St. Charles will introduce new mall owners

There have been rumblings about a change in ownership of Charlestowne Mall in St. Charles since late in 2009. On Wednesday, those rumors will prove to be true.

St. Charles Economic Development Director Chris Aiston confirmed Tuesday there are new owners under contract to purchase the struggling mall. The identities and backgrounds of the new owners won't be revealed until a late-morning news conference at the mall.

The mall is currently owned by a bank, in a trust, and run by McKinley, a Michigan-based management company.

Dozens of stores inside the mall currently stand closed, draped with black, plastic curtains shrouding their dormant interiors. Foot traffic at the mall has been minimal for years now. Even Santa Claus during the past holiday shopping season often sat without children to share their wish lists. City council members and Mayor Don DeWitte have frequently voiced frustration over the struggles of the mall. DeWitte said at least twice in the past six months that he wouldn't believe new ownership was coming to the mall until those new owners voiced their plans to the city. That appears to have happened just recently.

"It does appear like we've got some good news to announce," Aiston said Tuesday. "There's been some letters of intent since about the first of the year. Then came a formal contract to purchase. We've been expecting them to close. We'll be introducing the two newbie owners Wednesday."