Elk Grove Promenade Developer Surprises, Reports Annual Profit

General Growth Properties still faces multi-billion dollar debt

The troubled developer of the Elk Grove Promenade, Chicago-based General Growth Properties (GGP), reported an unexpected annual profit of $26.26 million. This is a 90% drop from the previous fiscal year where GGP reported a profit $287.95 million.

Despite the profit, GGP is technically in default on $1.179 billion in loans and has "$4.09 billion of debt that could be accelerated,” according to GGP.

GGP is the developer of the troubled Elk Grove Promenade mall. Construction of the mall was halted last summer in the midst of the credit crisis. GGP also owes the City of Elk Grove over $300,000 in fees.