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Towne Mall in Elizabethtown will be under new ownership soon.

TDA Properties, Inc. has announced it has reached an agreement to acquire the 37-year-old retail center.

According to a release from TDA, the company has plans to revitalize Towne Mall, including a “comprehensive redevelopment strategy aimed at generating a renaissance for this centerpiece location.” The company says it believes it has the vision to breathe new life into the property while also contributing to the economic growth projected to take place in the area in the coming years, and says they are committed to working closely with the community, local leadership, and stakeholders to align redevelopment efforts with regional needs.

TDA Properties President Tim Aulbach said in the release: “Our goal for this acquisition is to create a ‘win-win’ situation for the entire region and particularly the Elizabethtown community, just as we’ve been able to accomplish with numerous other developments across Kentucky.”

Aulbach declined further comment until after the deal to acquire the property is officially closed, which he said should be by the end of the month. The release from TDA Properties says the company will share additional details about its plans following the holiday season.