malls

Kudos to the City Council

...for upholding the Historic Preservation Commission in a dispute with heavy hitters James and Roxanne Conlin over installation of vinyl windows in a building they own that is located in a local historic district. Rumor has it they may take the issue to court. Such a waste of time and money would be a shame. I suggest they put the money they might spend on attorneys and court costs into renovating their building and complying with the local historic district ordinance.

Staff in the planning department deserve a lot of credit as well. They wrote a staff response to the Conlin appeal, and it is a great read for all preservationists and city government nerds.

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Most Endangered Malls

11 Jul 2009

A US News and World Report blog has named Southridge Mall one of America's Most Endangered Malls!

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General Growth Stock Price PlummetsGeneral Growth Stock Price PlummetsReal estate investment giant General Growth stock plummeted to around $0.35 per share this morning on news that the company may declare bankruptcy. General Growth developed and owns the Jordan Creek Town Center "retail resort" in West Des Moines.

Over the next few years, almost $4 billion in debt from recent property acquisition comes due, but current income from their real estate holdings doesn't cover the payments. General Growth acquired Rouse Company in 2004 for $7.2 billion, mostly financed through short-term debt instruments. Defaulting on one debt would likely cause other creditors to call their loans due, precipitating a catastrophic avalanche of defaults.

General Growth officials blame the "credit crunch" for the company's current financial woes. That is, they cannot find people to loan them money to cover their existing loans. Now that there is blood in the water, it becomes even more unlikely that anyone will loan them money - a self-fulfilling prophesy.

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