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GGP Inc. (an initialism of General Growth Properties) was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin , Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa , in 1954, and was headquartered in Chicago , Illinois , from 2000.
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In 2004, Las Vegas Sands sold the mall to General Growth Properties (GGP) for $766 million. [6] [7] The sale helped Las Vegas Sands to finance construction of The Palazzo, a sister resort to the Venetian. [8] [9] GGP agreed to pay an additional $600 million for future retail space in the Palazzo. [10]
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By 2004, the mall was scheduled to open in 2006 or 2007. [13] Later in 2004, General Growth Properties (GGP) purchased The Rouse Company and its Howard Hughes subsidiary. [14] The acquisition was a primary reason that the mall's opening was delayed to 2008. [15] In May 2005, GGP announced that the mall would be named Summerlin Centre.
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The Rouse Company was a publicly held shopping mall and community developer from 1956 until 2004, when General Growth Properties (GGP) purchased the company. It was founded by Hunter Moss and James W. Rouse in 1939.