Greenspoint Mall

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Greenspoint Mall
Macysgreenspoint.jpg
The Macy's at Greenspoint Mall in Houston, Texas was a Foley's until 2006
Location Greenspoint, Houston, Texas, USA
Opening date 1976
Management Triyar Cannon Group
Owner Triyar Cannon Group
No. of stores and services 140+
No. of anchor tenants 3
Total retail floor area 1,391,432 sq ft (129,300 m2)[1]
No. of floors 1
Website www.greenspointmall.com

Greenspoint Mall is a shopping mall located in Greenspoint and in Houston, Texas, at the northeast corner of Interstate 45 and Beltway 8. It is anchored by retailers Dillard's, Macy's, and Malone's once redevelopment is complete. In 2000, the mall was among the largest five Houston-area retail developments based on net rentable area.[2]

History

Greenspoint Mall opened in July 1976, anchored by Sears and Houston-based Foley's, the latter of which was owned at the time by Federated Department Stores who developed the mall. The mall eventually expanded by the late 1970s to include Joske's, JCPenney, Montgomery Ward and Lord & Taylor. Revolving around a "Central Park" theme, complete with a sculpture court, Greenspoint was at one point the largest mall in Greater Houston before the Galleria's later expansions in the 1980s and 2000s. Prudential Property Co. planned a $7 million renovation in 1988.[3]

In February 1989 Greenspoint Mall was 94% occupied, making it the mall with the fourth highest percentage of occupied space in the Houston area.[4]

Greenspoint Mall's fortunes began to wane at the end of the 1980s, when the Houston economy took a hit from the collapse of the energy industry and a subsequent bottoming out of the area real estate market. Also, the openings of Willowbrook Mall to the northwest and Deerbrook Mall to the northeast ate into Greenspoint's customer base. Making matters worse, after the kidnap and murder of a sheriff's deputy in the area that culminated from an uptick in criminal activity, the Greenspoint area became notorious for its high crime rate. Houstonians began to derisively refer to the once-booming area as "Gunspoint." In 1994, the mall lost even more business after the opening of The Woodlands Mall in the burgeoning suburb of The Woodlands.[citation needed]

Dallas-based Archon was near a deal to purchase the mall in 1998,[5] though a Los Angeles developer would unravel the deal when it entered negotiations to purchase the mall instead.[6] Los Angeles developer Bob Yari of Day Properties would eventually purchase the 1,700,000-square-foot (160,000 m2) mall from Prudential Real Estate Investments Separate Account, a pension fund investment group organized by Prudential Insurance Company of America. Yari sought to attract a mutliscreen movie theater.[7]

The mall became a part of a redevelopment project in 1998.[8][9] Office and convention center space, as well as a flea market were all being considered.[10] As part of the redevelopment, the owners bought the closed Mervyn's and JCPenney locations in 2000.[11]

In 2006, the management of Greenspoint Mall announced a $32 million project to refurbish the 30-year-old mall into an hybridized open-air/enclosed shopping center, entailing the demolition of the vacant anchor stores for new outdoor amenities.[12][13] In November 2006, six months after the renovation was announced, Triyar Cos. LLC, owned by the Yari family, put the mall and several other Greater Houston malls for sale; the company allowed a buyer to either buy an individual property, or buy all of them at once.[14]

After several years of not anything happening, GlennLock Sports Bar & Grill announced it would sign a lease for the first phase of the Renaissance at Greenspoint.[15]

After the destruction of the abandoned JCPenney in May 2010, a movie theater was planned to be built on the spot, most likely as a part of the mall.[16]

In May 2010 Sears announced that its store at Greenspoint Mall would close.[17]

Former anchors

Anchors

  • Dillard's (opened 1978 as Joske's, became Dillard's 1987)
  • Macy's (opened 1976 as Foley's, became Macy's 2006) 305,165 sq ft (28,350.8 m2).
  • Fitness Connection (opened 1979 as Lord & Taylor, closed 1989, became Mervyn's 1989, closed 1998)
  • Fashion Plaza at Greenspoint 2018 (opened 1976 as Sears, closed May 2010)[22]
  • Premier Cinemas (opened 1976 as JCPenney, closed 1998, demolished May 2010 for redevelopment)[23]
  • Malone's 2018 (opened 1978 as Montgomery Ward, closed 2001)

References

  1. ↑ http://www.greenspointmall.com/index.php?option=com_content&view=article&id=1&Itemid=111
  2. ↑ Largest Area Shopping Centers And Malls Houston Business Journal. Friday November 24, 2000. Retrieved on August 3, 2009.
  3. ↑ $7 million renovation planned, Houston Chronicle, May 13, 1988.
  4. ↑ Bivins, Ralph. "Sales at Houston malls rise/Local retailers cite improving economy, shuttle flights." Houston Chronicle. Friday February 17, 1989. Business 1. Retrieved on August 3, 1989.
  5. ↑ Elder, Laura. "Dallas firm buying Greenspoint Mall." Houston Business Journal. Friday February 6, 1998. Retrieved on August 3, 2009.
  6. ↑ Elder, Laura. "Buyers compete for Greenspoint Mall." Houston Business Journal. Friday April 10, 1998. Retrieved on August 3, 2009.
  7. ↑ Bivins, Ralph. "Greenspoint Mall sold to developer / Owner seeks theater, other changes." Houston Chronicle. August 15, 1998. Business 1. Retrieved on August 3, 2009.
  8. ↑ Cook, Lynn. "Greenspoint gets green light from city to create new TIF." Houston Business Journal. Friday September 11, 1998. Retrieved on August 3, 2009.
  9. ↑ Bivins, Ralph. "New hope resides in Greenspoint / an ambitious project attempts to rebuild blocks of apartments as well as a reputation." Houston Chronicle. Sunday November 1, 1998. Business 1. Retrieved on August 3, 2009.
  10. ↑ Cook, Lynn J. "Greenspoint Mall eyes revival with office, convention space." Houston Business Journal. Friday April 23, 1999. Retrieved on August 3, 2009.
  11. ↑ Sarnoff, Nancy. "Greenspoint buyer adds two stores." Houston Business Journal. Friday June 2, 2000. Retrieved on August 3, 2009.
  12. ↑ Greenspoint is dressing up / Mall will spend $32 million on new look, new features, Houston Chronicle, April 21, 2006.
  13. ↑ Brown, Anitra D. "Greenspoint Mall to get facelift / $32 million project made possible by partnership." Houston Chronicle. Thursday May 18, 2006. ThisWeek 11. Retrieved on August 3, 2009.
  14. ↑ Dawson, Jennifer. "Celebrity owner puts group of local malls on the selling block." Houston Business Journal. Friday November 24, 2006. Retrieved on January 23, 2010.
  15. ↑ http://texas.realestaterama.com/2009/07/15/frenchys-creates-new-concept-at-the-renaissance-at-greenspoint-ID0256.html
  16. ↑ http://swamplot.com/before-the-movies-start-whats-eating-jcpenney-at-the-greenspoint-mall/2010-05-10/
  17. ↑ Sarnoff, Nancy. "Greenspoint Sears going dark." Houston Chronicle. February 22, 2010. Retrieved on May 30, 2010.
  18. ↑ Benedict, Daniel. "Mervyn's to take over 2 Lord & Taylor stores." Houston Chronicle. Wednesday February 8, 1989. Business 1. Retrieved on August 3, 2009.
  19. ↑ Beachy, Debra. "New Mervyn's to create 400 jobs." Houston Chronicle. Wednesday September 6, 1989. Business 1. Retrieved on August 3, 2009.
  20. ↑ "Mervyn's closing 2 stores in Houston." Houston Chronicle. Saturday January 17, 1998. Retrieved on August 3, 2009.
  21. ↑ Hassell, Greg. "Houston Chronicle 100 / Houston's leading companies / Retail / Malls find they must evolve or face possible extinction." Houston Chronicle. Sunday May 17, 1998. Special 35. Retrieved on August 3, 2009.
  22. ↑ http://www.chicagotribune.com/business/ct-biz-sears-closing-eight-stores-feb19,0,5219136.story
  23. ↑ http://swamplot.com/before-the-movies-start-whats-eating-jcpenney-at-the-greenspoint-mall/2010-05-10/

External links

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