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Published On: Sat, Nov 24th, 2012

Independence Mall’s financial woes showcased through local-media attention

KINGSTON- An article published in the Boston Business Journal, last Tuesday, rose more than a few eyebrows in Kingston.

Douglas reported that the Independence Mall’s lender, Wells Fargo, now expects the Kingston property to default.

According to Douglas, in the past six years the Kingston mall has seen a 23% decrease in occupancy, and is now running on a deficit.

Bloomberg data reports that the cash flow of Independence Mall between January and April of this year had plummeted to $995,821.

During the same three-month span, the Independence Mall paid out over $1M in debt services.

LENDER BRACES FOR ‘IMMINENT DEFAULT’ ON KINGSTON MALL’S $72M MORTGAGE-Headline of Editor Craig Douglas’ story last week

Aerial view of Independence Mall in Kingston

KingstonJournal.com approached Independence Mall management today for comment. Pyramid Companies security officers told KingstonJournal.com that nobody from mall management was on the premises during our Saturday visit.

Calls to the parent company of Independence Mall, Pyramid Companies, also went unreturned this weekend.

The Kingston Mall was appraised at $181M in 2006, and according to Douglas, the remaining balance on the mall’s mortgage is $72M.

Independence Mall has been the largest tax contributor in the Town of Kingston since the early 1990’s.

The mall is also the Kingston’s largest employer.

If Independence Mall defaults on its mortgage it will be the latest shoe to drop as part of a disturbing trend in Southeastern Massachusetts.

Since the economic downturn in 2008, similar malls in Hanover, Taunton, and Brockton have gone into the red.

Read the full article in Boston Business Journal by clicking on the link provided (to read the full Boston Business Journal article by Craig Douglas, click here.)

KingstonJournal.com is the first Kingston publication to cover the financial troubles of Independence Mall, and we will stay on this story with future, in-depth, updates.

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  1. priceless view says:

    your picture speaks 1,000 words…what a view! How could Kingston capitalize on one of the best views on the South Shore?

    Answer that question and the “use” of this area will no doubt lead to a stimulation of tax revenues…

    of course there are 5 impediments to this change of use…the 40??? story windmills…a family member recently told me they can not stand driving up to the mall area, the spinning windmills make them dizzy and queasy…I have to agree

    If I were a retailer there is no way I would set up shop in that location.

  2. GlowGolf says:

    This mall was in a downward spiral before the turbines and shows just how much our towns economic development committee dropped the ball, among other groups as well. Looking forward, this is a wake up call for residents of Kingston, MA in 2013. Get ready to join the fleets of defaults spreading across the nation. All we can hope for is a little luck and some help from the state. Also, hopefully the our leaders were smart enough to not pledge the town’s general funds as a backstop to the mall’s debt service payments. Harrisburg, PA made that mistake along with a number of other towns across the country pledging general fund money to special failed development projects. Enter the Tax Man