Reno’s Park Lane Mall will close by January
RENO (AP) – The days are numbered for Reno’s Park Lane Mall.
M&H Realty Partners, which bought the 40-year-old mall in June from long-time owner The Macerich Co., has sent termination notices to tenants, saying it plans to close the center no later than Jan. 31.
After that, owners said the mall likely will be razed, though plans for the site have not been determined.
Officers with the San Francisco-based real estate investment firm said Century Theatres 16 and Gottschalks department store will not be affected by the closure.
“The first phase is to clear it out,” said Douglas Lind, M&H vice president of property management. “Then the hope from there is that we will demolish substantially or all of the mall and whatever other parcels that are involved.”
The majority of Park Lane tenants are under one-year specialty leases that give the landlord the right to terminate a lease with 30 to 90 days notice. According to the notice, tenants under the specialty leases must vacate their stores in 30 to 90 days, or work out an agreement with the company to stay until Jan. 31.
M&H President Peter Merlone said the mall portion of the property is no longer economically viable, and the company will make final plans after the mall is empty. A demolition date has not been set, he said.
“It’s easier for us to empty the mall and figure it out from there,” Merlone told the Reno Gazette-Journal “At some point is the mall going to be torn down? More likely than not. I don’t think it’s economic to renovate it.
“What we are providing is the legal notice that is required to terminate (the tenants’) lease. But we are providing them the opportunity to operate through the Christmas season,” he said.
The mall was built in 1967 as an open-air facility, and Santa Monica, Calif.-based Macerich – now known for its upscale malls in other cities – bought and covered it in 1977. In 1995, anchor store Sears left for Meadowood Mall in south Reno.