Press release from Business Wire
General Growth Properties Has Strong Presence in 7 of Money Magazine's Top 10 “Best Places to Live”
Thursday, August 12, 2010
CHICAGO (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.”
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.