Despite the setback of losing a key tenant, Hekemian & Co., which owns the Rotunda, will push on with redevelopment plans.
Al Barry, a development consultant who works with the real estate management and development company, said although there isn’t currently a date set, that Hekemian intend to hold a community meeting regarding the shopping center’s future.
Giant announced last week that it is moving its store from the Rotunda a few blocks down 41st Street to the site of a former andstore.
Barry said that Hekemian was aware that Giant had been negotiating to move the store for about two years, but was unaware that a deal had been reached for the store to move until it was
Chris Bell, the senior vice president of Hekemian, did not return multiple calls for comment on this story.
The news was the latest set back for the Rotunda, which saw plans to it to become and outdoor shopping center with a residential component come to a halt because of the financial collapse.
“In many ways [Giant leaving] frees Hekemian up to go with their original development plans without a super market in the parking lot,” Barry said.
But there was also some good news for the Rotunda last week. The owner of the told the he will build a fourth screen at the shopping center.