Struggling Greenspoint Mall To Be Redeveloped
A group of investors under the name Global Plaza Union have agreed to purchase Greenspoint Mall, ending the mall's dwindling life as a retail center. The company is considering three concepts for the 1.4M SF mall. Reggie Gray, president of the Houston Intercontinental Chamber of Commerce, facilitated the transaction.
Gray told the Houston Chronicle the deal still has major roadblocks. Sears, Macy's and Dillards own their space in the mall. Gray, a partner in the project, said if they do not cooperate, the project will fail. The investors have already approached each company with purchase offers. Macy's closed its store earlier this year. Sears left in 2010.
Greenspoint Mall opened to fanfare in 1976. Since, the mall has declined, losing out to other major retail developments, like those in The Woodlands. For more than 20 years the mall has struggled to regain its footing. The mall's operator, Triyar Cannon Group, put the property on the sales block in February 2016.
The struggling mall, occupying a huge swath of land at a prime intersection, has been seen for years as one of Greenspoint's biggest stumbling blocks to success, and as one of the city's greatest redevelopment opportunities.