Posted Apr 9, 2010, 5:10 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,811
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http://downtownexpress.com/de_363/emerging.html
Emerging from bankruptcy, firm revives Seaport tower talk
By Julie Shapiro
April 9 - 15, 2010
Quote:
General Growth Properties is emerging from bankruptcy and is looking to resurrect its plans to redevelop the South Street Seaport.
Before declaring bankruptcy in April 2009, General Growth intended to demolish the Pier 17 mall and replace it with a new hotel and retail complex, including a 500-foot tower. The company’s $27 billion in debt, along with the city Landmarks Preservation Commission’s dislike of the designs, put those plans on hold indefinitely.
But that could be changing now that G.G.P. has submitted a reorganization plan based on a $6.55 billion investment from Brookfield Asset Management, Pershing Square Capital Management and Fairholme Capital Management.
As part of that plan, G.G.P. would divide into two companies: General Growth Properties would retain most of the company’s core asset, its shopping malls, while a new company, General Growth Opportunities, would take the mixed-use properties and those with future development potential. The South Street Seaport mall would become part of General Growth Opportunities, suggesting that the new company would seek to redevelop it.
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