Baltimore County, MD BCUpFront, 10 Nov 2011

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From YouTube: Owings Mills It's Happening!

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General Growth Properties and Kimco Realty Joint Venture

Towson, Md. (November 10, 2011) - General Growth Properties (NYSE: GGP) and Kimco Realty (NYSE: KIM) today announced a joint venture partnership to redevelop the 25-year old, one million square foot Owings Mills Mall.

"General Growth Properties and Kimco are national leaders in shopping center development and management. Together, these powerhouse developers will bring fresh ideas, new stores, and an exciting vision for retail shopping in Owings Mills. They've got the track record, the relationships with national retailers, and the expertise to once again make Owings Mills a dynamic regional shopping destination," said Baltimore County Executive Kevin Kamenetz.

"We're exploring a number of options to revive Owings Mills Mall and provide shoppers of northwest Baltimore County a more viable center that meets their needs," said Shobi Khan, chief operating officer for General Growth Properties, Inc. (GGP)

In the joint venture partnership (PDF), Kimco and GGP would each own 50 percent interest in Owings Mills Mall. GGP previously owned 100 percent interest in Owings Mills Mall.

"The Owings Mills Mall presents a wonderful value creation opportunity in one of our core markets. We are very excited about the chance to partner with GGP in transforming this property into a vibrant shopping center Owings Mills residents need and want," said Mike Pappagallo, chief operating officer for Kimco Realty Corporation.

Economic Engine

"When I heard that the Owings Mills Mall was going to be redeveloped the first thing I thought about was jobs. The second thing I thought about was jobs. The third thing I thought about was jobs," said County Council Chair John Olszewski Sr. "There will be hundreds of good construction jobs associated with this project, and then there will be hundreds more created by the retailers at the finished project. This is great news for Baltimore County, and very good news for the middle class."

"There is big news, and then there is BIG news," said 4th District Councilman Ken Oliver. "The announcement that most of Owings Mills Mall will essentially be torn down and turned into a state-of-the art retail destination location is outstanding. I've been waiting for this announcement for more than a decade."

"Today's announcement of the joint partnership between General Growth Properties and Kimco Realty to redevelop Owings Mills Mall is simply fantastic," said 2nd District Councilwoman Vicki Almond. "This is the latest example of the energy and excitement that is engulfing the community. Owings Mills is truly one of the key economic engines of Baltimore County."

Owings Mill Community

Over 577,000 people with average household incomes topping $82,000 live within ten miles of the Owings Mills Mall, according to 2011 Nielsen Company estimates. The Owings Mills business community (PDF) includes headquarters for CareFirst, Medifast and Baltimore Life Companies and significant operations of T. Rowe Price, ADP, Global Payments, Zurich America, and Toyota Financial Services. Over the past 10 years, Stevenson University has constructed 13 residence halls, a business school building, two student centers, a gymnasium and a 3,500 seat stadium on its 75-acre Owings Mills campus.

Metro Center

Construction began in July 2011 for the Metro Center at Owings Mills, the $30 million centerpiece of a mixed use transit oriented development at the Metro subway station. The 120,000 square foot, six story building will be home to the largest branch of the Baltimore County Public Library and a center for the Community College of Baltimore County.

A

Well, you know we're very excited today to announce the coming together of both general growth properties, which owns the owings mills, mall and kymco properties, which is a major shopping center owner in baltimore county as well, and both of these are national giants in the shopping center industry and we're so pleased that they are coming together to create a joint venture to redevelop and reposition the owings mills mall into a great centerpiece as part of our owings mills redevelopment activity, that's combined with the metro, center and other activities.

A

So we're really pleased to announce this 65 million dollar project, that's going to bring construction jobs to the area and then ultimately, new jobs in the businesses but, most importantly, to deliver. Knowings mills mall, that's worthy of the people within the surrounding owings mills community. I.

B

Would tell you one of the most important factors is that to law local constituents. Kymco is a national developer, but they've such law, local and strong local roots here in the community, as long as well as the county executive came to us and reemphasize the vitality of this community and the need to do this. It made us take a second look at the mall and we couldn't be happier to be teamed with these two people and these two groups certainly.

C

Right now we're in a studying process and we're actually going to refine our design concepts will bring our design concepts back out to the communities in early 2012. We anticipate a groundbreaking in early 2013 with a likely project completion at sometime in late 2014. The kind of venue that, in terms of a retail venue that we're trying to create we think, will be more vibrant and more in keeping with what. Ultimately, the consumers in this market are really deserving and ultimately needs.