PROVIDENCE, R.I. (WPRI) -- The attorneys leading the turnaround effort at the Providence Place mall say they've increased security, bolstered upkeep and are working to shore up its finances to position the shopping center for a sale as soon as next year.

The court-appointed receivers, attorneys John Dorsey and Mark Russo, said they expect to know by mid-2025 when the mall could be put on the market for a sale. In the meantime, they said, they're working to stabilize budgets, work with existing tenants and spruce up the state's largest shopping complex to make it more attractive to both shoppers and future investors.

"When you walk into the mall, it's a nice development," Russo told reporters outside R.I. Superior Court in Providence on Wednesday. "It was a good public investment, it's worth repositioning and saving and that's what we're going to try to do."

Superior Court Judge Brian Stern in October ordered the mall into receivership -- a state-level version of bankruptcy -- after its major creditors said the mall's management company, Brookfield Properties, had defaulted on a $259 million debt.

Stern then appointed Dorsey and Russo as receivers, giving them control over the mall's budget and operations, which they have been reviewing for the past month. The attorneys, who were named permanent receivers on Wednesday, pushed out Brookfield last month and hired a Texas-based property management company called Centennial Real Estate Management.

Dorsey said they have also hired additional security guards at the mall, saying Brookfield had cut the budget for security by 40% since the COVID-19 pandemic due to the health emergency and then budgetary constraints. He said they're now back to pre-pandemic staffing.

"With levels of visitors increasing it’s appropriate to take those measures," Dorsey said.

The attorneys also say they're spending more on keeping the mall clean and are working through a punch list of maintenance items that were deferred due to the pandemic and budgetary issues. They are working to hire a new parking contractor, Flash, saying the existing equipment in the parking garage has largely broken or become obsolete.

"The current equipment is really broken beyond repair," Dorsey told Stern in court, adding that the new company would give patrons the option of paying for parking on their mobile phones.

Dorsey said they're keeping an open mind as to what the mall might look like in the future, acknowledging that the retail industry has shifted in recent years at the expense of brick-and-mortar outlets.

The ultimate goal, he said, is to create a bridge from the mall's current state of affairs to a situation where the property is more attractive to future investors who could pay off existing creditors and help bring the shopping complex out of receivership.

Part of that process, Dorsey explained, is working with the mall's current leaseholders. He estimated that the mall currently has upward of 90% occupancy.

One of the mall's current 88 leaseholders is anchor tenant Macy's, which has been shutting down underperforming locations across the country. The Providence Macy's was recently listed for sale, raising questions about how long it will remain open.

"We're going to work really hard to convince them to stay," Russo said, adding that Dorsey had met with Macy's representatives and they were receptive to opening a line of communication. "We'd like them to stay."

Separately, Russo acknowledged the receivers will need to work with city and state leaders to address the mall's current tax treaty, which is set to end in 2028. The deal gives the mall a massive tax break each year, and there’s been little appetite in recent years among city leaders to offer an extension.

The status of the tax treaty would likely play into the mall's marketability to potential buyers.

"I don’t think it’s any secret that ultimately we’re going to have to partner with the city and the state and redo that treaty in some way," he said. "But I think that’s a little bit in the future because I think in all fairness to the city and state, we’re going to have to demonstrate what is it going to be."

Russo said they haven't yet talked about the receivership with Mayor Brett Smiley or Gov. Dan McKee, but meetings had been scheduled. The attorneys said they should be back in court in January to update Stern about their progress, and they would have a better handle on the status of each lease, along with any other major capital expenses.

Russo said overall the receivers are bullish that the mall can be turned around and continue to be one of the city's most prominent business operations.

"We're confident," he said. "It's been there for 25 years. Our job is to make sure it's there for another 25 years."