KENNER, La. – The once-bustling Esplanade Mall has been sold to a national real estate company out of California, city officials said.
They said they hope the change can reinvigorate what was once one of Kenner’s largest sources of tax dollars.
“From everything I have heard about Pacific Retail, this is a wonderful opportunity for a company with experience reinvigorating mall properties to do their magic at The Esplanade,” Kenner Mayor Mike Sigur said, via a press release.
Pacific Retail bought the Esplanade as part of the three-property deal, acquiring malls in Mississippi and New York as well.
“Pacific Retail’s experienced team will be deployed to evaluate each asset in the context of the neighborhood and what is valued by the customers to create a program to further enhance its appeal,” said Steve Plenge, managing principal of Pacific Retail Capital Partners. “This may include bringing new uses to the center, improving the physical space, adding events and public programs and in some cases redeveloping portions of the real estate.”
The property sits on 80-acres and is less than four miles from the airport, but has seen business steadily decline as more customers go to Metairie’s Lakeside Mall.
According to The New Orleans Advocate, city tax incentives helped the mall land a Target store, movie theater and Macy’s.
However, much of the property remains vacant, with closed storefronts doubling as ads for current tenants.
The new company running operations at the mall, Pacific Retail, manages nine shopping centers in seven states. Its other sites are in New York, California, Hawaii, Utah, Texas and Illinois, The New Orleans Advocate reported.
(© 2016 WWL)