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More questions have surfaced about the redevelopment of Greenspoint Mall, the 1.3M SF struggling retail center in one of Houston's roughest areas.
A representative of Fitness Connection, one of the mall's remaining anchors, said the gym has a lease through 2030 and has no plans to close. The rep said its Greenspoint Mall fitness center is one of the company's highest-performing locations.
That is a serious problem for the investors behind the redevelopment, Global Plaza Union, which has stated the deal is an "all-or-nothing kind of project."
A broker close to the deal tells Bisnow that the long-term leases do not have buyout provisions pending a sale and there are multiple other long-term leases that will cause serious problems for any future redevelopment.
Factoring in the other plans that two other anchors have for their site, there is serious doubt as to whether any major redevelopment will happen with the long-suffering mall.
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