Owners of Shops at Riverwoods plan redo for Provo mall

PROVO — The Shops at Riverwoods, which was seized by a bank last year in a foreclosure proceeding, has new owners who want to transform it into a modern, hip, pedestrian-friendly mall.

The new owners, a group of local investors called Tigriswoods LLC, are about to break ground on an eight-week construction project that will make the mall 100-percent pedestrian, eliminating the drive-through sections on the east and north ends of the mall.

Outdoor heaters, seating areas, water and fire features and a stage area for entertainment will be built in the space around the mall.

A reception center will open at the end of May for events such as corporate meetings and wedding receptions. A handful of new tenants also are moving in.

"The Shops at Riverwoods is transforming itself into a hot, new destination, and big changes are under way," mall manager Jeremy Blickenstaff said in a prepared statement. "Large equipment rolls in soon, as the center will begin to transform into a pedestrian-only shopping, dining and entertainment center."

Tigriswoods bought what was Utah's first open-air mall from Bank of America last fall for an undisclosed amount.

In May 2009, Bank of America had ended up with the mortgage after a succession of loan acquisitions. At the time, the principal and interest was about $30.6 million, and the former owners — Terranet Investments LC, an investment partnership in Utah and California — had not made monthly payments at the end of 2008 and the beginning of 2009.

The mall opened in 1998 with a number of national retailers who have since left: Eddie Bauer, Copeland Sports, Gap, Banana Republic, Abercrombie & Fitch and Ann Taylor.

Now, for entertainment, a 50,000-square-foot center that will have golf, and a surfing machine is opening in the former Copeland Sports site. It is expected to open by Christmastime.

A 3,000-square-foot retail shop, Called to Surf, will have a grand opening June 5, selling apparel, accessories and hardware from companies such as Billabong, Quiksilver, Hurley and locally owned modest swimwear company Lime Ricky.