Redevelopment and Closure
In 2003, the mall was renamed Lakeside Centre as part of a redevelopment plan. Although new stores such as Bath & Body Works and MC Sports had opened, these were short-lived, and closed within a year. The remaining tenants' leases were terminated in early 2005. By February of that year, the entire complex was closed, as its owners decided that electrical costs were too high to keep the largely vacant complex open. During the last 5 months prior to closure and after the mall's closure, a portion of the parking lot was used to store the excess inventory at a nearby Chrysler dealership.
Wal-Mart proposed building a store on the site of the vacant mall in 2007. These plans were opposed by David Ball, candidate for City Council.
On February 24, 2010, Toledo issued a Notice of Condemnation by Mayor Mike Bell and David Golis, P.E. Chief of Building, there were roofs caving in, and now the city has demanded the owners to pay heavily for unpaid fines, or else they would close the mall. The two main causes were A water main break has done damage to adjacent businesses (mainly Super Fitness Center), and owing delinquent taxes of nearly $86,000 dollars. The city has ordered the mall's owners, who are based in California, to repair all areas that have been damaged by water as a result of the water line break. The clean-up would include removal of all evidence of mold inside the building. The contract seemed to be invalid because it was named North Towne Square, instead of Lakeside Centre. However the case is still pending. Super Fitness Center, is caught in the middle, because although not necessary connected to the mall, the demolition and the political management on the deterioration are affecting the owners strategic management for the Fitness Centre.
In April 2012, it was announced that demolition of North Towne Square Mall would commence the following month at a cost of $600,000.Demolition finally began in January 2013, and will take approximately three months to complete.
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