Silver Springer
February 1st, 2007, 04:40 PM
Laurel Mall to get new look, new name
Baltimore Business Journal - 4:10 PM EST Wednesdayby Erin KillianContributor
The owners of Laurel Mall plan to redevelop and rename the 28-year-old mall.
Los Angeles-based Somera Capital Management and Boston-based AEW Capital Management, which acquired the mall a year ago for $31 million, are revamping the list of retailers, restaurants and entertainment, including adding a large bookstore and a 16-screen movie theater that will replace the JCPenny.
The project still needs to win Laurel city approvals. The companies expect to seek permits this summer and begin construction at the end of the year.
The mall, at 14700 Baltimore Ave., is an estimated 503,000 square feet. That's not expected to change with the renovation.
"The redevelopment plan will improve Laurel Mall's retail offerings, increase pedestrian traffic into the center, and heighten the connectivity between the mall and the community," said Steve Plenge, executive vice president of Somera Capital Management, in a statement.
Callison is the architect on the project, and General Growth Properties leases the mall.
The owners plan to build a pedestrian strip with outdoor seating, wide sidewalks, benches, plazas and new lighting. There will be a new food court with a lounge and skylight. The owners will build a new parking structure and remove the old one. They also plan to add an atrium, a children's play area and limestone flooring.
The cost of the redevelopment is expected to be released later this year, according to Tom Falatko, senior vice president of Somera Capital Management.
Baltimore Business Journal - 4:10 PM EST Wednesdayby Erin KillianContributor
The owners of Laurel Mall plan to redevelop and rename the 28-year-old mall.
Los Angeles-based Somera Capital Management and Boston-based AEW Capital Management, which acquired the mall a year ago for $31 million, are revamping the list of retailers, restaurants and entertainment, including adding a large bookstore and a 16-screen movie theater that will replace the JCPenny.
The project still needs to win Laurel city approvals. The companies expect to seek permits this summer and begin construction at the end of the year.
The mall, at 14700 Baltimore Ave., is an estimated 503,000 square feet. That's not expected to change with the renovation.
"The redevelopment plan will improve Laurel Mall's retail offerings, increase pedestrian traffic into the center, and heighten the connectivity between the mall and the community," said Steve Plenge, executive vice president of Somera Capital Management, in a statement.
Callison is the architect on the project, and General Growth Properties leases the mall.
The owners plan to build a pedestrian strip with outdoor seating, wide sidewalks, benches, plazas and new lighting. There will be a new food court with a lounge and skylight. The owners will build a new parking structure and remove the old one. They also plan to add an atrium, a children's play area and limestone flooring.
The cost of the redevelopment is expected to be released later this year, according to Tom Falatko, senior vice president of Somera Capital Management.