General Growth Properties Has Strong Presence in 7 of Money Magazine’s Top 10 “Best Places to Live”
August 12 2010 - 11:00AM
Business Wire
Among the top ten “Best Places to Live: Money’s list of
America’s best small cities,” published in the August edition of
Money Magazine, General Growth Properties (NYSE: GGP) has a
significant presence in or close to seven of the ten, including the
top six overall communities.
The communities in the top ten with strong GGP presence
include:
1. Eden Prairie, Minn.2. Columbia/Endicott City, Md.3. Newton,
Mass.4. Bellevue, Wash.5. McKinney, Tex.6. Fort Collins, Col.10.
Rogers, Ark.
“Identifying promising demographic trends early on led to our
involvement in so many of the top ten small cities in Money
Magazine’s ‘Best Places to Live’ list,” said Adam Metz, chief
executive officer of GGP. “GGP’s legacy has been its ability to
carefully evaluate the best locations to develop properties in
promising markets, creating a mutually beneficial dynamic in which
our properties enjoy success while contributing to a thriving local
economy. Our presence in many of the top ’Best Places to Live‘ is a
testament to the success of GGP’s past strategy. We are proud to be
located in wonderful communities where our shopping malls and town
centers contribute to the superior quality of life for residents.
Those locations now give us a foundation for building our
future.”
“Two GGP properties associated with the Money list -- Columbia,
Md., and Allen, Tex., near McKinney, Tex. – are proposed to be in
the portfolio of a new company to be spun-off from GGP. The
Columbia property is among a number of award-winning master-planned
communities to be included in the portfolio of the new
publicly-traded real estate company. Other properties in the new
company, such as the acreage in Allen, Tex., occupy excellent
locations. Collectively the new company offers a diverse mix of
near, medium and long-term development and redevelopment
opportunities,” Metz said. “Columbia and Allen offer a glimpse at
the new venture’s promising potential.”
GGP’s presence in the communities highlighted in Money
Magazine’s list of “Best Places to Live” includes:
No. 1: Eden Prairie, Minn.
GGP owns and manages Eden Prairie Center, a 1.1
million-square-foot shopping center with five anchor stores and
popular sit-down dining options such as Wildfire and Biaggi’s
Restaurant Italiano.
No. 2: Columbia/Endicott City, Md.
In addition to The Mall in Columbia, GGP owns or controls
numerous undeveloped or under-developed acres and buildings and has
secured county support of a 30-year master plan to develop that
planned-community’s town center, further improving quality of life
and economic opportunity. Money Magazine labeled the region “an
economic powerhouse with a jobless rate just as enviable as Eden
Prairie's.” The magazine also noted that “The nearby National
Security Agency and the Fort Meade Army base together account for
more than 8,000 jobs, and the government plans to move thousands
more positions there by next year.” Based on the affordable
housing, excellent schools and diverse population, Money concluded
“you can see why this place has become a magnet for families.”
No. 3: Newton, Mass.
GGP has two properties located within ten miles of Newton,
Mass.: Natick Collection in Natick, Mass. and Faneuil Hall
Marketplace in Boston..
No. 4: Bellevue, Wash.
GGP owns Westlake Center in Seattle, Wash., less than ten miles
from Bellevue, Wash.
No. 5: McKinney, Tex.
GGP owns a 238-acre undeveloped land parcel in Allen, Tex., four
miles outside of McKinney, Tex. The land has access to highways and
a vibrant surrounding market.
No. 6: Fort Collins, Col.
GGP owns Foothills Mall, an 800,000-square-foot mall in Fort
Collins, Col. It is the only enclosed mall in the community.
No. 10: Rogers, Ark.
GGP owns Pinnacle Hills Promenade, a 1.1 million-square-foot
shopping, dining and entertainment center in Rogers, Ark.
“As GGP prepares to emerge from bankruptcy and operate as two
strong independent companies, Money Magazine’s ’Best Places to
Live‘ ranking offers insight into the long-term opportunities of
both New GGP and our spin-off company,” added Mr. Metz. “New GGP
will focus on traditional shopping mall properties like Eden
Prairie Center, while the new venture will focus on a diverse
portfolio of near, medium and longer-term development projects,
including extraordinary opportunities in Columbia, Md., Allen,
Tex., and the Ward Neighborhood in Honolulu.”
ABOUT GGP
GGP currently has ownership interest in, or management
responsibility for, over 200 regional shopping malls in 43 states,
as well as ownership in planned community developments and
commercial office buildings. The company’s portfolio totals
approximately 200 million square feet of retail space and includes
over 24,000 retail stores nationwide. The company’s common stock is
traded on the New York Stock Exchange under the symbol GGP.
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