French Banks Take Control Of The Shops At Atlas Park

Management of the Shops at Atlas Park will be changing hands in February, according to the shopping center's development director.

In a widely distributed letter dated Wednesday, Jan. 21, Damon Hemmerdinger stated that ATCO Properties & Management will "no longer be involved with the management or leasing" of the Glendale facility as of Thursday, Feb. 19.

Atlas Park's lenders, Francebased Calyon and Société Générale, will soon be appointing a new management company to oversee operations.

Despite the sluggish economy, the statement noted that traffic at Atlas Park increased by 30 percent in 2008.

It was also mentioned that 12 new stores have opened in the past year with others scheduled to open in the coming months.

Even so, several stores have recently closed or are in the process of closing, including Pasticcio's restaurant and Blue Tulip stationery (which is part of a national chain failure).

In addition, Hemmerdinger confirmed that ATCO will continue to operate its other assets, including Atlas Terminals.

Regarding ATCO's future plans, the letter stated that it "will seek growth opportunities as the economy turns around. One of these opportunities will be the redevelopment of our remaining property in Glendale."

"While we have no firm plans for how and when we will proceed, our belief in the community remains strong, and when the time is right we will redevelop the balance of the Atlas Terminals," the letter stated.

The Times Newsweekly contacted Atlas Park management regarding the letter. No further comment on the matter was provided as of press time.