LAURIE, Mo. — The Laurie Terrace Mall—a 50,000-sq-ft, two-story mall in the heart of the Lake of the Ozarks westside city of Laurie—is undergoing major improvements and is about to come under new ownership.
Mall owners Lynn and Peggy Griswold are in the process of gifting the mall to a partnership of the Citizens Memorial Hospital - Bolivar and Bolivar Community College. “We just have not had the time it takes to give to the mall,” Lynn Griswold said. “We are at a time in our lives where we are downsizing and making life a little simpler. Gifting can give the mall a new life, with new owners, who have new ideas, that can really be a benefit to the community.”
The Griswolds also ran Shawnee Bluff Winery for years (with other business partners), before selling it to their daughter Gail and her husband Barrett.
Currently, there are five businesses in the mall, with room for more. The current tenants include Nok Noi Thai Restaurant, Merle Norman, Lake Spa and Salon, Warrior Fitness and Missouri Solar Applications. “I believe the new owners will honor the current tenant leases,” Lynn said. “I don’t think they will add more retail businesses, as retail is not earning in today’s market, due to the rise in Internet sales. Whatever the new owners decide to do with the mall, we are fixing it up, so it will be ready for new life.”
Recently, the Griswolds invested in new heating and air conditioning units, new spray foam roof insulation, electric wiring, and a new ventilation system, in the two-level, 50,000-sq-ft building, on seven acres on Highway 5.
According to the Attorney Kerry Douglas, trustee for the partnership, the transaction is in process, as the recipients are doing due diligence. They expect to close within 30 days, but they have until February.
Until the transaction is a done deal, the recipient organizations will not make a statement on their exact future plans for the mall. “Both entities are dedicated to health care and education,” Douglas said. “Whatever will be done, will be done most likely through the foundation, with a part of proceeds from the gift being used for education. Because there is such a demand for health care workers, it could be used for health care education. I can’t say that for sure, but I would not be surprised.”
“After the closing occurs, the two entities will mutually decide what is in the best interest of the properties, the entities, and the community,” Douglas added. “Neither are in the business of operating rental properties. It is likely we will attempt to put it in the hands of someone who wants to give it the attention it needs and develop it into its highest and best use, based on the assessment of the ultimate property owner. Both entities are very thankful for the Griswold’s generosity. They will do what is right and decide what is best for the property and the city. They are good citizens in Bolivar, and they will be good citizens in Laurie.”
The Griswolds have owned the mall since 2003. They operated Medical Transportation Management, a 100-seat call center in the mall, seven years ago. “I have found Laurie to be a great community, with a lot of strengths,” Lynn said. “There are so many people willing to volunteer to help their neighbor through churches and organizations like the Lake of the Ozarks Shootout and the Elks Lodge. The west side is experiencing a reawakening and there are a lot of opportunities in the area near the mall.”
