Friday, May 1, 2009

Simon is backing out of Houston Mall

Simon Property Group Inc. appears to be pulling back on plans for a proposed Katy mall project that’s been on the drawing board for more than a decade.
The S&P 500 company has attempted to build a major retail center on 134 acres near the northeast corner of Interstate 10 and the Grand Parkway since 1997.
The circular acreage surrounded by a mall ring road has at various times been earmarked for an outlet mall, regional mall, lifestyle center and mixed-use center.
Simon recently began marketing the vacant land for sale through local retail brokerage firm Page Partners. For information: see www.houstonrealtyadvisors.com