LITTLE ROCK, Ark. — A new plan was announced to "revitalize" Park Plaza Mall as a destination for the community and as a way to boost the economy in the area.
The plan, which was announced by Second Horizon Capital-- an investment real estate company-- shared that the company will be closing in on its purchase of Park Plaza.
Now, the company has shared a plan for the space, hoping to attract members of the community to the space and drive the city's economy by "reinvigorating the property into a vibrant community destination and landmark in the heart of Little Rock."
Second Horizon announced that it is eager to "invest in the future of Little Rock." This investment comes in the form of new tenants, new capital, and serving the needs of Little Rock's community, according to the company.
The new plan will reshape Park Plaza Mall as what's being called a "community hub" which will work to support small businesses and entrepreneurs in the area.
“We look forward to building strong partnerships with local leaders and other businesses in the area to help enhance and support the Midtown neighborhood and the Little Rock community,” said Camilo Varela, Co-Founder and Managing Partner of Second Horizon Capital.
"It's not going anywhere, it's only going to get better and then grow from that," Jay Chesshir with the Little Rock Regional Chamber said.
Chesshir also explained that he sees this as a step in the right direction.
"It has struggled, yes, owners have come and gone. Unfortunately, most of those owners have not invested. And now we have a new ownership group who not only wants to invest, wants to redevelop but wants to do so in a way that attracts today's crowd," Chesshir said.
He also hopes that it will bring more people to the mall.
"When you look at a place that was all retail, at one point in time now becoming more than just retail, it gives people different reasons to come at different times," he said.
In an interview with our content partner, Arkansas Business, the owners said it's too early to say what exactly they're adding to the mall— but it could eventually include restaurants.
"This is not something they're trying to cookie cut from the perspective of what they've done somewhere else. They truly want to know what the community is about and what the community wants, so that they can then in fact, be able to provide that in this asset," Chesshir explained.
According to Second Horizon, the goal is to turn it into a community hub that will support local entrepreneurs and small businesses.
"It will be a different mix than what's ever been here in the past," Chesshir said.
To aid with the revitalization of the mall, Second Horizon will work to enlist the help of JLL, which they've noted as being one of the largest retail property management companies in the country.
The plan is to have JLL handle the mall's property management and leasing services.
You can read Second Horizon's full plan for Park Plaza Mall here.
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