Elk Grove Promenade Developer Files Plan to Emerge From Bankruptcy
General Growth Properties (GGP) filed a plan yesterday to emerge from Chapter 11 Bankruptcy as early as this October. The plan, which r...
https://www.elkgrovenews.net/2010/07/elk-grove-promenade-developer-files.html
General Growth Properties (GGP) filed a plan yesterday to emerge from Chapter 11 Bankruptcy as early as this October.
The plan, which requires court approval, calls for the Chicago-based company to be split into two public entities. The larger company will manage the companies shopping malls and the other will be a holding company for non-shopping center real estate properties with little debt.
GGP is the developer of the Elk Grove Promenade Mall. Construction of the outdoor shopping mall located on the south side of Elk Grove stopped two years ago this month.
During the June 23 city council meeting Elk Grove Mayor Sophia Scherman said there would be good news to report on the mall. "The mall is going to be coming," Scherman said. “At this point that is all I can say."
Scherman did not respond to a request for comments on GGP’s planned emergence from bankruptcy.
Elk Grove City Manger Laura Gill said was not aware of any immediate change of status for the project as a result of GGP’s plan. “To our knowledge, GGP’s emergence from bankruptcy will not have any immediate effect on the resumption of construction at the Elk Grove Promenade,” Gill said.
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"...resumption of construction..." will require the "resumption of consumption" by our vast hordes of Elk Grove consumers, first, before GGP will consider resumption.
Hard to imagine GGP spending those additional millions to complete this eyesore until and unless there's proof that Elk Grovians have money to blow consuming consumables.
At this point, this is all I can say.
Can I open a tattoo "parlor" in the Sophie Center Mall?
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