Ladies and Gentlemen, friends, community leaders, tenants, neighbors, vendors:
I must regretfully inform you that, effective February 19, ATCO Properties & Management will no longer be involved with the management or leasing of The Shops at Atlas Park. Calyon and Société Générale, our lenders who are headquartered in France, will be appointing a new management company for The Shops at Atlas Park.
I hope that Atlas Park will continue to offer the community a great place to shop and more – a morning work-out, a lunchtime bite, an afternoon movie, and a candle-lit dinner. Despite the sluggish economy, traffic on the property was up 30% in 2008, and even held during December, as more people discovered Atlas Park, liked it and returned. 12 new stores opened in 2008, and a number of new stores are forecasted to open in the next six months.
Let me say a few words about the future for ATCO Properties and Atlas Terminals. ATCO is a solid business, and will continue to operate its other assets, including Atlas Terminals, within the tradition of excellence that we have long upheld. ATCO 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 Atlas Terminals.
I believe in Atlas Park, and I believe that the residents of Queens want, deserve, and can support high-quality, aspirational retail, restaurants, and entertainment --- even in the midst of the worst recession in memory. I am passionate about the development of The Shops at Atlas Park and thank you for the role you may have played in this wonderful center. Our company and I will remain active members of the national retail real estate industry and of the Queens community.
Note: The Atlas Park staff (Jim Boyle and his direct reports) will remain in place. Until you are otherwise notified, you should contact Anne “Coco” Shean from Calyon with regard to all decisions about which you would have approached me, the leasing, tenant coordination, or accounting departments. She can be reached at 212.261.7097 or firstname.lastname@example.org.