The City of Southfield has purchased the closed Northland Center mall for $2.4 million.
Northland fell into receivership last year, after years of financial struggles.
The mall closed its doors for good in March, shortly after losing its last anchor store, Macy's.
Since then, Southfield Mayor Donald Fracassi said the city has been monitoring bids and offers to redevelop the property.
"None of [the offers] were financially sound or would add a substantial presence to the city of Southfield, so [the city] got involved in the bidding process," Fracassi said.
Fracassi said the city plans to demolish the mall and sell the 114-acre property.
"By owning the [mall], we can ensure that it's purchased by a company that has the financial resources to develop the site to its full potential," he said.
Fracassi said Southfield already has money set aside for the project and will not hike taxes to pay for it.
Northland Center first opened in 1954.
It was one of the nation's oldest shopping centers and the site of the first suburban Hudson's department store.
