LYCOMING COUNTY, Pa. — The Lycoming Mall near Williamsport may soon get a makeover thanks to an investment group from State College. Lycoming County officials tell Newswatch 16 that the group known as FAMVEST intends to acquire the mall for around $15 million.
"The buyers are looking at closing here early next year. They are well underway in their efforts to acquire and revision it. Because that is something that is sorely needed there," said Jason Fink, the president and CEO at the Williamsport Lycoming Chamber of Commerce.
The Lycoming Mall has struggled for the past few years with empty parking lots, bare storefronts, and very few shoppers.
"They have seen what has happened to malls. Not only our mall, even the State College Mall is not in good shape. Small markets are struggling right now with their malls. They are great opportunities, though, because they are large buildings," added Fink.
The proposed revitalization project would bring eateries, residential properties, and a new shopping center to the location. FAMVEST recently received a $5 million grant from the state to start the project.
The investment group provided a statement to Newswatch 16:
"Our team at FAMVEST is incredibly appreciative of the state's $5 million commitment to our planned revitalization project at the Lycoming Mall... We look forward to continuing our work with county officials and local business leaders to bring this project to fruition."
The investment group is also matching the grant money from the state. That money will go toward Phase 1 of what is a four-phase project. Phase 1 will address infrastructure and parking at the site.
"They are not going to use all 800,000 square feet of that building, so there will be some demolition of it. And there is a ton of parking there that has been underutilized for years," Fink said.
Officials say the project is expected to start sometime next year.
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