Lakeforest Mall
Lakeforest Mall, also known as Lakeforest, is an enclosed shopping center located in Gaithersburg, Maryland. It is owned by WRS Inc. Real Estate Investments who is planning to redevelop the site. Currently its two levels house approximately 10 stores, a food court, and until 2013, formerly a large children's play area at the center.[4] The mall's anchored store is Macy's. There are 3 vacant anchor stores that were once JCPenney, Sears, and Lord & Taylor, all of which closed in 2019. Demolition of the mall is projected to take place sometime in 2024.[5]
Lakeforest Mall's Center Court in August 2021 | |
| Location | Gaithersburg, Maryland, U.S. |
|---|---|
| Coordinates | 39°09′13″N 77°12′15″W / 39.153524°N 77.204221°WCoordinates: 39°09′13″N 77°12′15″W / 39.153524°N 77.204221°W |
| Address | 701 Russell Ave. |
| Opening date | September 12, 1978 |
| Developer | Taubman Centers |
| Management | Petrie Richardson Ventures |
| Owner | WRS Inc. Real Estate Investments |
| No. of stores and services | ~10 (as of August 2022)[1][2][3] |
| No. of anchor tenants | 4 (1 open, 3 vacant) |
| Total retail floor area | 1,045,000 sq ft (97,100 m2)[4] |
| No. of floors | 2 (restricted "Penthouse" 3rd floor in former Lord & Taylor) |
| Public transit access | Ride On bus: 54, 55, 56, 57, 58, 59, 61, 101 |
| Website | lakeforestredevelopment |
History
1970s
Lakeforest Mall first opened on September 12, 1978.[4] At that time, the mall's anchor stores were JCPenney, Sears, Woodward & Lothrop, and Hecht's. The mall was one of the first in the United States to feature an indoor ice skating rink on the lower level, in the "H section". The rink has since been superseded first by a multi-theater movie complex, then by a food court, which now occupies the place.[6]
1990s
In 1995, the Woodward & Lothrop at the mall closed and was replaced by Lord & Taylor.[7] Lakeforest was host to a Friendly's and a Long John Silver's during the 1990s;[8][9] they have since closed down.
2000s
Originally developed, owned and operated by Taubman Centers, the mall has been owned and managed by the Simon Property Group since 2007, when it purchased former owner and manager Mills Corporation. The company defaulted on its mortgage in 2011 and the mall was put up for sale after.[10][4][11]
2010s
In 2012, the mall took in $14,680,000 in net income.[12]
In 2013, Five Mile Capital Partners hired real estate developer Hines to "map out a long-term plan for Lakeforest".[13] The children's play area and nearby fountain were removed and tiled over that year.[14]
In 2016, the mall took in $6,180,000 in net income.[12]
On August 22, 2017, Gaithersburg's Lakeforest Mall was sold at auction for $19.1 million, a fraction of the $100 million price tag from 2012. The auction came after the mall's owner, Five Mile Capital, went into foreclosure.[15]
As of August 2017, the mall's general manager is Paul DeMarco.[16] The Annapolis-based Petrie Richardson Ventures has Lakeforest under contract, which would not include the anchor stores in a potential purchase, but as of February 2018 the deal has not been closed.[17]
On February 28, 2019 it was announced that JCPenney would be closing as part of a plan to close 27 stores in the U.S.; the store closed on July 5, 2019.[18]
On June 5, 2019, Gaithersburg City Councilmember, Ryan Spiegel, tweeted that Lord & Taylor was planning to close its Lakeforest Mall location on September 15, 2019. This would leave Macy's and Sears as the only anchor stores left open before any redevelopment, as publicly desired by the Gaithersburg municipal government, can be considered. The store closed on September 15, 2019 as scheduled.[19][20][21]
In 2019, WRS Inc. Real Estate Investments purchased the mall from U.S. Bank, which had bought it in 2018.[22][23][24][25][26] WRS Inc. is planning to redevelop the entire 100 acres.
On August 31, 2019 it was announced that Sears would be closing its location at Lakeforest Mall as part of a plan to close 92 stores across the U.S.; the store closed on December 1, 2019. This leaves Macy's as the only anchor left.[27]
On January 4, 2023, it was announced that Macy's would be closing as part of plan to close 4 stores nationwide. This will leave the mall with no anchors left.[28]
Anchors
Current anchor
Former anchors
- JCPenney (1978–2019)
- Sears (1978–2019)
- Lord & Taylor (1995–2019), replacing original tenant Woodward & Lothrop (1978–1995)
Gallery
Lakeforest Mall construction in 1978
Lakeforest Mall construction in 1978
Ceremonies at the grand opening of the mall in 1978; the recessed area in the foreground no longer exists.
Grand opening of the mall in 1978
Each of the many entrances has a color, this is the yellow entrance
References
- ^ "Lakeforest Mall: What Stores Are Still Open, Recently Closed, and Closing Soon - The MoCo Show". The MoCo Show. August 28, 2022. Retrieved November 7, 2022.
- ^ "What's Still Open Inside Lakeforest Mall, What's New & What's Closing This Month: April 2022 Edition - The MoCo Show". The MoCo Show. April 5, 2022. Retrieved November 7, 2022.
- ^ "What's Still Open Inside Lakeforest Mall, What's New & What's Coming Soon - The MoCo Show". The MoCo Show. September 5, 2021. Retrieved November 7, 2022.
- ^ a b c d (PDF). Simon Property Group. Archived from the original (PDF) on November 1, 2011. Retrieved November 1, 2011.
- ^ "Demo/Construction at Lakeforest has 2024 Target Date; Dining Area With Boardwalk in the Early Plans - The MoCo Show". The MoCo Show. October 20, 2022. Retrieved November 5, 2022.
- ^ Curtis, Shaun. "Gaithersburg: Then & Now". www.gaithersburghistory.com.
- ^ "Lord & Taylor; former Woodward & Lothrop (Lakeforest)". July 3, 2010 – via Flickr.
- ^ "Maryland". Long John's Stores. Lexington, Kentucky: Long John Silver's, Inc. 1998. from the original on January 28, 1999.
- ^ "Restaurant Directory For Maryland Cities". Friendly's. Friendly Ice Cream Corporation. from the original on February 24, 1999.
- ^ Cohen, Greg (September 4, 2012). . North Potomac Patch. Patch. Archived from the original on December 27, 2012. Retrieved December 17, 2013.
- ^ Holmes, Horace. "Lakeforest Mall may be sold".
- ^ a b "What's Next for Lakeforest Mall?". August 23, 2017.
- ^ Cooper, Rebecca (October 7, 2013). "Hines joins effort to redevelop Lakeforest Mall". Washington Business Journal. Top Shelf. American City Business Journals. Retrieved March 18, 2014.
- ^ . September 8, 2017. Archived from the original on September 8, 2017.
- ^ . Archived from the original on August 23, 2017.
- ^ "Paul DeMarco". LinkedIn.
- ^ Metcalf, Andrew (February 9, 2018). "Sale Possible Again for Lakeforest Mall". Bethesda Beat. Retrieved September 16, 2018.
- ^ "JC Penney Closing Maryland Store, 29 Other Locations". Gaithersburg, MD Patch. March 1, 2019.
- ^ "Lord & Taylor Notifies the City of Gaithersburg That They Will Be Closing Lakeforest Location". June 5, 2019.
- ^ "Lord & Taylor to close Lakeforest Mall store".
- ^ "Lord & Taylor To Close At Lakeforest Mall: Report". Gaithersburg, MD Patch. June 5, 2019.
- ^ "BREAKING: Lakeforest Mall HAS BEEN PURCHASED". July 27, 2019.
- ^ "Struggling Lakeforest Mall In Gaithersburg Has New Buyer". Gaithersburg, MD Patch. July 31, 2019.
- ^ "South Carolina Real Estate Group Buys Lakeforest Mall". July 31, 2019.
- ^ "What's Next for Lakeforest Mall?". August 23, 2017.
- ^ "Lakeforest Mall Sold Again after Crime, Financial Problems".
- ^ "Kmart, Sears store closings: More locations to shutter by end of 2019". USA Today. August 31, 2019. Retrieved September 2, 2019.
- ^ Tyko, Kelly (January 5, 2023). "More Macy's stores to close in 2023. See the list of closing locations". Axios. Retrieved January 5, 2023.
External links
- at the Wayback Machine (archived March 2, 2000)
- at the Wayback Machine (archived March 31, 2001)
- at the Wayback Machine (archived April 5, 2004)
- at the Wayback Machine (archived May 26, 2007)
- at the Wayback Machine (archived June 16, 2007)
- at the Wayback Machine (archived December 31, 2013)