The pall on the mall -- UPDATE
There was a hearing in the University Mall case this morning. Federal Judge Bill Wilson reiterated, as he'd already indicated in a letter, that he's finding for the landowners against mall manager Simon Property Group for failure to adequately maintain the near-dead mall. Wilson is moving expeditiously, observers said.
I've now posted one of the documents the landowners presented to the court, a prooposed permanent injunction that would require repairs that would cost in excess of $7.5 million, not counting an unspecified amount to correct mold and asbestos problems, plus employment of a special master to oversee the work. Simon attorneys argued that putting more money into the outdated mall is not a good option and that redevelopment is preferable. I suspect the landowners don't disagree with that assessment, but how redevelopment is accomplished, by whom and with what payment by Simon are trickier questions.
An order for millions in repairs to a mall that Simon can't operate profitably once the work is done -- in addition to the legal fees and costs that Simon has been ordered to pay --will be powerful leverage on Simon to consider whatever alternate solution the landowners might have in mind.
Comments
The disparity between Park Plaza and University Mall is evident to anyone who has been in both. As I grew up, I generally learned to shun University Mall because it was dirty and half the shops were closed.
It's as striking of a difference as was chronicled in the movie "Mallrats" by Kevin Smith between the two malls in that film. Only at University Mall, there was no cool swap meet with a tri-nippled fortune teller. LOL.
Posted by: jeremiasx![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 15, 2007 01:56 PM
The fortune teller was in a flea market in Mallrats. Simon would be thrilled even to pull off that kind of tenant in University right now.
I hope this drags out and that the owners are able to break completely with Simon. You just can't trust them to do the right thng. McCain's looking pretty shoddy right now as well. MM Cohn's is closing, will they be able to find a suitable tenant like Macy's without spending some money on that mall? It hasn't been updated in so long a trip there is like watching Fast Times at Ridgemont High.
The Park Plaza owners did a wonderful job with the renovation.
Posted by: Aporkalypse![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 15, 2007 04:36 PM
No way to rehab that dinosaur. No more bandaids Judge Wilson...order that University Mall be razed and rebirthed. Get beyond the arm wrasslin between the rich and richer do something positive for mid town LR....order the parties to tear it down.
Posted by: mouthinfreely![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 16, 2007 10:49 AM