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GGP Delays Summerlin Centre Opening

LAS VEGAS-The opening of the 107-acre mixed-use development here--and several others around the nation--is pushed back to ensure an opening with low vacancy.

By Brian K. Miller | Updated on August 06, 2008

LAS VEGAS-General Growth Properties will delay the opening of the 1.4-million-sf Shops at Summerlin Centre in order to ensure it opens more fully leased. Company executives told analysts last week that construction financing played an important role in the decision but so, too, did the consumer environment.

“Now it’s not the best time to be opening new projects and we’d have the full support and encouragement of our major retailers to delay these project openings,” GGP chief executive John Bucksbaum told analysts.

Company president Robert Michaels says the delay is meant to enhance the likelihood that the projects will open in a more favorable general economic environment and that construction financing will be more reasonably priced.

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