The Coralville city council passed a resolution Tuesday night that will allow Coral Ridge Mall and the City of Coralville to reduce the required parking ratio at the mall in order to make room for a new, larger tenant.
Though John Bergstrom, senior vice president for mall owner General Growth Properties, declined to share which tenant they are in negotiations with to fill the vacant Sears space during Tuesday's meeting, he said he would be happy to share that information down the road.
The change in required parking was necessary because the interested tenant thinks that the current Sears space, which is one story and 98,596 square feet, is not large enough. Instead, the tenant wants a two-story, 200,000-square-foot building. Johnson County property records indicate the largest store at Coral Ridge is Dillards, at 129,581 square feet.
The council passed the resolution, which reduces the number of parking spaces from five per 1,000 square feet of leasable area to 4.5 spaces per 1,000 square feet. The Planning and Zoning Commission voted 7-0 to recommend the City Council approve the plan.Bergstrom said the plan will likely be to demolish the current Sears store and rebuild, with work beginning in 2015 and ending in 2017. He did not anticipate any issues with the reduced parking ratio, and added that he wanted to make sure they came to the city about changing the parking ratio early on to make sure they could move forward with their plans.