NEW ULM - Douglas Cogan, managing member of New Ulm Retail & Development, LLC, (NURD) which owns two-thirds of the Marktplatz Mall in New Ulm, announced Friday that negotiations with Bon-Ton Stores have been finalized and that the Herberger's store has renewed its lease at the Marktplatz Mall for several years.
With structured options, a new deal will not have to be renegotiated for nine years, said Cogan. The agreement keeps the mall's major tenant in place.
"As I have told the Chamber of Commerce and many others in town, we intend to fill the mall with tenants (that) New Ulm shoppers need and have suggested to me, as well as offer the common areas and any vacant space as a community asset for the benefit of the community," said Cogan.
Cogan announced other developments as well. A new tenant, Lutheran Homes, has also signed a lease for office space in the mall. Lutheran Homes does work in the field of assisted living. "We are grateful to manager Ted Jafvert for helping to secure that office lease," said Cogan.
Two new HVAC units have just been installed on the northern 2/3 of the mall and more upgrades are being planned, said Cogan.
NURD is also discussing additional events for the community, such as the children's play performed during Oktoberfest.