Malls have been struggling for a long time and now that online shopping is an options malls might be on the way out…. Even here in Tampa!
The owner of Westshore Plaza has not made a recovery from the pandemic and it has been made public that they filed for Chapter 11 bankruptcy protection.
WestShore Plaza was purchased by Washington Prime Group in 2003 for $153 million. They also own 12 other properties in Florida. Washington Prime Group’s filings show they have $4.1 billion in assets. Losses in 2020 exceeded $260 million, and they are in debt to the tune of $3.2 billion. Washington got a $100 million loan to keep its normal business operations going while working through its bankruptcy filings.
There are redevelopment plans that had been revealed in 2019 that would convert WestShore Plaza from a mall to a mixed-use property. It would feature residential space, office space, hotel, retail space and restaurants. Those plans are still in place.
[Source: TAMPA BAY TIMES]