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Article: Owners of renovated Riverside Plaza have yet to see a profit.
- Article from:
- Press-Enterprise
- Article date:
- June 24, 2007
CopyrightCOPYRIGHT 2007 The Press-Enterprise. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kimberly Pierceall
Jun. 24--Cars may crowd the parking lot at Riverside Plaza, but the owners of the once down-trodden indoor mall reborn as an open-air town center say cash has yet to clog their bank accounts.
It took more than $80 million to revitalize the aging mall, which was built in 1955 near Central Avenue and Highway 91 as an open-air mall, then roofed in the 1980s.
That's not counting legal expenses, which includes another $33.5 million -- the amount the owners put into an account in January to appeal a $22 million lawsuit won by Krikorian Premiere Theatres, the first company to sign a lease in Riverside Plaza, which later sued ...