McFarland Mall To Be Sold To The City Of Tuscaloosa? Possibly
The City Of Tuscaloosa and Stan Pate, are in currently in discussions for The City to purchase the McFarland Mall property. What's holding up the transaction is the differing opinion of appraisal values for the property, and others that are being negotiated between the city and Mr. Pate.
The McFarland Mall Property, and two others that are being discussed, (a 7-acre tract off Rice Mine Road Loop, and a 25-acre wooded lot near the McFarland Mall property called The Moore Property), are properties that The City Of Tuscaloosa could buy off of Pate if the price is right.
According to a story in The Tuscaloosa News, which you can read HERE, "Two appraisals funded by Pate list the value of these combined properties at between $47.7 million and $46.3 million. The city’s appraiser, meanwhile, lists them at about $24 million." A 20 million dollar difference is quite a difference! The two sides are reportedly looking for an independent appraiser, (agreed upon by both), that can look at all the combined properties for a final appraisal value.
No word on what the city's plans are for the property. But if they need any help, I have some ideas which you can read about HERE