Merlone Geier Partners is going back to the drawing board with its redevelopment plans for Laguna Hills Mall, now that it acquired rights to the space currently occupied by Sears.
The investor acquired the mall last year from Indianapolis-based Simon Property Group LP for $110 million. It later released renderings of its redevelopment plans for the mall, which totals about 847,000 square feet.
The vision is likely to change based on last week’s deal to acquire the leasehold interest of Sears, which has been an anchor at the mall for decades and now plans to shutter its store there.
Merlone said it’s considering a new concept that will expand on its idea of creating a “promenade-style urban village,” with the mall expected to be renamed Five Lagunas.
―Kari Hamanaka
