INSERTING and REPLACING General Growth Properties Developing Parke West at Northern Avenue in Phoenix
October 20 2006 - 2:58PM
Business Wire
Insert sentence at the end of the third graph: In addition to its
ownership interests in Arizona, General Growth Properties leases
Main Street Commons, a mixed-use development under construction in
Gilbert, Arizona. Owned by Woodbine Southwest Corporation, the
development will include upscale retail, office, residential and
hotel. The corrected release reads: GENERAL GROWTH PROPERTIES
DEVELOPING PARKE WEST AT NORTHERN AVENUE IN PHOENIX 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. In addition to its ownership interests in
Arizona, General Growth Properties leases Main Street Commons, a
mixed-use development under construction in Gilbert, Arizona. Owned
by Woodbine Southwest Corporation, the development will include
upscale retail, office, residential and hotel. 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. Insert sentence at the end of the third graph: In
addition to its ownership interests in Arizona, General Growth
Properties leases Main Street Commons, a mixed-use development
under construction in Gilbert, Arizona. Owned by Woodbine Southwest
Corporation, the development will include upscale retail, office,
residential and hotel. The corrected release reads: GENERAL GROWTH
PROPERTIES DEVELOPING PARKE WEST AT NORTHERN AVENUE IN PHOENIX
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. In addition to its ownership interests in
Arizona, General Growth Properties leases Main Street Commons, a
mixed-use development under construction in Gilbert, Arizona. Owned
by Woodbine Southwest Corporation, the development will include
upscale retail, office, residential and hotel. 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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