The Streets of Southpoint (Raleigh, Durham: leasing, credit, neighborhood)

[JJingle]

The owner of Southpoint are considering filing bankruptcy. In these economy times, will there be a buyer for the property if the owner goes under? What would this mean for the area? Weigh ins?

General Growth Properties may file for bankruptcy - Triangle Business Journal:

[DanielleNC]

OMG! If there is no Southpoint and Northgate has already gone downhill that means I will have to drive to Raleigh to shop. I was really sorry to see Northgate go downhill so fast and Southpoint is a long enough drive from north Durham. But Raleigh is even further. Pull through Southpoint! Northgate I'm still waiting on you too!

[Exit MA Now]

WHAT!!!!

The Streets at Southpoint is the single best mall I have ever seen.

DAMN!!!


What does this mean for the operation of the mall?

[coltank]

I wouldn't worry about the mall, I can't see this affecting it's operations in the littlest bit.

[StoneOne]

Originally Posted by coltank

I wouldn't worry about the mall, I can't see this affecting it's operations in the littlest bit.

I agree. That mall would be a very profitable asset for whoever owns it - Growth Properties or the creditor who takes it over. Generally only unprofitable assets tend to be liquidated.

[JimmyO]

Yeah, I really can't see that mall going under... It just sounds like the current owner is in too deep and will need to sell.

[geoff2v]

Agreed with before, and to actually add some value to my "me too" post, there was an item in the paper recently about a new store or two going into Southpoint (one going where the Sharper Image used to be). In this economic environment, leasing of new space is a very positive sign for the health of a shopping center.

[Jdatlas]

I would definitely be very upset if Streets at Southpoint had to close. I love that place.

[sneezecake]

Lesser malls with lesser financial backing and lesser value have stayed open for nearly inexplicable reasons. Southpoint will be just fine.

[StoneOne]

Originally Posted by sneezecake

Lesser malls with lesser financial backing and lesser value have stayed open for nearly inexplicable reasons. Southpoint will be just fine.

Actually, my guess would that significant tax benefits and other incentives from local governments might have something to do with it. A closed mall is a huge blight on the horizon and a major drag on a neighborhood in terms of property values, crime, general business and other assorted problems.