Crabtree Valley revival: What a $60 million facelift will do for the aging mall
The new owners of Raleigh’s Crabtree Valley Mall have offered a first glimpse at their planned $60 million makeover.
On Thursday, California-based real estate investment trust Macerich Company released renderings of the mall’s revamped interior.
Among the upgrades: new handrails, landscaping, lighting and a fresh coat of glossy-white paint.
“Work is underway,” Cory Scott, executive vice president of asset management at Macerich, said in a phone call on Thursday. “If shoppers go there today, you’re going to see it. It’s going to feel light, bright and more modern.”
In June, Macerich acquired the 1.3 million-square-foot mall on Glenwood Avenue for $290 million. Before that, the property had been on the market for years. It has an assessed value of roughly $197 million, according to property records.
Scott said it’s part of a larger effort to update the space and improve infrastructure to attract big-name brands.
At present, the mall is 80% occupied. “We hope to get to 90% occupancy in the next few years,” he said. “We’re excited to bring some new names to the market.”
The acquisition is Macerich’s entry into the Southeast market. Its properties have been concentrated in California, the Pacific Northwest, Phoenix/Scottsdale and the corridor from New York to Washington, D.C.
It manages iconic shopping destinations such as Scottsdale Fashion Square in Arizona and Tysons Corner Center in Virginia.
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Crabtree’s storied past
Built in 1972, Crabtree is anchored by Belk and Macy’s and has over 200 total tenants, including Apple, Banana Republic and Brooks Brothers.
In 2019, the mall’s longtime owners, CVM Holdings, announced plans for a $290 million redevelopment that included a 30-story mixed-use tower at the site of the former Sears building. But nothing materialized.
In early 2022, the mall hit the market, the first time since it opened in 1972. It’s considered one of the most successful malls in the Carolinas, and generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors, according to CVM Holdings.
But it also has issues.
It was built in a floodplain. Crabtree Creek, a 29-mile tributary of the Neuse River, runs directly behind the mall. It’s listed as “high risk” in state floodplain maps for both hazard and impact.
Over the years, dozens of flooding events have affected the mall. In 2006, heavy rains from Tropical Storm Alberto flooded the lower-level parking lots and parts of the main building. About a half-dozen stores sustained extensive water damage.
Most recently, in 2018, after two days of steady rain, Crabtree Creek jumped its banks, blocking several streets and flooding the mall’s grounds.
As extreme weather events become more frequent, Macerich said storm drain improvements are underway to mitigate floodplain risks.
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This story was originally published August 21, 2025 at 3:10 PM.
