Financial trouble we told you about back in December has sunk General Growth Properties. Bloomberg reports that GGP, the nation’s second-largest mall owner, has filed for Chapter 11, unable to service some $27b. in debt. In addition 158 GGP subsidiaries also filed for bankruptcy.
Among the more than 200 malls GGP owns is Carolina Place in Pineville. The recently renovated 1.3 million square foot mall has a tax value of $100m. and paid $1.1m. in property tax to Mecklenburg County and the town for 2008.
GGP was also a driving force behind the The Bridges at Mint Hill, a Carolina Place-sized mall planned for 215 acres at Lawyers Road and 485. That project locked up late last year as GGP struggled to find money.
