Shenango Valley Mall facts for kids
| Location | Hermitage, Pennsylvania, United States |
|---|---|
| Coordinates | 41°14′07″N 80°26′46″W / 41.2352778°N 80.44611111111111°W |
| Address | 3303 East State Street |
| Opening date | 1969 |
| Developer | Crown American |
| Management | Penn Commercial |
| Owner | GFM 23 LLC |
| No. of stores and services | About 20 |
| No. of anchor tenants | 3 |
| Total retail floor area | 507,837 sq ft (47,179.6 m2) |
| No. of floors | 1 |
| Parking | 2,466 spaces |
| Website | Shenango Valley Mall |
Shenango Valley Mall is a large shopping center located in Hermitage, Pennsylvania. It's a place where people go to shop, eat, and hang out. One of its main stores is JCPenney.
Contents
History of Shenango Valley Mall
The land where Shenango Valley Mall stands belongs to the McConnell family. The JCPenney store first opened at the mall in January 1969. Before that, it was located in Sharon, Pennsylvania.
Mall Renovations and Ownership Changes
The mall had a big makeover in 1997. This was its first major update since it opened in the 1960s. The renovation cost $3.5 million. During this time, the Kaufmann's store also became bigger.
The company that owned the mall, Crown American Realty Trust, was sold in 2003. It was bought by PREIT. Then, in 2004, PREIT sold the mall and five others to The Lightstone Group. In August 2006, the Kaufmann's store changed its name and became Macy's.
Challenges and New Management
In January 2009, Shenango Valley Mall and three other malls faced financial difficulties. They entered a process called "receivership," which means a court-appointed manager, Jones Lang LaSalle, took over running them. Jones Lang LaSalle tried to sell the mall in May 2009, but a sale attempt failed in 2010.
The mall made national news in March 2017 when both its Macy's and Sears stores closed. The Sears Auto Center, however, stayed open. Later that month, a storm damaged both Firestone and the Sears Auto Center.
In February 2018, the mall's owner, JSMN Shenango Valley Mall, could not pay back a $3.43 million loan. A court then assigned Metro Commercial to manage the mall. In July 2018, the mall's lender, Iowa Square Realty LLC, bought it at a special sale for $50,000. The Sears Auto Center closed its doors in October 2018.
Resolving Ownership Issues
In December 2018, there were court hearings about who truly owned the mall. This was because of problems with maintenance, unpaid rent, and taxes. By December, the mall owed $243,000 in unpaid rent and taxes.
In January 2019, the court decided that ownership of the mall would go to GFM 23. This company is part of the McConnell family, who own the land. This happened because Iowa Square Realty did not pay a $25,000 bond that the court had ordered. In early 2019, the mall still faced issues like problems with its parking lot and a leaky roof. However, the mall's tax assessment problems were finally solved in June 2019.
Future Plans for the Mall
On August 1, 2019, a company called LRC Realty, from Akron, Ohio, announced that they plan to buy the mall. They want to turn it into a "first-class shopping facility." This new center will have "best in-class restaurants and retailers."
Exciting New Design
LRC Realty plans to create an "open-air design" for the mall. This means it will have outdoor spaces and public areas that will be inviting for everyone in the community. The president of LRC Realty mentioned that the project will be similar to The Block Northway. This was another former mall in Ross Township, Pennsylvania, that LRC turned into a "lifestyle center." A lifestyle center is a shopping area that often includes outdoor spaces, dining, and entertainment, not just enclosed stores. LRC Realty also designed the nearby Hermitage Plaza. Specific dates or detailed plans for the Shenango Valley Mall's transformation have not yet been announced.
