Park Plaza Mall
Corporate brand
UnclaimedPark Plaza Mall is an enclosed regional shopping mall in Little Rock, Arkansas, anchored by two Dillard's flagship stores.
Last updated October 14, 2026
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Overview
Park Plaza Mall is an enclosed shopping mall in the Midtown neighborhood of Little Rock, Arkansas. The property began in 1960 as Park Plaza Shopping Center, an open-air retail complex that was regarded at the time as the first major shopping center in what was then commonly called West Little Rock. Its original tenant mix included retail stores, a grocery store, a bowling alley, and a cafeteria. The center helped shift consumer activity away from downtown Little Rock and toward the city’s growing western districts, a change that later made it a symbol of the transformation of the city’s retail geography. A major turning point came through the involvement of Gus Blass, a long-established Little Rock department-store business. Gus Blass announced plans for a Park Plaza store in 1963, and the location opened in 1965. After Gus Blass was sold to Little Rock-based Dillard's in 1964, the store was successively associated with the Pfeifer-Blass name and then converted to Dillard's in 1974. Dillard's remains central to the mall’s identity and operates two separate locations, known as Dillard's East and Dillard's West. Unlike the mall’s common-area ownership, Dillard's owns its stores, the land on which they stand, and an adjacent parking structure; those assets were not transferred during the mall’s later ownership changes. Park Plaza faced significant competition after University Mall opened one block away in 1967. University Mall was enclosed and air-conditioned, and over roughly two decades it became a more attractive shopping destination for many customers and retailers. Park Plaza responded by temporarily closing in 1987 for a reported $20 million redevelopment. It reopened in 1988 as a three-story enclosed mall, then described as having approximately 680,000 square feet and a movie theater. University Mall was eventually demolished in 2007, but the competitive pressure it created shaped Park Plaza’s development and long-term positioning. During the 1990s and early 2000s, the mall’s future was also affected by proposals for Summit Mall, a much larger development planned for West Little Rock by Simon Property Group, then associated with University Mall. The proposal included a major shopping complex, office buildings, restaurants, and a hotel. It generated controversy and litigation because of concerns that it would weaken Midtown and further draw commerce away from Park Plaza. Dillard's had committed to serving as an anchor at the proposed project, which heightened concerns about Park Plaza’s prospects. Summit Mall did not proceed after zoning disputes and the possibility of a city referendum undermined the proposal. Following the collapse of the Summit Mall plans, First Union Real Estate Equity and Mortgage Investments sold Park Plaza to CBL Properties in 2004. The property later encountered financial distress. In 2021, it entered foreclosure proceedings connected to a $99 million loan originated in 2011. CBL argued that the mall’s income was insufficient to meet the required debt payments. A Pulaski County circuit judge awarded Deutsche Bank an $86.2 million judgment and granted the lender immediate possession. Deutsche Bank subsequently became the sole bidder at the foreclosure auction, reportedly bidding $100,000, and operated the property through the Woodmont Company. In March 2023, Florida-based Second Horizon Capital announced that it had purchased Park Plaza and planned a significant investment intended to revitalize the property. Jones Lang LaSalle was selected as the mall’s new management company. The mall’s current identity combines conventional enclosed-mall retail with the regional importance of the two Dillard's flagship stores and a tenant base that has included national brands such as H&M, Talbots, American Eagle, Buckle, Bath & Body Works, and Pandora. The property contains approximately 545,800 square feet of retail space, although Dillard's owns approximately 284,165 square feet associated with its two stores.
History
Park Plaza began in 1960 as Park Plaza Shopping Center, an open-air shopping center in the area now identified as Midtown Little Rock. At its opening, it was considered the first major shopping center in West Little Rock. The original complex combined conventional retail with a grocery store, bowling alley, and cafeteria. Its success contributed to the movement of commercial activity away from downtown Little Rock and toward the city’s western neighborhoods. The center’s connection with Gus Blass, a historic Little Rock department-store company, was important to its early development. Gus Blass announced a Park Plaza store in 1963, and the store opened in 1965. Dillard's acquired Gus Blass in 1964. The Park Plaza location became Pfeifer-Blass in 1967 and was converted to Dillard's in 1974. Dillard's eventually operated two locations at the property, Dillard's East and Dillard's West. These stores function as flagship locations, while Dillard's separately owns the buildings, underlying lots, and an adjacent parking structure. Competition intensified in 1967 when University Mall opened one block south. Unlike the original open-air Park Plaza center, University Mall was enclosed and air-conditioned. It expanded through two renovations, including the addition of another story, and reached approximately 535,000 square feet. For about twenty years Park Plaza struggled to compete with the newer complex as shoppers and retailers favored University Mall. Park Plaza closed temporarily in 1987 for a reported $20 million redevelopment. It reopened in 1988 as a three-story enclosed mall, with approximately 680,000 square feet at the time and a movie theater. The redevelopment repositioned the property as a modern enclosed shopping destination and allowed it to compete more directly with University Mall. The mall’s position was again challenged during the 1990s and early 2000s by Summit Mall, a proposed project associated with Simon Property Group. The proposed West Little Rock development was planned at approximately 1.1 million square feet and was to include six-story office buildings, restaurants, and a hotel. It became the subject of controversy, zoning disputes, and litigation because opponents predicted that it would damage Midtown’s economic base. Dillard's had agreed to anchor the proposed development, raising concerns about the effect on Park Plaza. The proposal collapsed in 2004 amid the zoning conflict and the prospect of a public referendum. Later in 2004, First Union Real Estate Equity and Mortgage Investments sold Park Plaza to CBL Properties for $77.5 million. CBL remained associated with the mall until its financial difficulties led to foreclosure proceedings in 2021. The proceedings concerned a loan reported at $99 million that originated in 2011. CBL maintained that mall income was insufficient to meet the loan obligations. A Pulaski County circuit judge granted Deutsche Bank an $86.2 million judgment and immediate possession. Deutsche Bank then became the sole bidder at the foreclosure auction, reportedly bidding $100,000, and operated the mall through the Woodmont Company. In March 2023, Second Horizon Capital announced that it had acquired the property and intended to make a substantial investment in its revitalization. JLL became the new management company. The mall currently contains approximately 545,800 square feet of retail space, while Dillard's owns approximately 284,165 square feet occupied by its two flagship stores. Park Plaza’s tenant history has included H&M, Talbots, American Eagle, Buckle, Bath & Body Works, Pandora, and other national and specialty retailers.
- 2023
Second Horizon Capital acquires the property
[1]Second Horizon Capital announces its acquisition, a planned revitalization investment, and the appointment of JLL as manager.
- 2021
Foreclosure transfers control to Deutsche Bank
[1]Deutsche Bank obtains possession after a court judgment against CBL and becomes the sole bidder at the foreclosure auction.
- 2004
Summit Mall proposal collapses and Park Plaza changes ownership
[1]The proposed Summit Mall project fails amid zoning conflict and referendum concerns. Later that year, CBL Properties acquires Park Plaza from First Union Real Estate Equity and Mortgage Investments.
- 1988
Park Plaza Mall reopens
[1]The property reopens as a three-story enclosed mall with a movie theater and approximately 680,000 square feet at the time.
- 1987
Major redevelopment begins
[1]Park Plaza temporarily closes for a reported $20 million renovation and conversion from an open-air center into an enclosed mall.
- 1974
The Park Plaza department store becomes Dillard's
[1]The former Gus Blass and Pfeifer-Blass location adopts the Dillard's name.
- 1967
The Park Plaza department store becomes Pfeifer-Blass
[1]Following Dillard's acquisition of Gus Blass, the Park Plaza location is rebranded Pfeifer-Blass.
- 1965
Gus Blass location opens
[1]The Gus Blass store opens at Park Plaza, becoming the first major downtown Little Rock department store to establish a presence there.
- 1963
Gus Blass announces a Park Plaza store
[1]The Little Rock department-store company announces plans for a location at Park Plaza.
- 1960
Park Plaza Shopping Center opens
[1]The property opens as an open-air shopping center with retail stores, a grocery store, bowling alley, and cafeteria.
Products and positioning
A longstanding enclosed regional shopping mall serving Little Rock and surrounding central Arkansas communities, with its market identity reinforced by two Dillard's flagship stores and a broad mix of national apparel, beauty, jewelry, and specialty retailers.
Department store · 1974
Dillard's East
One of Park Plaza’s two Dillard's flagship locations. It offers the broad department-store assortment associated with the Dillard's format, including fashion, accessories, beauty, and home merchandise. Dillard's owns the store space and related property rather than leasing the location from the mall’s common-area owner.
Department store · 1974
Dillard's West
The second Dillard's flagship store at Park Plaza. Together with Dillard's East, it provides a major department-store anchor for the mall and contributes substantially to the property’s regional retail role. The store and its associated land and parking assets are separately owned by Dillard's.
Shopping mall retail
Specialty retail tenant mix
Park Plaza’s specialty-retail offering has included national and regional fashion, apparel, beauty, jewelry, accessories, and lifestyle merchants. Reported examples include H&M, Talbots, American Eagle, Buckle, Bath & Body Works, and Pandora. Tenant occupancy can change over time.
Brand decisions
2023
Second Horizon Capital announces acquisition and revitalizationM&ABackground
Following foreclosure and lender-controlled operation, the property required a new ownership and management strategy.
Action taken
Second Horizon Capital announced that it had purchased Park Plaza and planned significant investment in the property. JLL was appointed as the new management company.
Aftermath
The acquisition established a new ownership phase focused on revitalizing the mall, although specific investment amounts and completed projects are not identified in the available reference material.
2021
Foreclosure and lender-controlled operationOtherBackground
CBL reported that mall income was insufficient to make required payments on a loan originating in 2011.
Action taken
Deutsche Bank secured an $86.2 million court judgment, obtained possession, and became the sole bidder at the foreclosure auction. The lender operated the mall through the Woodmont Company.
Aftermath
Control shifted away from CBL while the property continued operating and was marketed as a leading Little Rock shopping center.
Loan and court judgment. $99 million loan → $86.2 million judgment; $100,000 reported auction bid (2021)
2004
CBL Properties acquires Park PlazaM&ABackground
The proposed Summit Mall development had collapsed after zoning disputes and referendum concerns, reducing an immediate competitive threat to Park Plaza.
Action taken
First Union Real Estate Equity and Mortgage Investments sold Park Plaza to CBL Properties.
Aftermath
CBL became the mall’s owner until the property later entered foreclosure proceedings.
Reported acquisition price. $77.5 million (2004)
1987
Convert and redevelop the open-air centerStrategyBackground
Park Plaza had lost competitive ground to the newer, enclosed, and air-conditioned University Mall, which opened nearby in 1967.
Action taken
The property temporarily closed for a reported $20 million redevelopment and was rebuilt as a three-story enclosed mall.
Aftermath
Park Plaza reopened in 1988 with expanded facilities, a movie theater, and a substantially larger reported footprint.
Reported redevelopment cost. $20 million (1987 redevelopment)
Sources1 sources
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