Results tagged “generalgrowthproperties”

General Growth Properties, whose "growth" we've criticized before, has filed for bankruptcy. The City of Boston owns the property; GGP was just leasing and operating it. The bankruptcy will require the city to take a larger role in managing Faneuil. This town just can't get by without all those touristy kiosks and Urban Outfitters, so we hope the city manages the marketplace well.

The Globe reports that the Boston Redevelopment Authority has given General Growth Properties 30 days to clean up its act or lose its lease on Faneuil Hall Marketplace. The company, which has been trying to sell its lease on the tourist trap, is in apparent default on several provisions of the lease, according to the City. Among the problems cited: the company has not provided evidence of general public liability insurance, which is especially troubling since the Marketplace has suffered two hold-ups and one serious pedestrian accident in the past three months. No word on any lease provisions limiting the number of living statues allowed on the property at any given time. [Globe]

The Natick Collection, Faneuil Hall, and Providence Place, all owned by General Growth Properties, are (as we noted in May) apparently growing in the wrong direction--or not growing at all. The company, based in Chicago, has nearly $1 billion in debt that it must refinance soon; if that's not possible, it'll be bye bye Natick et al. Wherever will we shop?