Park Place was originally dedicated as Park Mall in May 1975,[1] but was renovated beginning in 1998 and renamed Park Place the following year.[2] The mall is named after Sears Park, which was previously located at the same site and included what was originally a standalone Sears store (which first opened in the fall of 1965), which became the current mall's major anchor (the "Sears Park" linear park site is presently limited to its extreme southern and western portion).[3] The original stores that opened along with Sears were additional anchors The Broadway (became Macy's in 1996), Furr’s Cafeteria, Mann Theatres, and Diamond's (became Dillard's in 1986), as well as 51 other stores. In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Park Place, into Sertiage Growth Properties.[4] The Sears store later closed in 2018 as part of the company's ongoing financial woes, and was replaced by a Round1 in October 2019.[5] The electric substation on the premises is named Sears Substation because it was there a decade before the mall was built. From 1970 to 1996 the owner was the mall's original developer, Joseph Kivel.[citation needed] On May 28, 2020, it was announced that Macy's would be closing in late 2020.[6] After Macy's closed, Dillard's became the only traditional anchor store left.
In the summer of 2023, the mall was under new ownership and management as the mall was sold to Pacific Retail for $87 million from Brookfield Properties.
Renovation
The 1,100,000-square-foot (100,000 m2),[7] $100 million renovation,[8] completed in 2001, was recognized that year as a Reader's Pick for Best Contemporary Architecture in Tucson Weekly's Best of Tucson awards.[9] The renovation included the addition of an Old Navy, Borders Bookstore, and Abercrombie & Fitch.[9]
The mall features two anchor stores (Dillard's and Round One Entertainment), a food court, a Southwest-themed children's play area, and a cineplex with 20 screens. A number of full-service restaurants are also located on site.[citation needed]