Origins and Early Development (1960-1980s)
Park Plaza Mall started its journey in 1960 as Little Rock‘s first major shopping center, initially known as Park Plaza Shopping Center. Located on West Markham Street, it was an open-air facility, which was a bit of a novelty at the time.
The complex wasn’t just for shopping—it housed a mix of retail outlets, a supermarket, a bowling alley, and a cafeteria, making it a go-to spot for both practical needs and leisure. This variety helped set it apart from other retail spaces in the area and made it a landmark for things to do in Little Rock, Arkansas.
In 1965, a pivotal moment came when Gus Blass, a well-known department store that had been a fixture in downtown Little Rock for over a century, opened a branch at the mall. This was a big deal since it marked the beginning of a shift away from downtown shopping.
In just a few years, in 1967, the store was rebranded as Pfeifer-Blass, but its connection to the local community remained strong.
By 1974, the store transitioned once again—this time to Dillard’s, a name that has become synonymous with the mall itself. This relationship with Dillard’s would prove long-lasting, with the store operating as a flagship tenant for decades.
However, Park Plaza wasn’t without competition. In 1967, just a block away, the University Mall opened as an enclosed and air-conditioned facility—features that were considered modern at the time.
This new mall quickly became the preferred shopping destination for Little Rock residents, and Park Plaza struggled for the next couple of decades to maintain its relevance.
Renovation and Rebirth (1987-2000s)
By the late 1980s, Park Plaza Shopping Center needed a serious makeover to compete with newer, enclosed malls. In 1987, the mall shut down for a $20 million renovation.
This bold move turned the once open-air shopping center into a fully enclosed, three-story mall, which opened its doors again in 1988 as Park Plaza Mall.
The new structure featured 680,000 square feet of retail space, including a movie theater, adding more entertainment options to attract visitors.
With its updated design, Park Plaza now looks more like a modern shopping destination, aligning it with current consumer expectations.
Dillard’s continued to draw crowds. The mall’s dual-location setup, with Dillard’s East and Dillard’s West, became a unique feature.
Though the renovations helped rejuvenate Park Plaza, the mall still faced challenges in the following years. In the 1990s, plans for a new development, Summit Mall, which was expected to be a much larger shopping center in West Little Rock, threatened the mall’s standing.
While Park Plaza worked hard to maintain its customer base, Summit Mall’s looming presence became a topic of intense debate and controversy.
However, the collapse of the Summit Mall project in 2004 gave Park Plaza a new lease on life, allowing it to retain its foothold in Little Rock’s retail scene without the threat of a major competitor.
The Decline and Foreclosure (2011-2021)
The 2010s brought new challenges for Park Plaza Mall. In 2011, the mall’s then-owner, CBL Properties, secured a $99 million loan to continue operations and improvements.
However, as shopping habits shifted towards online retail and foot traffic decreased, the mall began to struggle financially. CBL Properties found it difficult to generate enough revenue to meet its loan obligations.
By 2021, the financial strain had reached the mall, and it had entered foreclosure. A Pulaski County circuit judge awarded Deutsche Bank an $86.2 million judgment against CBL, which officially transferred ownership of the mall to the bank.
Later that year, Deutsche Bank purchased the mall at a foreclosure auction for just $100,000, a stark contrast to its previous valuations.
During this time, the mall was still being marketed as “the premier shopping center in Little Rock.” Still, it was clear that the ownership and financial turmoil had taken a toll on its reputation and ability to thrive.
The 2013 Park Plaza Mall Shooting
In February 2013, a violent incident occurred at Park Plaza Mall when a former employee of the Sbarro restaurant attempted to rob the establishment after hours.
He, along with an accomplice, confronted the restaurant’s manager and another employee, resulting in a tragic shooting. The manager was killed, and the female employee was critically injured after being shot multiple times.
Both perpetrators were swiftly arrested. One was convicted of capital murder and sentenced to life in prison, while the accomplice received a 40-year sentence for his involvement.
This shocking event led to heightened security measures at the mall and remains one of the most infamous incidents in its history.
The Second Horizon Era (2023-Present)
In 2023, Park Plaza Mall in Little Rock, Arkansas, entered a new phase of development under its new owners, Second Horizon Capital.
The Florida-based real estate investment firm acquired the 268,000 sq ft mall (Dillard’s spaces not included) in March with plans to reinvent it as a community-focused space.
One key step in this transformation involves upgrading the mall’s infrastructure and operations. Immediately after the acquisition, Second Horizon prioritized cleaning and making necessary renovations to refresh the mall.
Tenant engagement is another critical focus. While the mall currently maintains about 90% occupancy, Second Horizon is working to attract new tenants and expand its offerings.
They’ve enlisted JLL, a prominent retail property management company, to assist with leasing and management, which will help bring in more diverse businesses.
The new ownership team believes that integrating local businesses with entertainment options will draw both shoppers and visitors to community events, pushing the mall’s role beyond retail.
While Second Horizon’s investment in Park Plaza Mall brings optimism, the mall still faces challenges in adapting to today’s retail landscape.
Traditional shopping malls across the country have struggled with the rise of online shopping, and Park Plaza is no exception.