DAUPHIN COUNTY, Pa. (WHTM) — A Maryland-based company will be purchasing the Colonial Park Mall in the coming months and has big changes planned for the property.

abc27 news reported last week that the Maryland-based Stonewall Capital LLC is currently under contract to purchase the Colonial Park Mall from the current owners, Kohan Retail Investment Group, in the coming months.

According to the managing partner for Stonewall Capital LLC Ray Jackson, the company was initially approached by the executive director of Dauphin County Economic Development George Connor, who encouraged Stonewall to look into the property.

Aside from the county’s encouragement, Jackson says that there were other factors that made the purchasing of this long-time mall very appealing, such as:

  • The attractive location
  • The cooperation between Dauphin County and Lower Paxton Township
  • The current demand in the market for housing and different type(s) of retail shops

According to Jackson, there will be “all kinds of changes” coming to the mall in the future. Stonewall Capital hopes to redevelop the property by creating new residential housing and redesigning the mall itself to create new retail spaces.

It should be noted that Stonewall Capital is currently working with community stakeholders to find the right plan for the redevelopment of the mall.

“The mall, as it stands today, will not look the same once we are done with it,” Jackson explained.

According to Jackson, the anchored Boscov’s location at the mall will remain since Boscov’s owns their property. Additionally, Jackson described Stonewall Capital and Boscov’s as having a “great strategic partnership.”

A timeline for the redevelopment of the Colonial Park Mall is still up in the air; however, Jackson says that the physical construction could take between 1-3 years before its completion.

Back in April, abc27 news reported that the Colonial Park Mall was heading to a sheriff’s sale on July 20th, due to unpaid bills that exceeded $250,000. According to Jackson, this sheriff’s sale may never come to fruition.

“We obviously won’t let the property go to sheriff’s sale,” Jackson stated.

According to Jackson, Stonewall Capital LLC anticipates the sale of the Colonial Park Mall to be finalized in the next five to six months.

abc27 news will keep you updated as more information becomes available.