The Greenspoint Mall, located at the intersection of I-45 and Beltway 8, is like a ghost town.
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Nearly vacant after most of its retail tenants moved in recent years, a good deal of the storefronts are empty.
But, according to the Houston Chronicle, the once vibrant spot may soon get a second chance at life as a mixed use complex.
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Global Plaza Union recently purchased Greenspoint, and is looking at three possible concepts for future construction, which it is declining to share with the media at this time.
Despite the uncertainty, owners were reportedly already in the process of selling the property, but it was put it on the market last year with lukewarm success; the mall will remain open for another four months while the project is planned, but will eventually close for redevelopment.
The primary investor is Chinese real estate developer Feng Gao, and the Greenspoint project will be his first development in the U.S., with several more already completed in his home country.
Sears, Macys and Dillards, some of the last remaining tenants at Greenspoint, could create a problem for Gao’s investment, however, since they all individually own their stores and must agree to sell them in separate agreements.
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They’ve been offered a price.
If they choose not to accept, it could stall and possibly kill the project entirely.
Greenspoint Mall in process of being sold, sources say https://t.co/nV1n2gm9NA #KPRC2 pic.twitter.com/sImxa5zAKh
— KPRC 2 Houston (@KPRC2) August 13, 2017