Changes in ownership of the North Grand Mall in Ames has ushered in a series of renovations in hopes of revitalizing the commercial area.

GK Development Inc., based in Barrington, Ill., bought North Grand, along with three other Iowa malls, for $120 million at the end of December.

North Grand was an attractive property to the company because, as the only mall in Ames, it caters to ISU students with a good mix of fashion, specialty and department stores, said Marianne Fasano, spokeswoman for GK Development.

North Grand, which was built in 1971, is still in good condition and in a prime location with room to expand, Fasano said.

“GK Development has a vision that allows them to go into what we would call smaller, mid-sized markets — which is certainly what Ames is,” she said. “They feel like they can bring real estate and lease expertise and take a property that is attractive but suffering from neglect and make it more attractive.”

Fasano said specific plans for expansion are yet to be determined. Expansion will happen after GK has had time to become familiar with the structure and character of the mall.

“The response from the community has been positive; they look forward to seeing changes in the mall,” said Kurt Carlson, general manager of North Grand Mall. “The employees are feeling the same way. We are looking forward to a strong development.”

Fasano said GK has also received a positive response from the community, including several letters applauding the move.

“I think that what’s important here is that GK Development has that track record, putting into place plans that indeed do make the mall more attractive,” Fasano said.

GK purchased North Grand Mall despite the possible competition of a proposed new mall being built east of Interstate 35.

“I would say that at this point, this is not a concern,” Fasano said.

Ames Mayor Ted Tedesco said the city is happy that GK has chosen to invest in Ames. The city did not play a part in the marketing studies done by GK to determine whether to invest in North Grand despite the possibility of a new mall.

“The understanding was that they knew what was happening,” Tedesco said.

Mary Ann Lundy, member of the Ames Smart Growth Committee, said she thinks the renovations will be good for the community.

“I’ve looked at what they’ve done in other communities, and I think they’ve done some really positive things,” she said.

In addition to North Grand Mall, GK purchased malls in Cedar Falls, West Burlington and Marshalltown. The firm owns 13 other retail centers in Florida, Illinois, Mississippi, Nevada and North Dakota.