Getahn Ward

USA TODAY NETWORK – Tennessee

Metro has twice made offers to buy the inner core of the former Hickory Hollow Mall, but was turned down by the owner both times.

"The offering price is so out of reach for what's realistic that we don't see anything happening unless there's a major change in the view of the value," said Rich Riebeling, the city’s chief operating officer. "We've got a major investment there. We want to protect our investments."

At various times, the owner of what's now called Global Mall at the Crossings has cited to interested parties prices ranging from $9 million to $20 million or more. Hotelier and college professor Rajesh Aggarwal leads the group that paid $1 million for the 600,000-square-foot inner core space roughly 3½ years ago.

With only 30 to 35 percent of the overall space occupied, including by businesses owned by the Global Mall's owner, losses have mounted including from high utility costs. In addition to Metro Schools signing up for 4,600 square feet of space for an enrollment center, ice cream shop La Super Michoacana was among the most recent tenant additions.

Aggarwal didn't return calls seeking comment, but Global Mall General Manager Ravi Shektar said he expects to add more office tenants and stores later this year.

Riebeling's comments about the city's investments in the mall area referred to transformation of the separately owned former J.C. Penney anchor store space into the Southeast branch library and a regional community center, with a park and the Ford Ice Center hockey facility on adjacent parcels. A satellite campus for Nashville State Community College occupies the former Dillard's big-box space, which also wasn't part of the Aggarwal-led group's $1 million purchase of the inner core space from CBL & Associates Properties.

Riebeling said Metro didn't get to the point of determining what operation could locate at the inner core mall property had the city struck a deal to buy it. However, he said there are several Metro departments that need space. Metro Schools has also scouted locations around Southeast Nashville for new school locations.

"We don't have any plans for it, but if the opportunity came up again, we would look at it," Riebeling said. "If we did it, it would be in part of protecting our investment. We want to make sure what happens there."

Businessman Charles Jones, who owns the former Macy's anchor store space at the mall, believes the inner core property in which he once expressed interest will eventually be sold and likely torn down.

"I was going to put a 55-and-older community in there where people could do hiking and biking inside with shops and residences," he said, adding he would've been willing to pay $6 million.

Aggarwal has had various issues with Metro and other mall property owners, including related to sharing of utility costs, lighting and upkeep of the overall property and parking.

Family entertainment center Global Fun N Food, the Global Event Center venue business and the Nashville Global Market, which Shektar said has added wholesale distribution of produce, are among businesses within the inner core space with ties to the mall's owner.

Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.