In 2006, the mall fell into receivership and was sold to Somera Capital Management, which owns and operates many malls across the nation, for $31 million. Somera hired General Growth Properties to redevelop the space. Renovation plans were unveiled to the public on January 30, 2007, at Laurel City Hall. The plans included a new anchor, a 16-screen Regal Theaters with stadium seating, a two-story bookstore, a new food court, restaurants with sidewalk dining (including Mimi's Cafe), new national and regional shops, a new parking deck, a redesigned exterior of bricks and stones, and a new interior. The redesigned mall was to be renamed "Laurel Commons," and was to have been accompanied by luxury apartments and a grocery store on the mall property. The first phase of the project was scheduled to begin construction in 2009. General Growth Properties filed bankruptcy protection, and construction never started, to the dismay of the City Council and Mayor, who threatened to withdraw the $16 million tax break.