Local Southgate owners will focus on adjacent development - KPAX.com | Continuous News | Missoula & Western Montana

Local Southgate owners will focus on adjacent development

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MISSOULA - The current owners of the Southgate Mall are planning to stay active in the development of the areas adjacent to the mall even after the mall itself is taken over by an Ohio investment group.

As MTN News reported Saturday, the Washington Prime Group announced it was purchasing Southgate for $58-million in a fourth-quarter conference call with investors late last week. 

The deal will close out the local ownership of the mall by developer Peter Lambros and his partners, who first opened the mall in the early 1980s. The sale comes as the local group is close to wrapping up a major updating and expansion of the mall, adding a new Lucky's Market and AMC theater to anchor a "town center" approach on the mall's south end. 

But Lambros and his partners plan to stay actively involved in the mall district. He tells MTN News the group will now be shifting their focus on to the planned residential development on the southwest corner of the Southgate property. That's actually been a part of the mall redevelopment concept for the past several years. 

Lambros says he "fully expects" the mall sale to be finalized in the second quarter. 

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