Mint Hill mall land now controlled by Howard Hughes Corporation?

Nov 102010
 

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.

Share
 November 10, 2010  Posted by at 10:26 am Bridges at Mint Hill mall 1 Response »

General Growth could exit bankruptcy in early November

Oct 122010
 

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.

Share
 October 12, 2010  Posted by at 9:14 pm Bridges at Mint Hill mall, Development No Responses »

What will Mint Hill look like in 2030?

May 272010
 

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.

Share
 May 27, 2010  Posted by at 3:25 pm Bridges at Mint Hill mall, Development 1 Response »

General Growth clawing its way out of bankruptcy

Mar 102010
 

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.”

Share
 March 10, 2010  Posted by at 10:49 am Bridges at Mint Hill mall No Responses »

General Growth to be acquired?

Feb 162010
 

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.

Share
 February 16, 2010  Posted by at 12:10 pm Bridges at Mint Hill mall, Development No Responses »

General Growth files for bankruptcy

Apr 162009
 

[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.

Share
 April 16, 2009  Posted by at 10:55 am Bridges at Mint Hill mall, Development No Responses »

General Growth gets an extension

Feb 032009
 

picture-2.png

The Charlotte Business Journal is reporting that General Growth Properties Inc, the Chicago based company which was partnering with Childress Klein to bring the Bridges of Mint Hill mall to this area, has received an extension to pay some of its debt through March 15.

Share
 February 3, 2009  Posted by at 4:48 pm Bridges at Mint Hill mall, Development No Responses »

Mint Hill mall developer gets 2 week loan reprieve

Dec 012008
 

General Growth Properties inc, who is partnering with Childress Klein properties in building the Bridges at Mint Hill, has gotten a two week reprieve to pay a $900 million dept for two malls in Las Vegas. General Growth warned several weeks ago it may have to file for bankruptcy if it can’t meet its debt obligations. The most recent move will help it gain some time to pay off a “mountain of debt” obligations coming in the next year. Last month, GGP fired its chief executive, president and chief financial officer. Childress Klein has said to Mint Hill town commissioner Lloyd Austin they are willing and able to go it alone in building the mall in Mint Hill if they have to.

Share
 December 1, 2008  Posted by at 5:16 pm Bridges at Mint Hill mall, Development No Responses »

The real reason Bridges halted construction?

Jul 312008
 

Retail Traffic Magazine has an interesting story about the slow down in shopping center development. As you might have guessed, it has more to do with the slow down in the economy and less about offsite-onsite issues, which is what General Growth Properties is saying about their Bridges at Mint Hill project. From Retail Traffic:

Consumers are checking discretionary spending and, seemingly everyday, new retailers come out with announcements that they are filing for bankruptcy, shuttering stores and constraining expansion plans. As a result, construction is coming to a screeching halt at projects across the country as developers reevaluate proposed centers’ economic viability.

Most recently, site work of the planned 215-acre open-air center, Bridges at Mint Hill in Charlotte, N.C., came to a halt. Chicago-based General Growth Properties and local partner Childress Klein Properties originally announced plans for the center in June 2005. It was slated to open in 2007. A series of delays pushed projected completion back to 2009. As for now, no new timeline has been announced.

General Growth announces second quarter earnings after the market closes today, so that should be a good indicator of the financial state of the company.

**Update: General Growth reported an increase in earnings for the second quarter. The company seems strong, so maybe this halt in construction of the Bridges is just that: a halt. Mayor Ted Biggers and Town Manager Brian Welch seem confident mall construction will pick back up in the new year. So far, there’s no reason to doubt that.

Share
 July 31, 2008  Posted by at 7:51 am Bridges at Mint Hill mall, Development, Real Estate No Responses »

It’s not just MH’s mall that’s stalled

Jul 292008
 

General Growth said to Mayor Ted Biggers and Town Manager Brian Welch the Bridges at Mint Hill is being delayed so offsite work can catch up with onsite work. Apparently, Mint Hill is not the only town where General Growth has stalled a mall project. Elk Grove Promenade is “on hold,” according to the Elk Grove Citizen newspaper in California. Rumor is that General Growth has also put the breaks on a billion dollar project in Las Vegas.

General Growth releases its second quarter earnings tomorrow after the market closes. We should know more by then.

Read more in Thursday’s Mint Hill Times.

Share
 July 29, 2008  Posted by at 8:15 am Bridges at Mint Hill mall, Development 2 Responses »

Doubts about mall project moving forward

Jul 262008
 

General Growth claims the off-site and on-site work were not in sync, and that grading was going too fast. Urban Planet forum posters express doubt about the reasons given for the halt of Bridges at Mint Hill construction at Lawyers Road and I-485. The poster says:

That’s an interesting excuse and it’s rubbish. It’s no doubt due to the economy and the fact that General Growth, the developer, is having major issues in these seized up capital markets trying to get refinancing on its $billions of debt maturing over the next two years. Being that the company is now devoting full attention to its existing stabilized portfolio of malls, I predict this project will be on hold until 2010 at the earliest or may just outright die.

Mall developers told Town Manager Brian Welch construction will begin again at the first of the year. Stay tuned…

Share
 July 26, 2008  Posted by at 9:29 am Bridges at Mint Hill mall, Development ,  No Responses »

Bridges at Mint Hill update

Jul 242008
 

The Bridges at Mint Hill halted grading yesterday, but no worries. Town Manager Brian Welch met with mall officials Wednesday night and they told him the onsite work got ahead of the offsite work. Work at the construction site will begin again sometime at the beginning of next year. Welch also said the mall officials told him they are still 100% committed to building the mall.

More on the mall in the July 31 edition of the Mint Hill Times.

Share
 July 24, 2008  Posted by at 1:27 pm Bridges at Mint Hill mall, Development 16 Responses »
© 2012 The Mint Hill Times Suffusion theme by Sayontan Sinha