The Silver City Galleria is an enclosed, two-level, super-regional mall located off Route 24 and Route 140 in Taunton, Massachusetts. It covers a leasable area of over 1 million sq ft, and serves multiple cities and towns in the region including: Taunton, Brockton, New Bedford, Fall River, Somerset, Raynham, Assonet, Bridgewater, Acushnet, and Middleborough.
The mall's facilities include 120 retail stores, a 10-screen cinema, a food court, a center court, and a children's play area. Security is managed by IPC International, and facilities services are managed by UGL Limited's Unicco.
Video Silver City Galleria
History
The Silver City Galleria opened on April 7, 1992. It was planned and developed by The Pyramid Companies, around the same time that several other malls in the region - Independence Mall (Now Kingston Collection) and Berkshire Mall - were being built. When it first opened, Silver City was seemingly situated in the middle of nowhere; the surrounding area was a forest, with little to no other developments. However, its strategic location at the intersection of two major freeways allowed it to draw traffic from cities in all directions. The modern mall quickly became a popular shopping destination in the southeastern Massachusetts area, bringing fatal competition to many smaller local malls such as the now-defunct Mill River Place.
In 2002, Silver City Galleria was purchased in a joint venture between General Growth Properties and the Teachers' Retirement System of the State of Illinois, in a $634 million deal that involved 3 other malls.
2016 attack
On May 10, 2016, two people were stabbed at the mall and another two were stabbed at a nearby residence beforehand. Two of the victims died along with the attacker, who was shot by police. The attacker had crashed a Honda Accord into the now closed Macy's store at the mall. The incident occurred at about 7:00 p.m. EDT.
The attacker was identified as 28-year-old Arthur DaRosa. According to DaRosa's sister, he checked himself into a local hospital on the night before the attack and was released the following morning. He was also reportedly mentally ill and had been struggling with depression for years.
The attack started when DaRosa crashed his car on Myricks Street, located near the mall. He then started running around erratically and attempted to break into a number of homes, eventually breaking into one house and stabbing Patricia Slavin, 80, and her daughter Kathleen, 48, with a kitchen knife. Patricia died in the hospital, while Kathleen was being treated for life-threatening injuries. DaRosa stole the Honda from the house, crashed it into the Macy's, stabbed two more people at a Bertucci's restaurant, and assaulted three other people before being shot by an off-duty police officer. One of the stabbing victims, 56-year-old George Heath, was killed while trying to rescue the other stabbing victim, a pregnant 26-year-old waitress named Sheenah Savoy, who survived.
Maps Silver City Galleria
Recession
Since the recession in 2008, Silver City Galleria has seen a sharp decline in both its traffic and finances. Many retailers have closed their stores without replacements; in March 2010, it reached an estimated 75 percent occupancy rate - very low by industry standards. Some of the more notable national brands that have left include: Old Navy, Max Rave and Pacsun.
The exodus of tenants has only amplified the financing troubles plaguing the mall. Officially, the mortgage on the mall - which is serviced by Midland Loan Services - has been in default since November 2009. As of January 2011, the mall's outstanding mortgage remains at approximately $125 million. The owners are currently looking at all options for the mall, from selling the property to receivership. According to the Boston Business Journal, the parties involved are trying to avoid foreclosure, which is "considered a last resort for lenders and CMBS investors in such properties". In September 2011 negotiations to sell the mall fell through, increasing the likelihood of foreclosure.
In mid-November, 2011, the Galleria was bought out by Midland Loan Services and subsequently no longer under ownership of General Growth Properties. In early December 2011, the Silver City Galleria's Management was taken over by Cushman & Wakefield Commercial Real Estate Management.
In July 2013, the mall was bought out by the MGHerring group and Tricom real estate group. In April 2014, it was announced that the mall was to undergo several renovations, thus managing to get out of the likehood of foreclosure. In January 2015, it was announced the JCPenney store was closing as part of a plan to close 39 underperforming stores nationwide. In May 2015 it was announced that a new tenant named Round 1 was to be placed in the spot formerly occupied by Steve and Barry's and Lechmere. Also, it was said that the Regal Cinemas was to be upgraded with a Restaurant and bar as well with recliner chairs and a new entrance. Both Round 1 and Regal Cinemas were completed by December 2015. They have somewhat boosted the malls popularity. Macy's announced on January 4, 2017 that they would also be closing this location a part of the plan to close 68 stores. On, September 15, 2017, it was announced that Best Buy would be closing as well as part of a plan to close 15 stores nationwide which will leave Dick's Sporting Goods and Sears as the only main anchors left.
References
External links
- Silver City Galleria website
- Silver City Galleria on Labelscar the Retail History Blog
Source of the article : Wikipedia
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