With the sale of this center section to EMBD LLC, the Marktplatz mall is finally reunited under one owner. The developers are looking to provide additional housing and retail with the property.

NEW ULM — After a closed session Tuesday, New Ulm City Council approved the sale of the Marktplatz mall to EBMD LLC.

The process of selling the center section began after the July 18 City Council meeting. The City Council stopped Brown County from selling the property for six months while they looked for a buyer. City Manager Chris Dalton believed at the time EBMD LLC would be the likely buyer in the process.

“They already own the other two pieces,” Dalton said. “We would negotiate with them to get the middle piece, so they own all three to do a development in the future.”

On Tuesday those negotiations became fruitful. The city will purchase the mall section from the county, and then transfer the title when they receive funds currently in escrow from EBMD LLC. Council President Andrea Boettger said the agreement is standard, ensuring the purchaser has the funds before the title is officially transferred.

“[Going through] the normal real estate processes with the county and the city, like any other property we would sell. That timeline would be based on the process, which could take a couple of months.”

This action comes after the left and right parcels of the mall were sold for $190,188 combined in April of 2020. The condition of the property is said to be deteriorating. Dalton acknowledged in July the building could be demolished if the developer chooses to.

“The development there will bolster downtown,” he said. “They’re potentially planning to get rid of a building not serving our purposes and repurposing it. [This will] potentially add more foot traffic to the downtown area.”

EBMD LLC was the only developer interested in the space. If this agreement had not been reached, it would have been sold at public auction to the highest bidder.

It is currently unknown what the center section sold for, or when any part of the mall will be reopened. For a building mired in uncertainty since its closure in June of 2018, it is a clear step forward.