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August 9, 2007
Forest City, GGP Form First-Time JV for MXD
Globe Street
By Connie Gore
Forest City is partnering with a local competitor in Texas to design and construct another mixed-use lifestyle center.
FRISCO, TX-Agreeing to partner for the first time, General Growth Properties Inc. and Forest City Enterprises Inc. have ended more than one year of competing against each other for retail tenants to anchor large-scale neighboring developments on the city's southern boundary. Roughly 400 acres will be combined to create a super-regional destination.
Neither powerhouse was available for an interview prior to deadline. A spokeswoman for Chicago-based General Growth says the mixed-use development's name has yet to be picked. And, she adds "it's too soon to say when ground will break."
John Gandy, president of the Frisco Economic Development Corp., tells GlobeSt.com that the city just recently learned that the competitors were planning to wed their sites at the intersection of US Hwy. 380 and the Dallas North Tollway. Both developers bought all or most of their dirt from the Mahard family of Frisco.
"Now that they've teamed up, it takes that competition out of the picture," Gandy points out. "I have to believe they think this is the best thing for them to do. It does make for what appears to be an incredible opportunity for two companies of this significance to team up and create a tremendous project."
Press Release, via BusinessWire:
Posted by lumi at August 9, 2007 8:51 AM