Lerner Enterprises and the Tower Cos lost their legal battle with Lord & Taylor on Friday, with a federal jury ruling the developers of White Flint Mall owed the retailer $31M. And while that's a hit to two of DC's premier real estate families, it also closes the book and allows them to move on with planned redevelopment. Lord & Taylor will likely still occupy its stand-alone store, but Lerner and Tower can begin to sign other tenants and secure financing, which they've unsuccessful been executing since the lawsuit was levied two years ago, according to the Washington Business Journal. The partnership's attorney says the redevelopment had Wegmans ready to sign, but DC's most-coveted grocer moved on to other locations. The next steps will be seeking site plan approvals from Montgomery County and years of construction to redevelop one of the DC area's oldest malls. [WBJ]
Lerner, Tower Lose Lord & Taylor Lawsuit, But Can Now Move Forward
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Related Topics:
Lerner Enterprises
, Lord & Taylor
, Ted Lerner
, The Tower Companies
, White Flint Mall
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