ATCO Properties & Management, the management and leasing company that runs the day-to-day operations of The Shops at Atlas Park, will be replaced next month, according to a report released by the company today.
The mall’s lenders, Caylon and Societe Generale, which are headquartered in France, have announced they will terminate ATCO’s contract effective February 19. The French company, which appears to have final say on the upscale Queens commercial space, has not announced a new mall manager.
“I am passionate about the development of The Shops at Atlas Park and thank you for the role you may have played in this wonderful center,” Damon Hemmerdinger, ATCO’s Senior Vice President, said in a statement (read full letter
.) “Our company and I will remain active members of the national retail real estate industry and of the Queens community.”
It is unclear whether the French company’s decision was a reaction to the slumping U.S. economy, or if the move is any indication that the mall is losing money.
In his statement, Hemmerdinger insisted the mall is doing fine. Hemmerdinger said traffic at the mall was up 30 percent, and 12 new stores opened, in 2008.
“I believe in Atlas Park,” said Hemmerdinger, “and I believe that the residents of Queens want, deserve, and can support high-quality retail, restaurants, and entertainment --- even in the midst of the worst recession in memory.”
_Read the full story in the January 29 edition of the Glendale Register._