The rink was replaced, first by a multi theater movie complex, then by a food court, which remained until closing.

[26] Several full service restaurants operated in the mall over the years, including Chi-Chi's, Ruby Tuesday, Red Robin, and Silver Diner.

[31] In 2013, Five Mile Capital Partners hired real estate developer Hines to "map out a long-term plan for Lakeforest".

[32] A brand new children's play area opened on the ground floor in front of the then JCPenney on July 30, 2013, with the original children's play area called Professor Frog's Courtyard and nearby fountain in the center court were removed and tiled over in August 2013.

[37] The Annapolis-based Petrie Richardson Ventures has Lakeforest under contract, which would not include the anchor stores in a potential purchase, but as of February 2018 the deal has not been closed.

[39] On June 5, 2019, Gaithersburg City Councilmember Ryan Spiegel tweeted that Lord & Taylor was planning to close.

[40][41][42] This would leave Macy's and Sears as the only anchor stores remaining in the way of redevelopment considered by the Gaithersburg municipal government.

Unfinalized redevelopment proposal plans include relocating the Lakeforest Transit Center and Park and Ride from alongside Lost Knife Rd.

to Russell Ave., townhouses, office buildings, a parking garage near the center of brand new stores, a movie theater, cleaning up the three ponds to have a boardwalk built on top, and among others.

[7][50][51][52][53] On January 17, 2023, at the hearing on the Lakeforest Mall redevelopment plan in City Hall in Gaithersburg, MD, Kevin Rogers of WRS Inc. announced that Lakeforest Mall in its entirety would close on March 31, 2023, at 7:00 PM after 45 years of serving the nearby community.