Washington Prime Group's decision to sell its stake in Westminster Mall may significantly delay redevelopment efforts led by Shopoff Realty Investments. The indoor mall's 1.2 million square feet includes plans for as many as 1,200 housing units through the Bolsa Pacific project. Following a Chapter 11 bankruptcy, Washington Prime is selling multiple properties, which could stall Shopoff's investment of $95 million, previously intended for a multi-use development with retail and residential components. Collaboration with architectural and landscape firms was planned for the project, which also aims to include enhanced green spaces.
Washington Prime Group's decision to sell its stake in the Westminster Mall jeopardizes immediate redevelopment efforts by Shopoff Realty, impacting potential housing and commercial plans.
With plans to redevelop the mall stalled, Shopoff Realty's aspirations for adding 1,200 homes and various amenities hang in the balance due to the sale.
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