Water Tower Place In Financial Straits

CBS 2:

One of the crown jewels of the Magnificent Mile retail district is in serious financial trouble.

The owner of the Water Tower Place might have to file for bankruptcy. Chicago-based General Growth Properties is struggling under $24 billion debt and is almost worth nothing, the Chicago Sun-Times reported.

Much of the debt was acquired when General Growth bought out competitor Rouse, and the $24 billion figure is estimated to be exactly the value of the malls the company owns, the Sun-Times reported.

Read the whole story: CBS 2

Comments

[ChiGuy]

WTP's heyday passed a long time ago.
High-end stores stopped renewing their leases at the ridiculous rates that were being charged and signed-on with other locales on the Mag Mile. And the companies that filled the vacancies were second and third level retailers at best.

I worked there in the early 90s and met Bill Clinton during his first campaign. He was staying at the Ritz right behind the mall. (Ok....it was a big deal to ME!)