General Growth Properties Developing Parke West at Northern Avenue in Phoenix
October 20 2006 - 10:19AM
Business Wire
General Growth Properties (NYSE:GGP), the nation�s second largest
owner, developer and manager of shopping centers, today announced
that it is expanding its presence in the Phoenix market by
developing Parke West at Northern Avenue, a Peoria, Ariz., shopping
and entertainment development on 46 acres just northwest of the new
Arizona Cardinals football stadium. �Phoenix and surrounding
communities constitute one of America�s fastest growing
metropolitan areas and we plan to create a dynamic retail
experience,� said John Bucksbaum, chief executive officer of
General Growth. General Growth also owns Arizona Center in downtown
Phoenix. In Tucson, General Growth owns and manages Park Place and
Tucson Mall and in southern Arizona it owns The Mall at Sierra
Vista. It holds an equity interest in Arrowhead Towne Center in
Glendale and Superstition Springs in East Mesa, both of which are
just outside Phoenix. Scheduled to open in October 2007, Parke West
at Northern Avenue will feature 356,000 square feet of shopping,
restaurants and movie theaters. Located northwest of the
intersection of Arizona Loop 101 freeway and Northern Avenue, Parke
West will have easy highway access and serve a fast growing market
of affluent residents and visitors. Among General Growth�s
nationwide portfolio of shopping centers, 20 are in California, 16
in Texas and 14 in the states of Utah, Colorado and New Mexico
combined. It has two master-planned communities in the Houston
market and one in Las Vegas. New developments in the planning or
development stages include four in Texas and two in California.
Several existing properties in those states are under
redevelopment. �As we take over development of Parke West at
Northern Avenue, we will take a hard look at the existing plans for
the property and mobilize the expertise of our development team to
ensure the creation of a special place and experience that will
have timeless quality,� said Bucksbaum. �Parke West will be a
favorite destination for sports fans, tourists and West Valley
residents.� General Growth Properties, Inc. is the second largest
U.S.-based publicly traded Real Estate Investment Trust (REIT).
General Growth currently has an ownership interest in or management
responsibility for a portfolio of more than 200 shopping malls in
44 states, as well as ownership in master-planned community
developments and commercial office buildings. The portfolio totals
approximately 200 million square feet of retail space and includes
more than 24,000 retail stores nationwide. General Growth
Properties, Inc. is listed on the New York Stock Exchange under the
symbol GGP. For more information, please visit the Company Web site
at http://www.generalgrowth.com. This press release contains
forward-looking statements. Actual results may differ materially
from the future operations suggested by these forward-looking
statements, for a number of reasons, including, but not limited to,
the retail market, tenant occupancy and tenant bankruptcies, the
level of our indebtedness and interest rates, market conditions,
land sales in the Master Planned Communities segment, the cost and
success of our development and redevelopment projects and our
ability to manage our growth. Readers are referred to the documents
filed by General Growth Properties, Inc. with the SEC, specifically
the most recent report on Form 10-K, which further identify the
important risk factors which could cause actual results to differ
materially from the forward-looking statements in this release. The
Company disclaims any obligation to update any forward-looking
statements. General Growth Properties (NYSE:GGP), the nation's
second largest owner, developer and manager of shopping centers,
today announced that it is expanding its presence in the Phoenix
market by developing Parke West at Northern Avenue, a Peoria,
Ariz., shopping and entertainment development on 46 acres just
northwest of the new Arizona Cardinals football stadium. "Phoenix
and surrounding communities constitute one of America's fastest
growing metropolitan areas and we plan to create a dynamic retail
experience," said John Bucksbaum, chief executive officer of
General Growth. General Growth also owns Arizona Center in downtown
Phoenix. In Tucson, General Growth owns and manages Park Place and
Tucson Mall and in southern Arizona it owns The Mall at Sierra
Vista. It holds an equity interest in Arrowhead Towne Center in
Glendale and Superstition Springs in East Mesa, both of which are
just outside Phoenix. Scheduled to open in October 2007, Parke West
at Northern Avenue will feature 356,000 square feet of shopping,
restaurants and movie theaters. Located northwest of the
intersection of Arizona Loop 101 freeway and Northern Avenue, Parke
West will have easy highway access and serve a fast growing market
of affluent residents and visitors. Among General Growth's
nationwide portfolio of shopping centers, 20 are in California, 16
in Texas and 14 in the states of Utah, Colorado and New Mexico
combined. It has two master-planned communities in the Houston
market and one in Las Vegas. New developments in the planning or
development stages include four in Texas and two in California.
Several existing properties in those states are under
redevelopment. "As we take over development of Parke West at
Northern Avenue, we will take a hard look at the existing plans for
the property and mobilize the expertise of our development team to
ensure the creation of a special place and experience that will
have timeless quality," said Bucksbaum. "Parke West will be a
favorite destination for sports fans, tourists and West Valley
residents." General Growth Properties, Inc. is the second largest
U.S.-based publicly traded Real Estate Investment Trust (REIT).
General Growth currently has an ownership interest in or management
responsibility for a portfolio of more than 200 shopping malls in
44 states, as well as ownership in master-planned community
developments and commercial office buildings. The portfolio totals
approximately 200 million square feet of retail space and includes
more than 24,000 retail stores nationwide. General Growth
Properties, Inc. is listed on the New York Stock Exchange under the
symbol GGP. For more information, please visit the Company Web site
at http://www.generalgrowth.com. This press release contains
forward-looking statements. Actual results may differ materially
from the future operations suggested by these forward-looking
statements, for a number of reasons, including, but not limited to,
the retail market, tenant occupancy and tenant bankruptcies, the
level of our indebtedness and interest rates, market conditions,
land sales in the Master Planned Communities segment, the cost and
success of our development and redevelopment projects and our
ability to manage our growth. Readers are referred to the documents
filed by General Growth Properties, Inc. with the SEC, specifically
the most recent report on Form 10-K, which further identify the
important risk factors which could cause actual results to differ
materially from the forward-looking statements in this release. The
Company disclaims any obligation to update any forward-looking
statements.
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