Today: Feb 29 , 2020

Prescott Gateway Mall Under New Ownership

16 February 2018   Lynne LaMaster

It’s taken a long time to find new owners for Prescott Gateway Mall, but today it’s official.

On Friday, Prescott Gateway Mall officially became the latest property of the Kohan Retail Investment Group. This is not their first retail acquisition. Kohan Retail, based out of Great Neck, New York, lists 23 other malls on their website, including locations in Washington, Indiana, Pennsylvania, Oklahoma, Michigan, Iowa and more.

Owner Mike Kohan said that he takes older malls and works to revitalize them. According to their website, they see the future of aging malls, " a place of mixed use that is more than just for shopping. They are social settings where people interact with one another and small businesses can get a boost in a public and well-trafficked platform. Everyone has a need to build friendships and seek a community setting where entertainment, shopping, and food come together… we are exploring new ways to bring the simple pleasures back to everyday life."

"Large spaces offer opportunity for fundraising events, festivals, farmers markets, miniature golf, dancing, concerts, banquets, theatre, and virtually any social gathering all under one roof with protection from the elements."

In that spirit, current tenants received a letter from the Mall management, telling them of the new ownership. Additionally, it was announced that a deal has been made with the City of Prescott to occupy the old Foot Locker space, making it a Memorial Museum for the 19 Granite Mountain Hotshots lost in the Yarnell Fire.

Prescott's Community Outreach Manager John Heiney stated, "“The City has been working with the current mall owners closely on various matters, including the space for the Granite Mountain Hotshots location inside the mall.  We look forward to working with Mr. Kohan as he seeks to revitalize this important property in Prescott.”

Noting that Prescott is a tourist area, Kohan said he wants to add events and other incentives to bring more traffic and shopping to the Gateway Mall. Although believing there are opportunities for spaces to be used for entertainment and interaction, he was clear that it doesn’t mean that his focus is diversified from retail activities.

Thus, Kohan wants to encourage new businesses to consider entrepreneurism in the mall, and said he will be extending a welcoming hand to the local community.

As the website concludes, "It is time to innovate by reinventing and redefining retail space!"