played a role in this along with many other shopping center developments opening since 1999.
In 2017 MC Sports was gone as well as Gap, Radio Shack and Limited. Macy’s closed and JC Penny closed after that. In the middle of those store closings CBL announced a redevelopment plan for the mall.
In 2018 Sears and Bergener’s closed while H&M, Planet Fitness and Outback opened. But overall the mall continued to decline as the loss of two anchors was a bigger loss than the opening of the three new stores.
In 2019 CBL was in a tax dispute with the City of Bloomington. As of the latest report that dispute is ongoing.
In 2020 Eastland Mall owner CBL Properties filed Chapter 11 bankruptcy to restructure debt. CBL was not able to make an $11.8 million interest debt payment. Eastland Mall was reported to be 60% vacant. 73% of tenant rent went unpaid. And CBL said the future of the mall was in doubt.
