Owings Mills, Md. -- Chicago-based General Growth Properties and Hyde Park, N.Y.-based Kimco Realty Corp. said Thursday that the two companies have formed a joint venture partnership to redevelop Owings Mills Mall, Md.
The new JV gives each company 50% interest in the 25-year-old, 1 million-sq.-ft. mall; GGP previously owned 100%.
"We're exploring a number of options to revive Owings Mills Mall and provide the shoppers of northwest Baltimore County a more viable center that meets their needs,” said Shobi Khan, COO, GGP.
Macy's and J.C. Penney anchor the two-level enclosed regional mall. Preliminary redevelopment and renovation plans call for a new format and tenant mix, which could include exterior facing retail, junior boxes, big boxes and department stores.
"Owings Mills Mall presents a wonderful value creation opportunity in one of our core markets. We are very excited about the chance to partner with GGP in transforming this property into a vibrant shopping center its residents need and want," said Mike Pappagallo, COO, Kimco Realty.