Decline
The gradual decline of Century III Mall can be attributed to the development of the Waterfront in nearby Homestead, which opened in 1999 and expanded over the years as well as South Hills Village, located only five miles to the west in Bethel Park. Other factors, such as the worsening economy and retailer bankruptcies, are also negatively affecting the mall. In 1999, it lost a major tenant when Federated Department Stores closed the Lazarus store due to under-performing sales. Other major stores, such as T.J. Maxx & More and Wickes Furniture, have since moved, only to be replaced by stores typically found in less productive malls. As early as 2003, Century III Mall was about 20% vacant, and as of 2006, it was 30% vacant . Today, the mall is roughly 40% vacant with over a third of its spaces occupied by independent merchants. Specialty stores such as KB Toys, Dollar Tree, Express, Steve and Barry's, The Disney Store, Old Navy, New York and Company, Ritz Camera and Macy's Furniture Gallery, have closed or moved over the years, sometimes never to be filled again. The once-sprawling food court, previously home to over 20 eateries, is now limited to only eight, ranging from Charley's Grilled Subs to Subway. Ruby Tuesday, a longtime dining establishment, also closed down in December 2008. In 2010, La Hacienda opened in the former Ruby Tuesday space, although it can no longer be accessed from inside the mall. Certain sections of mall parking have also been permanently barricaded and blocked off to the general public, particularly in the parking deck, but management has repaved some sections. The mall remains a popular hangout for senior citizens, and Lifespan and Hands2Help Senior Services are available to enhance and aid them.
Simon Property Group defaulted on its $78 million loan for Century III Mall in August 2011, ultimately transferring ownership to its lenders. The mall was on the selling block since 2006 as Simon determined that the mall didn't fit its long-term overview of the company and focused on investing in its more affluent properties in major cities. As of September 1, 2011, the mall is being managed by Jones Lang LaSalle.
As the mall continues to languish, this has also affected the mall's assessment value, which stood at $66 million in April 2009, a 40 percent decrease from the previous $112 million in recent years. Prior to that, the mall was valued at $128 million. In June 2009, it decreased further to $58 million.
In June 2009, Century III Mall was named one of America's most endangered malls by U.S. News & World Report.
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Famous quotes containing the word decline:
“We can recognize the dawn and the decline of love by the uneasiness we feel when alone together.”
—Jean De La Bruyère (1645–1696)
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—Orson Welles (1915–1984)