SOUTH BURLINGTON — The city’s biggest shopping destination is being taken back by the bank, but a local official said it is only part of a larger process for the space.
The University Mall on Dorset Street is in foreclosure. But City Manager Kevin Dorn said the current owner, Finard Properties LLC, plans to buy the space back and bring it into the 21st century.
The mall has served the same use as a commercial retail center since the early 1970s, he said. “The mall (as it is now) has outlived its place in the market,” Dorn said.
Finard Properties has expressed a desire to renovate the space into a lifestyle center, Dorn said.
