The ongoing saga between the owners of the White Flint Mall and retailer Lord & Taylor will start its next chapter this fall.
A US District Court jury awarded Lord & Taylor $31M in damages last year due to the breach of a 1975 contract. The mall’s owners, Lerner Enterprises and the Tower Cos, appealed the ruling, and the case will likely make its way in front of the US Court of Appeals for the Fourth Circuit this fall, Bethesda Magazine reports.
The legal wrangling stems from Lord & Taylor claiming the mall’s owners failed to maintain the facility as a “first-class” destination as per terms of the decades-old contract. The $31M award represents the estimated profits lost by the retailer once the owners closed up shop and began demolishing the mall.
The White Flint Mall has been completely demolished over the past year, with the exception of the still-standing Lord & Taylor, but the mall’s owners have plans to redevelop it.
Both sides have appealed last year’s verdict, with Lord & Taylor seeking remuneration for the value of its property rights, while White Flint’s owners contend that Lord & Taylor could earn a whole lot more in the future as a tenant in the planned redevelopment. [BM]
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