Bridges at Mint Hill

[MZT]

One thing that has been shown (repeatedly and over years) - is that reporters in Charlotte are quite willing to write puff pieces attempting dispel rumors about projects in jeapardy.

Regardless of "intent" or "interest" ... I would say this is going to remain vacant land for another 5 years or more.

Edited December 11, 2008 by MZT

[SmellyCat]

I'm not buying that this project will happen for a long, long time. I believe GGP will likely file BK by next week (their loan extensions expire at the end of this week) and the company will be liquidated. This forced liquidation will put further pressure on already downward spiraling retail valuations.

The economics to built a mall right now just don't work. Lenders will require a minimum 40% up front equity on a project, and full recourse, just as debt costs are spiking. No lender in their right mind would lend a couple of hundred million dollars on a retail project in this economic environment. Just my $.02.

[MZT]

http://www.pbn.com/stories/36260.html

With the way things have been going for General Growth, be glad they never started real construction. It'd be "The Park" on a grand scale! At least the site is just cleared land.

Edited December 12, 2008 by MZT

[SmellyCat]

I'm not buying that this project will happen for a long, long time. I believe GGP will likely file BK by next week (their loan extensions expire at the end of this week) and the company will be liquidated. This forced liquidation will put further pressure on already downward spiraling retail valuations.

The economics to built a mall right now just don't work. Lenders will require a minimum 40% up front equity on a project, and full recourse, just as debt costs are spiking. No lender in their right mind would lend a couple of hundred million dollars on a retail project in this economic environment. Just my $.02.

Well my prediction was off by a few months, but after getting several life support loan extensions, GGP's time finally ran out and filed BK on Thursday. This should pretty much put the nail in the coffin for the Bridges at Mint Hill.

[DigitalSky]

I'm sure people in Mint Hill who were opposed to the mall are breathing a sigh of relief, perhaps, to not becoming the next Pineville.

[SmellyCat]

I'm sure people in Mint Hill who were opposed to the mall are breathing a sigh of relief, perhaps, to not becoming the next Pineville.

And our little friend the Carolina Heelsplitter too...but for different reasons.

[DigitalSky]

I don't know why they're even bothering with this project... But the Bridges at Mint Hill has a new owner http://www.matthewsminthillweekly.com/news/2010/11/bridges-at-mint-hill-has-new-owner/ called Howard Hudges Development http://www.howardhughes.com/properties/future-developments/the-bridges-at-mount-hill.html

This seems poorly written, shows how much they care:

Construction of The Bridges at Mint Hill began in 2008 but was delayed due to changing marking conditions. Located at the intersection of Interstate 485 and Lawyers Road, The Bridges at Mint Hill is a prime placement in the underserved southeast corner of the thriving Charlotte metropolitan area. The Howard Hughes Corporation is currently considering the opportunities for this property given evolving market conditions.

[StevenRocks]

I read this as yet another strip mall with a Target and Best Buy. That is, if it even happens.

[SmellyCat]

I don't know why they're even bothering with this project... But the Bridges at Mint Hill has a new owner http://www.matthewsminthillweekly.com/news/2010/11/bridges-at-mint-hill-has-new-owner/ called Howard Hudges Development http://www.howardhughes.com/properties/future-developments/the-bridges-at-mount-hill.html

It's not really a new owner. The original Bridges at Mint Hill owner/developer, General Growth Properties (GGP), emerged from bankruptcy recently and spun off its development company apart from its stabilized asset portfolio. They re-named the spinoff as "Howard Hughes Corp."

[DigitalSky]

Ah ok thanks

[Guest]

It's not really a new owner. The original Bridges at Mint Hill owner/developer, General Growth Properties (GGP), emerged from bankruptcy recently and spun off its development company apart from its stabilized asset portfolio. They re-named the spinoff as "Howard Hughes Corp."

So its still in "never going to happen mode"? So I can look forward to many years of my maw's heelsplitter gumbo?

[DigitalSky]

So its still in "never going to happen mode"? So I can look forward to many years of my maw's heelsplitter gumbo?

mmm heelsplitter gumbo, consider me there!

[StevenRocks]

I still see another lane strip mall with lifestyle center tendencies.

[Third Strike]

Looks like the development of the mall is moving forward again...

http://www.charlotteobserver.com/2011/09/30/2652981/partnership-could-save-mint-hill.html

Edited October 1, 2011 by Third Strike

[DigitalSky]

is there even a market for it

[Urbanity]

^^^ I second that question/sentiment

[Third Strike]

Hm... I think there is a market for the mall, especially in East Charlotte. I think a new mall can fill the shopping niche left behind by Eastland, and cater to the shopping needs in Mint Hill/Matthews/Stallings. Also, correct me if I'm wrong, but this will be the first ever open top mall in Charlotte. General Growths were also behind The Streets at Southpoint mall in Durham, a semi-outdoor mall, and that seems like a success. Southpoint was able to net some big name upscale stores, like Apple and Nordstrom, and brought about several retailers and hotels in the surrounding area. Though, I do admit, this all sounds very similar to what happened in Pineville, but nonetheless, this could help spur growth in Southeast Mecklenburg.

[DigitalSky]

Southpoint was not developed by GGP actually, although it is owned by them now. Their [southpoint's] central location in the Triangle and proximity to high income and high education areas makes them successful, whereas Bridges at Mint Hill, from a population standpoint, is a little "out there." It could help spur development, but perhaps work better as a neighborhood or community center rather than a super-regional open-air mall. You are correct, it would be the first open-air lifestyle center of that sort in Charlotte (if you don't count things like Birkdale Village and Metropolitan Midtown to an extent). I just fear that the building of this could be overmalling us a little.

[SmellyCat]

I wish them luck with it. I can't imagine who on earth would finance this. Wall Street has all but shut down commercial mortgage lending and I doubt a life insurance company would touch a fairly speculative project like this. $100mm+ loans don't grow on trees anymore like they did in 2006-07...

Edited October 2, 2011 by SmellyCat

[Norm2]

If I did not misread the article, I believe that the article stated that they will attempt to build the mall once market conditions are favorable. So we still have a while guys.

[southslider]

Boosted by the Monroe Connector/Bypass/Turnpike, Union County's sprawl could support yet another mall. At least, the retail tax base will be inside Mecklenburg County to help support regional transit. But a Mint Hill center will certainly be the final nail in Monroe Mall's coffin. Even worse, Windsor Square in Matthews could become the next ghost strip of former shopping along Independence Boulevard.

[49er]

Actually Windsor Square just lured a new JCPenny (not outlet) and somehow has bucked the trend happening further up the road in Charlotte. I think the place is in dire need of some updates myself but retailers seem to still see positives there. I'm guessing bridges would have been Penny's first choice but they evidently are convinced the project will ever happen.

Edited October 3, 2011 by 49er

[DigitalSky]

Very interesting about the JC Penney coming to Windsor Square. I know they were the 3rd speculated anchor @ Bridges, Dillard's and Belk were committed to the project, i think Belk is still and Dillard's probably is

.... I'm guessing the JCP is coming to the old Burlington Coat Factory @ Windsor sq?

[49er]

If you drive by you'll see that furniture row is closing and office depot is building a new store further back in the strip. It will most likely occupy those two storefronts. For you Charlotte historians, those storefronts were originally one big store called Wacammaw Pottery back in the day when Windsor was some kind of faux outlet center.

[DigitalSky]

Thanks for the info!! I remember Waccamaw too!