Shopping center REIT General Growth Properties, Inc. and diversified real estate operating company Forest City Enterprises, Inc. recently resolved conflicting plans for mixed-use centers in Frisco, Texas, with a joint venture agreement.
The deal came about when General Growth and Forest City realized that they own adjacent sites and that they both planned mixed-use projects. Rather than engaging in a nasty publicity fight, “we agreed that a joint venture was the proper solution to the planning challenges and the market forces,” says Christopher Curry, vice president of development with Forest City.
Now, the firms will combine forces to deliver a 1.5-million-square-foot, open-air, mixed-use center with a hotel, residential and office components and retail and entertainment venues.