Nearly 18 months after lenders seized The Shops at Atlas Park when its developer defaulted on a $128 million loan, a new life for the Queens mall is close at hand. Foreclosure proceedings are expected to be completed in the next two months, clearing the way for lenders—French banks Société Générale and Calyon—to sell off the property and bring in new owners and ideas.
For residents in the surrounding neighborhood of Glendale, it's been a disappointing four years. Opened with great fanfare on the former site of the Atlas Industrial Park—one of the largest manufacturing centers in the city—the 25-acre retail development initially seemed like something from an upscale retailer's dream. The 400,000-square-foot center featured pristine whitewashed stucco buildings, lush lawns, gurgling fountains, stately magnolia trees and a handsome outdoor promenade.
In retrospect, it was simply all a bit much.
“If you put it in Boca Raton, you'd have a beautiful mall,” says the new court-appointed receiver for the property, Paul Millus, a lawyer with Snitow Kanfer Holtzer & Millus. “But you're in Glendale, and that set it back significantly.”
“We've weathered the storm,” says Mr. Millus. “All we need to do now is get through the foreclosure, close the door on uncertainty, and then great things will happen at Atlas Park.”