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PROVIDENCE -- Financially strapped mall owner General Growth Properties Inc. is shopping around Providence Place mall to help cut its $27-billion debt, a company spokesman told The Providence Journal today. General Growth began marketing the mall for sale amid last month's Christmas rush, confirmed David Keating, senior director of corporate communications for Chicago-based General Growth. He did not disclose an offering price on the upscale mall in downtown Providence. The offering is being handled by Savills Granite LLC, a New York brokerage. While its parent company is suffering from a buying binge earlier in the decade, Providence Place apparently stands on firmer footing. At least one analyst, Jeff Green of Jeff Green Partners in San Francisco, estimated the mall registers sales per square foot around $525. "Providence Place performs darn well," Green said in an interview today. "[The offering] means there's a lot of value in it and they're trying to sell it to pay off other debts." For more business-related news, visit the Biz Blog. CommentsLeave a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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Maybe the mall should stop charging it's customers to park there. It might see an increase in visitors if parking was free. Stay open til 10pm.
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It only costs $1 for 3 hours!! When people pay $2-$3 for a cup of coffee and almost $2 a gallon of gas - what is $1.00?
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It is an absolute shame what is happening? Did Providence really need that mall in the first place? No it did not. When it was finally built I thought it was just awful how you could no longer have a view of downtown from 95 instead you see a big parking deck. I am all about revitalization but they ccould have put something else that made more sense there than a mega-mall!
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Exactly - what is $1.00 when we've spent upwards of hundreds shopping at the mall. Why should we have to pay the extra $1.00?
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I agree...Plus RI is such a corrupt state to begin with...they should just shut the mall down, 10 minutes away is the vacant RI Mall what made them think this mall would be any better????
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I dont shop there for one simple reason and that is the parking garage. It is the most insane design I have ever seen in my life. The second reason is that I hear about a shooting or stabbing at least every other month. When my kids ask, "Dad can we go to the IMAX" I answer... no way!
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I agree totally with jb and not at all with Jackson. The parking IS a bargain compared to similar venues; not too long ago I had lunch with a friend in the Prudential Center in Boston and wound up paying $23 for parking for just a few hours. That was more than my lunch cost. As for Jackson's comments, yes, Providence needed that mall to bring in much needed revenue, and Providence Place itself IS making money, as the article points out. The owners are selling it to offset some of the severe loses of their other mall properties in Baltimore and elsewhere. And Providence Place is hardly an eyesore: the architecture is stunning, the interior is gorgeous, and, besides, Gourmet India in the food court ranks with the best of Providence's other Indian restaurants!
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I bring people from all over the world to Providence Place and the reactions are always positive. People are fascinated by the story of the new and old downtowns and how Providence was able to remake itself. Providence Place is an asset to the state, not just to the city of Providence, and does not warrant the negative attitudes of the Rhode Islanders who can not appreciate that the mall is world-class and not to be compared with the other malls in our state but rather with the best malls all over the world.
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I predicted this mall wouldn't fly when it was first opened. It just took a little longer than I thought.
With all the crime in Providence, who would want to venture in to shop- especially when there are several other malls in more "desirable" locations. And who wants to pay for parking to go shopping? You don't have to do that at the other malls. And "upscale", give me a break. This is Rhode Island, forgetaboutit!
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Wow... DC makes the comment "who would want to venture in to shop- especially when there are several other malls in more "desirable" locations". Perhaps all thh people who currently fill the parking lot during typical shopping days (weekends, holidays, etc)?
It amazes me who people comment on how "unsafe" the mall is when they have never been there but base it on reading about occasional crime at the mall.
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Because the GGP is "offering the Providence Place Mall up for sale" does not mean that they will actually sell the mall, affect activity or that it is not doing well. GGP claims they are doing almost $560 per sq. ft. in sales (that is over $672 million annually, so the mall is "flying" fine!!!). Even if they are fudging the numbers somewhat, that is incredible performance for the area. What they will do is that by making such an offering they are in a sense telling their lenders (or trying to) that they are serious about paying off their debt, no matter what the costs.
The idea behind the mall was to bring/keep more dollars into the state (still wondering where that has been going)and to attract from places like the Emerald Square Mall (when was the last time you went there?). At the end of the day, even if GGP does sell off Providence Place Mall it will be to some other powerful real estate investment trust, like SIMON, and business will go on as usual, if not better.
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It amazes me that a large percentage of the people commenting here are griping about the mall not making any money. Read the whole article, not just the headline. The last line of the article says the mall makes money.
Also, $1 to park is nothing - though getting out of there is a royal pain.
And finally, the mall has brought us a place to shop in Providence. Until downtown completes its commercial revival, this is all that we've got. It's nice to be able to walk over there from work to get something, instead of having to drive to Warwick or Attleboro, neither of which is in the direction in which I live.
I must admit, the carpets are looking shabby these days, though.
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I once made out with a really hot chick in that parking garage. I was like, "Hey" and she was like, "Hey" and then it was on!!! I say they should do everything in their power to sell it to a company that understands 'The Place'.
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This is ridiculous what I'm reading. The mall is failing not due to lack of visitors, but rather the parent company's inability to manage its properties. I was skeptical myself of the need for the mall, but it has a nice mix of upscale and moderate priced retailers. It would be a shame if it closed. PS, you have to charge for parking otherwise people commuting via the train would take all the parking spots and shoppers wouldn't be able to park.
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Excuse me people, but the mall is being put up for sale because it is doing WELL, not because it is failing! The parent company also has Faneuil Hall listed for sale. They need to raise money to pay off debt, so how would they do that by selling a failure???? It would really be nice if the posters had read and understood and thought about what they were reacting to instead of just reacting out of their own feelings about the mall.
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Excuse me, Cranston1, but I have been to the mall. The crime and "gangs" that hang out there is rediculous. Ever go there on a Friday or Saturday night? The "No More Than 4" rule was imposed because gangs hung out at the food court in droves. The mall is far from "upscale" on a Friday or Saturday night. It's a haven for crime, drugs, and teenagers just misbehaving.
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PJ, I've been waiting in Bed, Bath & Beyond since our last meeting. Brush your teeth and I'll see you soon.
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