GGP Ggp Inc. (delisted)

General Growth Properties (NYSE: GGP) today released the details of a multi-faceted plan to redevelop the South Street Seaport and return the district to its former glory as a vibrant hub for commerce in Lower Manhattan. This proposal aims to reconnect the Seaport to the fabric of the neighborhood, provide locally needed amenities and reestablish the area as a dynamic community. �Our vision for the transformation of the Seaport is the centerpiece of GGP�s commitment to New York and its residents,� said GGP Chairman and Chief Executive Officer John Bucksbaum. �We are proud to work closely with the New York City Economic Development Corporation (EDC) to preserve and restore the unique character of this historic area while addressing the immediate and long-term needs of Lower Manhattan�s growing community.� GGP has worked closely with local business leaders and the Lower Manhattan community to develop a vision for the Seaport. The plan replaces the enclosed mall with a pedestrian district, more than two acres of additional open space and circulation areas connected to the street grid of the historic Seaport District. New shops and restaurants, a boutique hotel, and a five-star hotel and residential building are proposed. SHoP Architects, headquartered in Lower Manhattan, designed the Seaport�s new master plan. The innovative new designs complement existing local architecture using elements and materials that evoke the Seaport�s maritime heritage. SHoP is also working with the city to design the East River Esplanade and Piers Project, which provides opportunities for synergies of style and substance between the two projects. New York City Deputy Mayor Robert Lieber said, �This comprehensive vision to remake the South Street Seaport holds the promise of a new and vibrant waterfront destination with amenities for the financial community, New Yorkers and visitors alike. Pier 17 sits at a critical juncture of two of the city's most important and exciting projects � the East River Waterfront and Fulton Corridor Revitalization. Investment in a re-imagined Seaport would further enhance Lower Manhattan's resurgence and expand on the success of a growing adjacent residential neighborhood. The public review processes will help ensure its seamless integration with its Lower Manhattan neighbors.� Kathryn Wylde, president and chief executive officer of the Partnership for New York City, said: �For too long, the Seaport has stood separate from the rest of Lower Manhattan. The new Seaport will revive this historic neighborhood as a destination for all New Yorkers. General Growth�s plan reintegrates the Seaport back into the fabric of downtown, offering amenities and more open space to the community while generating new jobs and economic activity that will benefit the whole region.� The proposed master plan will be reviewed by the city�s Landmarks Preservation Commission (LPC). Pending that review, the plan could enter the city�s Uniform Land Use Review Process (ULURP) in the spring of 2009, with construction planned to commence in late 2010. Construction is expected to take four years. A driving force behind much of the Seaport�s plan is the need to create amenities that benefit the local community and continue to attract tourists. GGP has worked closely with Community Board 1 to determine residents� needs, particularly in the development of a new community center, and has incorporated community feedback into the plan�s public amenities. GGP has already begun energizing Pier 17 and the cobblestone-paved �uplands� west of the FDR Drive with events and new vendors. The former fish-market stalls along South Street will be converted into a daily specialty food market. The Seaport will also continue hosting free public performances, concerts, and attractions, such as the �Amazonia Brasil� exhibit that opened this spring, the River to River Festival, and the annual Spiegeltent circus-cabaret show. Pier 17 will also be one of the best viewing sites for Olafur Eliasson�s upcoming installation, �The New York City Waterfalls,� opening on June 26 in several harbor locations. The uplands will continue to be home to the South Street Seaport Museum, which has served the community for over 40 years, dedicated to the mission of preserving and interpreting the history of the Port of New York. GGP also plans to create a 30,000-square-foot community space on the second floor of the Fulton Market Building as part of the redevelopment plan. GGP has engaged area stakeholders in open dialogue to gain broad input for the future space and to identify other local needs. GGP will continue that dialogue to make the Seaport a useful and welcoming place for community members, with regular programming and activities for children, teens, seniors, and families. Community amenities of the plan include: Adding two new acres of open space and transforming currently inactive areas of loading docks and parking lots, to create a total of five acres of publicly accessible and actively-programmed open space on the East River waterfront � constructed and maintained by GGP Neighborhood shops, including a new daily specialty food market in the former fish-market stalls A 30,000-square-foot space dedicated to community and cultural uses Preservation and restoration of the Tin Building, a historically significant Fulton Fish Market landmark Enhanced pedestrian access to the waterfront Expanded water-transit access Improved view corridors on Pier 17 and throughout the district Free year-round on-site events and performances The master plan includes a major capital investment to restore the historic Tin Building, which for decades served as the pier�s fish-market depot. GGP has contracted with preservation specialists to rehabilitate the three-story building and has proposed to relocate it to Pier 17�s eastern end, restoring its relationship with the water�s edge. On the pier�s north side, the project�s signature building is expected to stand 42 stories above the East River and house hotel and residential units, as well as a 3-story specialty retailer at its base. Serving as a new economic anchor for the Seaport, the building will replace the vacant New Market Building, which is located just outside the city-designated historic district. GGP and SHoP have designed the new building�s architectural features to reference the area�s maritime past. Like all new Seaport structures, the plan calls for the building to be built to qualify for LEED Silver specifications and meet the city�s rigorous, long-term sustainability standards�using fuel-efficient construction equipment, recycled materials, energy conservation measures, and other �green� systems. As part of a renewed partnership between EDC and GGP, it is anticipated that the city will make a capital investment in restoring the Seaport�s pier infrastructure and public open spaces. GGP will pay rent to the city under a renewed long-term ground lease for the Seaport. GGP will build and maintain all publicly accessible spaces, including the portion of the East River Esplanade on Pier 17. The master plan calls for GGP to more than double the current amount of open space at Pier 17 by both creating new space and by transforming inaccessible spaces into actively-programmed public places. GGP will collaborate with EDC and the local community to operate and program the new Seaport. More information, including images for download, can be found on the new Seaport website, www.thenewseaport.com. About General Growth Properties The South Street Seaport became part of the General Growth Properties portfolio through its acquisition of The Rouse Company in 2004. GGP is one of the largest U.S.-based publicly traded real estate investment trusts (REIT) based upon market capitalization. Best known for its ownership or management of more than 200 shopping malls in 45 states including the Staten Island Mall, GGP is also a developer of master-planned communities and mixed-use properties.�GGP has ownership interest in master-planned communities in Texas, Maryland and Nevada, and in smaller mixed-use projects under development in additional locations. Its shopping center portfolio totals approximately 200 million square feet of retail space accommodating more than 24,000 retail stores nationwide. GGP�s international portfolio includes ownership and management interest in shopping centers in Brazil and Turkey.�General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the company website at www.ggp.com. Forward Looking Statements This press release contains forward-looking statements. Actual results may differ materially from the results 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 indebtedness and interest rates, market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and ability to successfully manage 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 (as amended by Amendment No. 1 to such report filed on Form 10-K/A), 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.