Eastgate Mall lies due east of Cincinnati proper, just off the I-275 beltway. The story of this property originally offered a tiny ray of hope among its peers, as it seemed to be one of those rare survivors, able to hold on despite a plethora of opposing factors. I wouldn’t say it was thriving by any means, but at least it was holding on.
Unfortunately, that lucky streak seems to have finally come to an end. Announced this very morning, the mall will be heading into foreclosure to settle a $32 million mortgage debt. The loan fell into delinquency after a balloon payment came due this past April. The timing of this couldn’t have been worse, given the forced shut down of malls across the country due to COVID-19. Eastgate’s future is now uncertain, with an ownership structure that was described as being “complicated” possibly posing an additional obstacle to redevelopment plans.