Developer announces Hobby Lobby, Marshalls and Five Below leases for Eaton Mall; credits city tax abatement

Developer Matt Evans told the Yankton City Commission on Nov. 25 that Eaton Mall has signed leases with three national retailers and is preparing to reopen the site to shoppers next year.

"We have signed our first 3 leases ... Hobby Lobby, Marshalls, and 5 Below are our first phase of new stores with plans to be open for the 2025 holiday season," Evans said, adding that parking and site work are nearly complete.

Evans gave size estimates for the anchor spaces and said the mall totals "just over 250,000 square feet," with Hobby Lobby occupying "close to 60,000," Marshalls about "24,000," and Five Below approximately "10,000" square feet. He said interior build‑out is under way and that additional tenants are already negotiating letters of intent.

"Your sales tax abatement program made these deals possible," Evans said, thanking the commission and staff for their assistance. He described the abatement as performance‑based and said, "if I don't deliver any new stores with the sales tax revenue, there's no cost to the city."

The developer asked the commission and community to expect ongoing updates and photographic progress reports as interior construction continues. He projected that filling the mall could take two to three years but said the first phase will be open for the 2025 holidays.

Background: Evans delivered the statement during the meeting's public appearances period and responded to commissioners' questions about timing and square footage. The commission did not take formal action on the redevelopment during the meeting.