Photo courtesy of Lormax Stern Development Company
The Plaza, has finally been sold and will be torn down and one of the new owners, Lormax Stern, has developed malls in the Midwest including the Macomb Mall in Roseville, Michigan.
The talk is over.
The speculation, guesswork and rumors are put to bed.
It’s dotted-line time.
The large pimple in Evergreen Park known as the Plaza will finally be popped.
The Evergreen Plaza Mall was officially sold Friday and soon a redevelopment will begin, including tearing down the old place.
According to a news release, EP Mayor James Sexton said Lormax Stern Development, in partnership with DeBartolo Development, has purchased the mall, which was built in 1952 at 95th Street and Western Avenue.
Just four stores remain open and it’s been mostly a ghost town since 2013 and a thorn in Sexton’s side for many years before that.
“The Plaza is a significant part of our village, in terms of our history and economy,” Sexton said in a news release. “This is a prime location and a great opportunity for developers and retailers. There’s a bright future for this property – one that will serve Evergreen Park residents and surrounding communities for decades to come.”
Plans call for the majority of the existing 800,000-square foot mall to be demolished and be replaced with a new, approximately 425,000-square foot open-air retail center on the 32-acre parcel. Construction is anticipated to be completed in 2017.
“The purchase has been closed and we are off and running,’’ Sexton said. “And while we aren’t at a point at which we can disclose specifics just yet, we have already had expressed interest from national retailers to become part of Evergreen Plaza. It will be a real win-win, providing jobs, an expanded property tax base and enhanced shopping choices for our region.”
This is the 10th redevelopment of a major retail mall undertaken by suburban Detroit-based Lormax Stern Development Company.
The company recently redeveloped the Centerpointe Mall in Grand Rapids, Mich. and is finalizing the redevelopment of the Macomb Mall in Roseville, Mich.
Tampa, Florida-based DeBartolo Development, LLC is a one of the largest private real estate investment and development companies, specializing in opportunistic acquisitions and ground-up development of retail, multifamily, hospitality and mixed-use properties.
The company is currently developing a 1.4 million-square-foot regional shopping center in West O’ahu, the first new mall to be built on the island of O’ahu in over 30 years.
Photo by Jeff Vorva
The Evergreen Plaza has been sold and will soon be torn down.