The company closed at $0.49 per share, but fell further in after hours trading.
General Growth was dropped from the S&P 500.
Westfield sort of hinted it might be interested in buying GGP assets.
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Archive for November 12th, 2008
Another Big Project Scrapped
Toss developer Robert Stark’s plan for a massive mixed-use project near downtown Cleveland’s Public Square into the graveyard.
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However, Mr. Stark’s plan envisioned heading beyond the super block west as far as West Ninth Street. That approach would have added more scale, but greater development costs, to the project.
Mr. Stark issued a statement saying he is dropping the project because of the real estate credit crunch and the “retail expansion freeze.” Because the Ashers and other landowners were unwilling to continue extending options, Mr. Stark said his company “cannot continue our efforts.”
For four years, Mr. Stark, CEO of Cleveland-based Stark Enterprises, has discussed the importance of redeveloping downtown Cleveland for the region’s future vitality. He acquired a building on the super block and moved his own headquarters downtown last year.
Link.
Stark had talked Read the rest of this entry »
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