When Triple Five Senior Vice President of Development Kurt Hagen sat down at a local municipality meeting in early 2021, he was ready to burn down the $5B house.A year of stop-start pandemic lockdowns and restrictions had turned the opening of the long-delayed American Dream mall into an American nightmare. Pretty much the moment Triple Five had thrown open the 3M SF complex`s expensively manufactured doors, it had to slam them shut again, and Hagen could no longer hide his emotions.
“Not opening and not being able to generate any cash for six months created some very significant problems,” Hagen told his audience, a group of Bloomington, Minnesota, City Council and Port Authority officials, with whom he was discussing the fate of another of the group`s big properties, Mall of America...
RSK: As predicted, retail will be a blend and mix of online and physical operations. It is still one of the hottest sectors in CRE.
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- - Volume: 25 - WEEK: 6 Date: 2/4/2025 2:55:03 PM -