Results tagged “generalgrowthproperties”

The proposed sale of the Faneuil Hall Marketplace lease held by General Growth Properties to Ashkenazy Acquisition Corp. is apparently off for now. The Boston Redevelopment Authority rejected the deal because, according to new BRA boss Peter Meade, General Growth didn't provide enough information on Ashkenazy's "financial reserves" and other projects. General Growth also didn't let Ashkenazy meet with the Faneuil Hall Merchant's Association. The General Growth lease runs until 2074. [Boston Business Journal Remember to follow Bostonist on Twitter and like us on Facebook. more ›

Questions exist about the company, Ashkenazy Acquisition Corp., poised to purchase the lease to operate Faneuil Hall Marketplace. General Growth Properties of Chicago currently operates three buildings and recently reached a $140 million agreement to sell that lease to Ashkenazy. more ›

February is turning into a busy month in the retail sector of the Boston business community as established local businesses and Mayor Tom Menino square off against out-of-town corporations for our money. Menino is taking on Wal-Mart in preparation to discuss the construction of one or more of their stores in Boston. The merchants think General Growth wants to replace local businesses with national chains who can pay higher rent. more ›

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. more ›

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] more ›

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? more ›