November 2008 Archives

General Growth Properties, the company that owns the Jordan Creek Town Center in West Des Moines, has reported a loss for the last quarter and is now having trouble refinancing almost a billion dollars in debt that comes due at the start of December. Jordan Creek itself still has a long and healthy roster of tenants, but it can't be good news to the local operation to hear that the corporate organization is having such a rocky time. The CFO departed last month, and they also brought in a new CEO just a couple of weeks ago. Now, the company could be seeking bankruptcy protection. General Growth actually got its start in Cedar Rapids.