(WWJ) Tenants inside Lakeside Mall in Sterling Heights are getting a break on the bill during the COVID-19 pandemic.
Out of the Box Ventures LLC, the new owner of the mall, said for the months of April and May they will reduce leases by 60-70%. The owner says it will cover the tenants costs and charge most of them the minimum rent possible.
Also, any savings the owner gets from government or private entities, it will pass it along to the tenants. Common area maintenance fees and taxes will still have to be paid by the tenant and will not have to repay the balance of their April or May rent.
The mall closed on March 24 and will remain closed at least until May 1, with the governor's "Stay Home, Stay Safe" order in effect.
A note on the mall's website reads: "We take our role as a responsible member of our community seriously and are taking actions based on the guidance of local and global health authorities so we can help reduce the spread of the virus. We are looking forward to welcoming visitors to Lakeside Mall again soon."
Meanwhile, the mall's longterm future remains uncertain, to put it mildly,
When Miami, Florida-based commercial real estate fund Out of the Box Ventures closed on the property on Dec. 17, 2019, plans were announced to transform from a traditional retail mall into a mixed-use space. Details on what that may look like are still unclear.
