Many Memphians still want to restore Peabody Place Mall Many Memphians still want to restore Peabody Place Mall By Kontji Anthony | December 12, 2012 at 11:17 PM CST - Updated June 28 at 5:11 PM (WMC-TV) - The Peabody Place Mall was not immune to the economic downturn of 2009, and it seems it's still in recuperation mode. The 300,000 square feet that was Peabody Place Mall is not forgotten. A new Facebook page has surface called "Restore Peabody Place Mall." "I haven't seen the Facebook page, but I certainly agree with the sentiment that we need to find a way to use this gorgeous property," said president of the Downtown Memphis Commission Paul Morris. "The mall really opened up in America at a time when the enclosed mall was going out of style," he continued. After some retailers closed their doors in the early part of the recession in 2008 and 2009, the owners began considering turning the property into hotel space. "There was a good need for hotel rooms at the time and then the economy collapsed and that dried up a lot if financing options so that plan was put on hold indefinitely," said Morris. Morris said many of the businesses that were inside the mall stayed in the area, as only the enclosed part of the mall shut down. Peabody place includes the portion of Main Street that is very much open with Majestic Grill, Shelton's Clothier, Maggie Moo's and other great restaurants as bars and shops. Morris said Peabody Suites may not be off the table and both city leaders and the owners of the property are fervently developing a plan. "With the economy starting to turn back around - we hope - the owners are in a position to look at other options and ways to use that space," said Morris. No concrete plans have been released about what will become of Peabody Place Mall. For now, planning and negotiations are still underway. Insiders believe there's hope, because the property owners live in Memphis and care about what happens to the property. Copyright 2012 WMC-TV. All rights reserved.