An Iowa developer has bought the 58-acre Valley West Mall site for $11 million (£8.2 million). The company is now starting a major redevelopment project, but it must first deal with complex lease agreements and get support from the city. Brian Martin, president and chief executive officer of Threshold Capital and Threshold Development, completed the purchase of the long-troubled West Des Moines shopping center. His company plans to turn the large site into a mixed-use area with retail, housing, and entertainment. The project is expected to cost between $300 million and $350 million. However, the master plan depends on solving several legal and financial issues. The biggest challenge is a long-standing lease with department store giant JCPenney. The developer must also get city approval for public financing incentives.
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