Stony Point Fashion Park. High End Dead Mall.
Stony Point Fashion Park opened Sept 28, 2003 in Richmond, VA and was competing against the neighboring Short Pump Towne Center in nearby Henrico County, which was also going for high dollar retailers to fill its spaces. For years, Taubman had been trying to court Nordstroms to the Richmond area after they had expanded to the East Coast and opened in the Northern Virginia area. However, Nordstrom's liked the demographics of Short Pump and signed with them and people started signaling this was the end of Stony Point. Taubman came back with a smaller development as well as making it an open air concept instead of the original plans for an enclosed space.
Then the lawsuits started. Taubman sued Henrico county saying the CDA (Commerical Development Agreement) way of financing bonds was not legal. It ultimately went to the Virginia Supreme Court which ruled against Taubman. There was plenty of speculation that the reason for these suits was to protect Taubman's other property, recently acquired Regency Square Mall.
At opening, Stony Point had signed leases with 76 tenants, 36 of which was new to the region. They also had 8 committed leases that were not signed yet at time of opening. That was 84 out of 90 spaces committed. Things were looking up for Stony Point Fashion Park. This was also a mall that touted it's dog friendly policy in all of it's open spaces.
June 2014 Taubman sold mall to Starwood Capital Group. MacArthur Center Mall in Norfolk and 10 other properties were also sold in the deal. Starwood started making improvements to the property but defaulted on their loans in March of 2020. In April of 2022 it was announced that Stony Point was purchased by Second Horizon Capital based out of Boca Raton, FL.
January 2022. Escalator worker killed in the Dillards store after falling down the escalator shaft.
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19 мар 2023
