About half of Burnsville Center is up for auction, with bidding starting Monday at $7 million.
More than 500,000 square feet of the mall is included in the auction, according to auction website Ten-X, which is being held as part of CBI Properties foreclosure proceedings.
The auction does not include stores like Macy's and JC Penney, which are not owned by CBI Properties, KSTP says.
The auction website says the property is designated by the City of Burnsville as a redevelopment zone, with a proposed plan to change the zoning from purely commercial to mixed-use, potentially including a hotel, office, multi-family housing, education and medical uses.
"We are certainly hoping that someone will purchase the property and do great things with it," Regina Dean, Burnsville Assistant Community Development Director told KSTP. "We really wanted to have a vision in place so that when a developer or a series of developers are ready to do something different that we're ready to go that we make this property shovel ready."
The auction ends on Wednesday. As of Tuesday afternoon, the current bid was $8 million, Ten-X's auction website showed.
This auction comes after years of struggles for the mall. It lost its Sears anchor store in 2017 and its occupancy dipped below 81% last year, the Business Journal says.