Crabtree Valley Mall is getting new management, 100 employees losing jobs
Plaza Associates, the Triangle commercial property manager that manages Crabtree Valley Mall, has had its management agreement terminated, resulting in approximately 100 layoffs, the company announced Friday.
The layoffs will go into effect within two months. Plaza Associates, which has managed the mall for decades, plans to “tap into state resources to provide employees with job search assistance.”
“During this time, Plaza Associates will work closely with new property management partners to ensure a smooth transition as the mall enters a new chapter,” the company’s statement said.
Mindy Hamlin, a company spokeswoman, said the workers are primarily employees inside Crabtree Valley Mall and the Plaza Associates headquarters in Raleigh.
Hamlin told The News & Observer that she could not disclose a reason for the management change or who the new property manager will be, but that the change will happen later this spring.
The nature of the management’s termination and transfer of ownership is unknown, but Hamlin said that “all good things must come to an end.”
“We do not have an exact date on when the transition will take place,” said Hamlin. “At the time, we are focusing on our employees and assisting them in any way that we can.”
Members of Clarion Partners, a New York City real estate investment firm that owns the Crabtree Valley Mall, did not return phone calls Friday afternoon for comment.
Plaza Associates will continue to manage the Crosspointe II class A office building in northwest Raleigh near the mall.
Last June, the mall’s owners developed plans to rezone the former Sears property on the mall to be able to build up to 30 stories, where it may add office space or a hotel.
