00;00;00;04 - 00;00;06;17
John Mulherin
All we know is it's not going to survive as it is. It has to be demolished completely.

00;00;06;19 - 00;00;19;28
Stephanie Wiechmann
That's John Mulherin with Hull Property Group that bought the Muncie Mall in 2024. He says the company's original plan to tear down parts of the mall and redo the interior is no longer viable. That's because the mall has a 92% vacancy rate.

00;00;20;00 - 00;00;25;23
Stephanie Wiechmann
He says the tenants aren't leaving Muncie. They're just leaving the failed mall, and new retailers aren't interested.

00;00;25;28 - 00;00;39;00
John Mulherin
I know for a fact there are three major, major retailers that are looking at the Muncie market. But they're not coming to the mall. We've talked to them. They're not coming to the mall in its current configuration.”

00;00;39;00 - 00;01;07;25
Stephanie Wiechmann
Hull’s new plan is to demolish the entire building except for the portion that buyers market owns. Then the company will redevelop the 25 acre site with an interested national wholesale club fronting McGalliard Road. Other interested retailers. And according to the long term plan, apartments build $65 million worth of apartments. It's going to hit the books at 40 million bucks in valuation. Mulherin says demolishing the anchor stores can take place beginning next month, but the interior section won't happen until the last tenant moves out.

00;01;07;27 - 00;01;12;16
Stephanie Wiechmann
He says that could take between six months and two years. I'm Stephanie Wiechmann in Muncie.