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A blog about the economy and the Sacramento-area real estate market.

November 20, 2008
About that mall in Elk Grove...

    For some time we've been following the struggles of General Growth Properties, the Chicago firm developing Elk Grove's long-delayed Promenade shopping mall, and this bit of news doesn't bode well: General Growth has hired a bankruptcy lawyer. 

    The Wall Street Journal notes that hiring a bankruptcy lawyer doesn't make bankruptcy  imminent or even inevitable. But still...remember that two weeks ago General Growth warned that it might be forced out of business.

    Analysts tell us the Promenade will get built some day, by someone. It's too good of a location not to go forward (and the exterior of the mall is essentially done). But with market conditions lousy, it's possible the latest scheduled mall opening (late 2010) will slip. The mall's been delayed three times already.

    On a personal note, it's hard to imagine the mall industry without General Growth. I covered this company years ago as a reporter at the Des Moines Register, back when the company made its headquarters in Des Moines.

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