HERMITAGE, Pa. (WKBN) – One local mall is under new ownership.

The Shenango Valley Mall, located at the intersection of State Route 18 and Business Route 62, is in the Hermitage’s Central Business District.

The announcement says that Butterfli Holdings 011 LLC, an affiliate of FLICORE LLC, purchased the Shenango Valley Mall. The company is based in Pepper Pike, Ohio.

Hermitage city officials shared their excitement for the welcoming news. They say the mall has faced many challenges over the past five years.

FLICORE officials have not said what they have planned. City Manager Gary Hinkson says he’s looking forward to working with the FLICORE team and supporting their efforts to revitalize the 54-acre site.

According to a news release, Senator Michele Brooks and Representative Mark Longietti have secured state funding that can be used as a collaborative investment to assist with the redevelopment project.

The release states that store vacancies at the property have resulted in multiple reappraisals precipitating real estate tax losses of over $240,000 per year to the city, school and county bodies.

The Shenango Valley Mall lost two anchor stores in 2017: Sears and Macy’s. JCPenney is the last remaining anchor store in the plaza.