Daily Archives: March 12, 2009

Parent company of downtown Phoenix’s Arizona Center faces financial troubles

[Source: Jahna Berry, Arizona Republic] — Arizona Center is enjoying tourist season crowds, but the downtown Phoenix mall’s parent company faces financial troubles, according to this report from Arizona Republic business writer Max Jarman.  “General Growth Properties, owner of the Arizona Center in downtown Phoenix, Tucson Mall, and a string of other retail properties in Arizona is negotiating with creditors to avoid bankruptcy,” Jarman wrote.

“The troubled Chicago mall owner is asking its bondholders to abstain from demanding payments on some $2.25 billion in loans for rest of this year,” Jarman reported. “The company would use the breathing room to restructure its balance sheet and raise money by selling assets. General Growth needs its bondholders to agree to the deal by March 16,” he wrote.  [Note: To read the full article, click here.]

Arizona smack-dab in the middle (unemployment)

Phoenix #6 on Forbes list of America’s emptiest cities

[Source: Richard Florida, creativeclass.com, Feb. 22, 2009] — Las Vegas takes top spot, followed by Detroit. Atlanta, Greensboro, and Dayton round out the top five.  Phoenix comes in sixth.  No surprises there.  But, I was surprised frankly to see Chicago make the list.  Here’s the full list, from Forbes.com, based on fourth-quarter rental and homeowner vacancy rates for the 75 largest metropolitan statistical areas in the country.  Curiously, there is considerable overlap with this Forbes list of the places where home sales are rising fastest.  [Note: To read the full blog entry, click here.]