Harbor mall owner files bankruptcy due to debt
"I have not heard anything indicating that [GGP] is looking to sell [Harborplace]. I don't really know what their strategy is, but I have been assured by many City officials that they are not looking to sell," Cole said.
GGP purchased Harborplace and many other properties in 2004, from the Maryland-based Rouse Company in a $12.6 billion deal. According to Cole, the company has made changes and renovations to Harborplace that have allowed the aging tourist hotspot to feel new.
The retail stores in Harborplace have not been contacted or received any notices from GGP, but managers are not worried about the future of the waterfront mall.
"Business has been great," said GNC Live Well store manager Dave Atkins.
He said he is not worried about his store or the mall's prospects because Chapter 11 does not equate with liquidation. He doesn't expect Harborplace to disappear.
Entering the Inner Harbor's busiest season there is additional cause for optimism.
"This is not something that I think is gong to affect Harborplace long-term. Give them an opportunity to restructure some of their debt and operate as the Harborplace we've known," Cole said.
GGP purchased Harborplace and many other properties in 2004, from the Maryland-based Rouse Company in a $12.6 billion deal. According to Cole, the company has made changes and renovations to Harborplace that have allowed the aging tourist hotspot to feel new.
The retail stores in Harborplace have not been contacted or received any notices from GGP, but managers are not worried about the future of the waterfront mall.
"Business has been great," said GNC Live Well store manager Dave Atkins.
He said he is not worried about his store or the mall's prospects because Chapter 11 does not equate with liquidation. He doesn't expect Harborplace to disappear.
Entering the Inner Harbor's busiest season there is additional cause for optimism.
"This is not something that I think is gong to affect Harborplace long-term. Give them an opportunity to restructure some of their debt and operate as the Harborplace we've known," Cole said.
Viewing Comments 1 - 10 of 15
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posted 7/23/09 @ 10:38 AM EST
Very interesting article, I found a lot of useful information. I totally agree with author.
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posted 8/03/09 @ 3:38 AM EST
The Chicago-based company's $27 billion debt forced 158 of its over 200 shopping centers to file for Chapter 11 bankruptcy, including Harborplace in the Inner Harbor. (Continued…)
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posted 8/20/09 @ 4:05 PM EST
General Growth Properties (GGP), one of the biggest mall operators in the country and in Baltimore
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posted 8/24/09 @ 5:44 PM EST
i like the article, it is very informative to me. I totally agree with author, too
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posted 9/19/09 @ 12:23 AM EST
Yes, very good write up... thanks.
Chris
posted 9/23/09 @ 3:17 AM EST
I like the Harbor Mall... ):
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posted 9/25/09 @ 7:39 AM EST
Harbor Mall is the best.
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posted 10/02/09 @ 6:07 AM EST
Yeah. Harbor Mall is the king and a GREAT article. Totally agree.
Cheers
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posted 11/28/09 @ 7:27 AM EST
Nice Article, it is strange to see such financially sound people go bankrupt.
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posted 12/04/09 @ 3:18 PM EST
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