UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Cottonwood Mall owner files for Bankruptcy.

Posted by UtahCribs, Real Estate, Homes on April 17, 2009

General Growth Properties, the nation’s second-largest shopping mall owner, filed for Chapter 11 bankruptcy Thursday. This is dissapointing to many residents in the Holladay area. All of us have been watching the once iconic mall be transformed into the empty barren lot is today. With huge plans for it to become the new Gateway of Salt Lake City UTAH. It is not looking ver promising for Utah Residents. 

When I was a kid attending Cottonwood High School, I used to go to the old Cottonwood Mall for lunch. When a couple associates of mine started negotiations to become the sales agents of the project. I became very interested in their plans. With the economy in the state of unknown, it is anyone’s guess what will become of the old Cottonwood Mall. I am assuming this will open up the opportunity to other local investors to see if they can bite off the project. If not most likely we will be driving by an empty lot for a very long time. 

FYI, for those of you who don’t know, General Growth Partners. Are also the owners of Fashion Place Mall, just in case you were wondering why they have not finished the remodeling of that mall either. I am willing to bet it takes them a long time to figure out this mess in UTAH..

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: