“One of the key tenets of our business plan is capitalizing on the embedded opportunity with our portfolio to redevelop anchor boxes,” said Sandeep Mathrani, CEO of GGP, on a conference call this week.
To date, GGP has spent some $2 billion redeveloping 115 of its properties, noted CNBC this week. This is yielding some “very attractive returns,” Mathrani said on the call. Some of this space has been filled with such retail newcomers as Indochino, UnTuckIt and Forever 21’s Riley Rose, but GGP’s creativity is hardly stopping there. The firm has signed a deal with residential REIT AvalonBay Communities to build residential units at a mall in Seattle.