San Gabriel Valley : Mall Owners Discuss Sale to Chicago Firm
Owners of the Pasadena Plaza have been negotiating with a Chicago-based firm to sell the once-lucrative mall, city officials said.
The sale would “work right into the city’s revitalization plans,” said Bill Reynolds, director of housing and development for the city.
The mall owner, Plaza Properties, could not be reached for comment.
City officials hope the potential sale will breath life into the dying mall.
“I noticed in past Christmases you used to have security guards outside directing traffic,” said Councilman Chris Holden. “This year it wasn’t that way.”
Helios Partners of Chicago familiarized itself “with the history of the plaza” more than four months ago, Reynolds said. And though no contracts have been signed, Reynolds considers the negotiations to be “a very serious proposal.”
Scott Jenkins, a Pasadena lawyer representing Helios, said he did not want to comment on the deal until negotiations were final.
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