General Growth selling Seaport mall

December 19, 2008 08:39AM

General Growth Properties is selling three shopping malls, including the one at South Street Seaport, as it tries to raise money and avoid bankruptcy. The two other malls for sale are the Faneuil Hall Marketplace in Boston and Harborplace and the Gallery in Baltimore. General Growth acquired the three properties through its $7.2 billion takeover of Rouse Co. in 2004. The South Street Seaport mall has 286,000 square feet of retail space, and is 94 percent occupied. The city Landmarks Preservation Commission turned down a proposal to redevelop the Seaport last month, and a General Growth spokesperson said the developer will continue to work with the city on a plan for the property’s development.

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