The broker representing the new and prospective owners of the shuttered Macy’s and Dillard’s buildings at Greenspoint Mall gives just a hint of the rancor between the groups who now appear to be negotiating the mall’s future: Maddox Properties’ Jim Maddox tells Bisnow’s Kyle Hagerty that any supposed redevelopment plans hinted at by the investment group led by Chinese developer Feng Gao that now has the mall itself under contract are “full of sh*t.” [Hagerty’s punctuation.] Maddox says he hung up the phone on area Chamber of Commerce prez and mall redevelopment partner Reggie Gray after Gray complained to him that plans in place by the owners of the retired department store buildings would ruin redevelopment plans for the area.
About those plans: Spring Real Estate Investment’s Zulfiqar Karedia, Hagerty reports, is seeking to develop a truck stop on a 4-acre portion of its newly purchased Macy’s property fronting I-45. Maddox says a restaurant distribution business is slated to take over the Dillard’s property in the mall’s southwest corner — after a sale he brokered last week closes in September.
Would such truck-heavy new uses for portions of the property make plans by Gao’s Global Plaza Union to redevelop the mall itself any sh*ttier? Maddox implies they wouldn’t: “Maddox had not heard anything about a redevelopment either,” Hagerty writes. “When he showed the Chinese brokers repping Gao the Macy’s space on Monday, they were talking about turning it into storage for a construction materials company, not a redevelopment, he said.”
But Gray told the Houston Chronicle’s Katherine Blunt earlier this week that Global Plaza Union sees its proposed redevelopment of the Greenspoint Mall property as “all or nothing.” The investment group has made offers to purchase all 3 separately owned properties (Sears still owns its building), according to Gray; he said the company’s plans to redevelop the mall “will fail” if they don’t cooperate.
Maddox says his clients have received offers for the department-store properties, but tells Hagerty he has told Global Plaza Union that his clients are not interested in flipping them.
- Broker Behind Macy’s And Dillard’s Says Greenspoint Mall Redev Is ‘Full Of Sh*t‘ [Bisnow]
- Previously on Swamplot: The End of the Greenspoint Mall Is Upon Us
Parcel map of Greenspoint Mall: Colliers International