November 10, 2011
Most of the long-struggling Owings Mills Mall will be torn down starting in 2013 to make room for a $65 million retail development, a move that Baltimore County officials hope will complement other burgeoning projects in an area targeted for growth. Mall owner General Growth Properties will work with Kimco Realty to redevelop and "de-mall" the 1-million-square-foot site — a move that mirrors the remaking of a shopping area in Hunt Valley. Developers said Thursday that they did not know how much of the mall they would demolish, but they expect anchor stores Macy's and JC Penney, as well as the AMC movie theater, to stay.
August 3, 2010
Chicago-based General Growth Properties Inc. said it amended its reorganization plan to increase its capital structure flexibility and improve investment terms, and remains on track to emerge from bankruptcy in October. The plan includes the reinstatement of $1.3 billion in bonds due in 2012 and 2013. The company, which in Maryland owns Harborplace, the Gallery, the Village of Cross Keys, Mondawmin Mall, Towson Town Center, Owings Mills Mall and White Marsh Mall, among others, said its emerging financing needs will be met partially by the reinstatement of the bonds and it does not expect to need a previously contemplated term loan.
January 25, 2011
The Mall in Columbia announced today that three new stores and one eatery will open this spring. The new tenants are The Children's Place, Lush, Brow Art 23 and Kabob Connection. The Children's Place will occupy roughly 4,500 square feet and will be located on the lower level near Lord & Taylor, while Lush, which makes organic beauty products, will take up 500 square feet next to Nordstrom on the lower level. Brow Art 23, which specializes in eyebrow threading, will also move in next to Lord & Taylor on the lower level and will occupy 1,600 square feet.
January 6, 2009
It may be a buyer's market, but Harborplace is going to be a tough sell. General Growth Properties, the financially strapped owner of the pavilions and The Gallery, says it is looking for investors or buyers for its waterfront markets here and in New York and Boston. Buying into these projects would require deep pockets since the commercial credit market is so pinched, but as critical to the future of Baltimore's prime waterfront venue, an investor would need vision. The heart of the Inner Harbor's revitalization 30 years ago, Harborplace remains a draw for tourists.
February 20, 2010
Simon Property Group Inc. said General Growth Properties Inc.'s plan for discussing Simon's proposed takeover of its bankrupt rival is "unreasonable" and asked the mall operator to reconsider its negotiating agreement. Simon, the largest U.S. shopping mall owner, said General Growth's draft of a nondisclosure agreement would prohibit Simon from talking with potential partners and wouldn't ensure the company receives the same information made available to competing bidders. Simon commented in a letter sent to General Growth Chief Executive Officer Adam Metz and distributed Friday in a news release.
March 10, 2010
CHICAGO - Two major investors in General Growth Properties are joining Brookfield Asset Management in offering to inject a combined $6.5 billion in fresh funds into the shopping mall operator to help it emerge from bankruptcy protection. General Growth said in a statement late Monday that its board is weighing an offer from Fairholme Capital Management, one of its largest unsecured creditors, and Pershing Square Capital Management, one of its largest shareholders, to invest $3.93 billion.