Elk Grove Promenade Developer Given Six More Months to Straighten Out Bankruptcy Mess
The Developer of the half-constructed Elk Grove Promenade was granted a six month extension to file a court ordered reorganization plan....
https://www.elkgrovenews.net/2009/08/elk-grove-promenade-developer-given-six.html
The Developer of the half-constructed Elk Grove Promenade was granted a six month extension to file a court ordered reorganization plan.
Chicago based General Growth Properties (GGP), which filed for Chapter 11 bankruptcy after it was unable refinance billions of dollars in short term debt in wake of the credit collapse, was scheduled to present a plan by August 14.
GGP has abandoned construction of the Elk Grove Promenade over one year ago, a good nine months prior to the bankruptcy filing.
Officials for the company cited the complex nature of their business which involves thousands of leases and contractors for seeking the extension. GGP has previously been sued in Sacramento County for non-payment by several contractors.
GGP now has until February 28, 2010 to file their plan.
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17 comments
Sell it back to the Lent Family
Fact is, nothing is going to happen. There ain't going to be no mall. In 12 months, nothing will happen. In 18 months, nothing will happen.
The golden hey days of developing malls, especially in a city like EG are over. The economy can't support it.
I've a clear bias against this sort of development, anywhere, so you must take my comments with that in mind.
I am particularly annoyed that on one hand, the city of Elk Grove is taking money from a one-time telecom refund to support this so-called Think, Live, Shop Elk Grove local campaign, while on the other hand all we've done is approve the building of large format retail whose tenants are decidedly non-local.
It is, to me, highly insulting to assume that by buying a new car at our Auto Mall, something not produced locally, and receiving $500 in subsidies to buy foreign made stuff at big box retailer, I've somehow bought "local."
In my opinion, we cannot have a community without our own economy. Unfortunately, we don't have any economy of our own. We allow outsiders to decide that Harley Davidson, among dozens of other retailers, should pull up stakes and consolidate with Sacramento...eliminating all "local" tax revenues from this retailer.
They have absolutely no commitment to our community. If sales are up, wa-hey...if not, make no effort to remain in the community -- to do so would impact out-of-town shareholders or corporate staff in Milwaukee. This is in addition to the fact that this particular retailer, HD, is the epitome of excess consumption, of our lust for excessive speed up and down Franklin Blvd. I am more than enthralled to see them leave.
Too bad that our city has no hope of attracting any local tenants into this soon-to-be-vacated freeway-close strip retail shell. There it will sit, empty, 'til 2015 -- when some other non-local outfit comes in and leaves again when things turn south in 2021.
You have got to be kidding??? Why are we wasting time.... Plow the mall! What a bloody waste of time..... Whose idea was it to give Elk Grove a Mall anyway... whoever is was (Mrs. Citizen of the Year) BAD IDEA.... CLEAN IT UP!
Plow the "mall." It's history. Forget about it.
Grown some trees and grass on it and make it look nicer, at least.
Frankly, even if there was a completed mall, in this economy, 85% of the businesses would have closed. EG simply cannot support a mall. Look at the current stores now in EG. They are barely hanging on. With a mall, no way will it survive and the end result will be the same. A mall closure.
The folks who wanted the mall were dreaming and assuming real estate will go up forever. What a fantasy.
So...at the end of this 6 more months, what are our city's options?
I personally don't see this going anywhere until 2011, at the earliest. We got an award winning unused 6-now-8-lane-later $83,000,000 highway overcrossing, replete with a keystone announcing "You Have Arrived" in Elk Grove...while the hulking metallic core of an outdoor strip mall announces to commuters/consumers that "you'd better commute further" to consume.
I've not ventured down there to see our ghost town up close. The good news in all this is that we've created a dozen security jobs whose payroll taxes will more than offset the roadway fees used to build that new interchange.
Hmmm, Grantline overcrossing = bridge to nowhere??
Put the "mall" out of its misery. Bury it and just think of it as a bad dream.
I like that "Bad Dream" more like nightmare.... Elk Grove never wanted it....see what happens when Mrs. Citizen of the Year pushed so hard for something..... Just look for the picture in the archives of the the Elk Grove Citizen... You will see who was holding the shovel... When you see Mrs. Lent be sure to Thank you from the bottom of your heart!
So what are these leading citizens who wanted this mall going to do with this great mall now? Obviously, it's dead. Why don't they say something?
The hulking shell of the Mall is a blight. Just like all the office retail complexes being proposed from HWY 99 to I-5 on the proposed Kammer Rd connector will be. Leave that land open, so when folks are traveling from HWY 50 to I-5 they will have some decompression time while moving from one insane driving situation to another. Hey or maybe the mall shell could be tweeked to become a major farmers market location?
It just might be an Indian casino before a mall.
Yes Lisa and Bob we want to hear your pearly words of wisdom... being cowards is in poor taste... stand up and speak to us as the selected Citizens of the Year!
I do not think it is Indian Land.... however not sure however an Indian Casino would mean no income for Eg Only the Tribe.
A casino would have to pay impact fees, local taxes, and bribes err donations to local politicians.
However, on the plus side it would create hundreds of jobs.
Let's give it or sell it to the recently recognized Miwok Indians!!!! Or better yet lets turn it into a "Homeless Camp" and call it Humeville.
It'd probably cost more to bulldoze it than to just leave it standing.
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