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Shoppes at Park Place

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The Shoppes at Park Place is a shopping center in Pinellas Park, Florida. It is anchored by Marshalls, Target, Regal Cinemas, and American Signature Furniture, with junior anchors OfficeMax, Petco, and Off Broadway Shoe Warehouse. It is built on the site of the former Pinellas Square (later ParkSide) Mall.

History

Pinellas Square Mall opened on April 13, 1977 with anchor J. C. Penney, followed by Montgomery Ward on November 2, and finally Ivey's on September 18, 1978.[1][2] A 3 screen General Cinema Corporation theater opened on May 27, 1977.[2] It was owned by DeBartolo Realty Corporation.[3] Ivey's became Dillard's in 1990, with Dillard's acquisition of Ivey's that year.

By 1996, the mall was owned by the John Hancock Insurance Company, who acquired the property in lieu of foreclosure after DeBartolo began defaulting on mortgage payments shortly before their acquisition by Simon Property Group.[3][4] While they brought in Divaris National LLC to help manage the mall, inline tenants continued to slip and the mall's occupancy rate slipped to 50% by late 1996.[3] A $20 million renovation, supposed to be started by winter 1996, was delayed due to the owners being unable to gain approval from all three anchors in time.[4][5] Renovations began in 1997, with a 120 by 50 feet ice skating rink opening in early August, to be followed by a food court set to open in September; A new movie theater had also been announced at this time, however the operator had not yet been published and it was not open by the malls grand re-opening in October.[6] The mall was renamed to ParkSide Mall in 1998.[2]

By 2000, the mall had again fallen to a 50% occupancy rate, and had begun leasing to alternative tenants such as a public library.[5] The new theater was set to open in Spring that year, however R/C Cinemas Parkside Movies 16 did not open until March 30, 2001.[2][5] Montgomery Wards closed in 2001, which was replaced with Park Avenue Coat Company for four months in 2002.[7] The mall had risen to a 62% occupancy rate by 2002, however this included further alternative tenants such as a dance studio and a pet adoption center.[8][7] The mall was offered for sale in December 2002 with an asking price of $25 million, with an occupancy rate of 78%, and was later purchased by Tampa-based Boulder Venture South for $12 million in May 2003.[9][10]

In October 2003 a plan to demolish the mall for a new shopping center, The Shoppes At Park Place, was approved by Pinellas Park officials.[2] Dillard's closed in January 2004, followed by the JCPenney Outlet Store in May, and the mall finally closed for good in June. R/C Cinemas, which was to survive the demolition, closed June 1 for renovations and was set to reopen in December.[11] The cinema was acquired and rebranded as Regal Park Place Movies 16, and opened, after delays, in August 2005.[12][2] Demolition of the mall was underway by November 2004.[13] Target officially closed on a property at the new plaza in January 2005, along with American Signature Furniture, Michaels, and several banks and restaurants.[14][15] Target was set to open in October.[15]

The plaza faced a $71 million foreclosure lawsuit in 2018, resulting in the plaza being listed for sale by Colliers International later that year.[16][17]

References

  1. ^ Geissler, Hazel (April 14, 1977). "Google News Archive". The Evening Independent. Retrieved December 29, 2019.{{cite news}}: CS1 maint: url-status (link)
  2. ^ a b c d e f "MALL HALL OF FAME". Retrieved December 30, 2019.
  3. ^ a b c Clancy, Carole (September 16, 1996). "Hancock fires mall manager, weighs repositioning". Tampa Bay Business Journal.
  4. ^ a b Clancy, Carole (January 20, 1997). "Report from the mall: Delays, delays and more delays". Tampa Bay Business Journal.
  5. ^ a b c Rigsby, G.G. (December 11, 2000). "Half-empty malls keep on struggling". Tampa Bay Business Journal.
  6. ^ Clancy, Carole (August 18, 1997). "Leverock's fishing for franchisees to kick-start growth". Tampa Bay Business Journal.
  7. ^ a b Rigsby, G.G. (August 12, 2002). "Tampa Bay area follows de-malling trend". Tampa Bay Business Journal.
  8. ^ Meinhardt, Jane (February 11, 2002). "Bay area Montgomery Ward stores finding new life". Tampa Bay Business Journal.
  9. ^ Meinhardt, Jane (December 16, 2002). "ParkSide Mall is tough spot for commercial development". Tampa Bay Business Journal.
  10. ^ Cronan, Carl (May 27, 2003). "Tampa development firm buys ParkSide Mall". Tampa Bay Business Journal.
  11. ^ "Parkside Mall becoming Shoppes at Park Place". 10NEWS. Retrieved December 30, 2019.
  12. ^ "Waiting for show time evokes only silent movies, for now". Tampa Bay Business Journal. May 16, 2005.
  13. ^ "ParkSide Mall demolition underway". 10NEWS. Retrieved December 30, 2019.
  14. ^ Ladika, Susan (May 23, 2005). "Observers praise developers for taking on failing ParkSide". Tampa Bay Business Journal.
  15. ^ a b "Target closes on Pinellas Park store site". Tampa Bay Business Journal. January 25, 2005.
  16. ^ "Shoppes at Park Place foreclosure shows even solid retail can be vulnerable in changing climate | Business Observer". Business Observer. April 6, 2018. Retrieved December 30, 2019.
  17. ^ "Tampa-area retail center is 97% occupied but faces foreclosure and is for sale". The Real Deal Miami. April 14, 2018. Retrieved December 30, 2019.

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