Mint Hill mall land now controlled by Howard Hughes Corporation?

It’s been a big week for General Growth Properties, the driving force behind building a mall in Mint Hill. The company not only exited bankruptcy, but officially spun off The Howard Hughes Corporation. The two companies became linked through a deal in Las Vegas. This morning, the Bridges at Mint Hill is now listed under The Howard Hughes website, and not General Growth. The HHC website says of the Mint Hill project,

The Bridges at Mint Hill is a prime placement in the underserved southeast corner of the thriving Charlotte metropolitan area.  The Howard Hughes Corporation is currently considering the opportunities for this property given evolving market conditions.

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General Growth could exit bankruptcy in early November

General Growth Properties, which owns the majority of the land where the Bridges at Mint Hill mall will be built, could exit bankruptcy in early November according to a statement released by the company. General Growth recently announced a new board of directors and has plans to spin off the Howard Hughes Corporation which will oversee master-planned communities and other real estate assets. It’s unclear if that includes the Bridges at Mint Hill. It was also announced this week that GGP intends to raise $2 billion in stock offerings.

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What will Mint Hill look like in 2030?

Tuesday night, representatives of the consulting firm HNTB met with the town to discuss the Small Area Plan that will guide development in area around the Bridges at Mint Hill for the next 20 years. Here’s the current plan they showed the town Tuesday night. To read more about this plan, pick up a copy of this week’s Mint Hill Times.

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General Growth clawing its way out of bankruptcy

General Growth Partners, one of the largest mall owners in the country and the company which still intends building The Bridges at Mint Hill, may be on the verge of exiting bankruptcy. The company was forced to file for bankruptcy last year when investments went bad. Simon Properties, the owner of South Park Mall, wants to take over General Growth with a $10 billion offer. However, General Growth is not going down without a fight. It has a partner to help get the finances back in order and has recently indicated it will get listed once more on the New York Stock Exchange. A judge recently gave the company more time to reorganize its finances. Thomas H. Nolan Jr., General Growth’s president, told the New York Times after the hearing:

“We’re pleased with the outcome. The judge clearly agreed with the plan that we outlined.”

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General Growth to be acquired?

Simon Properties, owner of South Park Mall, is offering to acquire General Growth Properties, the company that owns the majority of the land at Lawyers Road and Interstate 485 where the Bridges at Mint Hill is to be built. According to bizjournals.com, Simon is offering to buy General Growth for $10 billion. Reps from Simon said GG’s unsecured creditors’ committee supports the offer. Mint Hill is currently creating a Small Area Plan to guide development at the Lawyers Road interchange. Read more about the plan in this week’s Mint Hill Times.

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General Growth files for bankruptcy

[singlepic id=634 w=320 h=240 float=center]General Growth Properties, Inc, burdened by $27 billion in debt, filed for Chapter 11 bankruptcy today. The mall operator is a partner with Childress Klein to bring the Bridges at Mint Hill mall to Lawyers Road and Interstate 485. Chris Thomas of Childress Klein told the Mint Hill Times earlier this year that no matter what happens with GGP, Childress Klein intends to build the mall. If GGP drops out, and if Childress Klein can’t find another partner, then they will build it themselves. Millions of dollars has already been spent grading the land along Lawyers Road. Thomas said construction could begin as earlier as next year, depending on market forces.

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