Brookfield’s Plan to Turn Malls Into Minicities Falls Short

Wall Street Journal, June 24, 2024–Kate King
Brookfield Property Partners spent billions in 2018 to assume full ownership of mall-owner GGP when malls were out of favor on Wall Street. Executives at the firm defended this contrarian bet in part by saying that they would turn most of the company’s 125 malls into minicities with residences, offices or hotels as well as stores.

Six years later, only two malls, in Atlanta and near Seattle, have been redeveloped in this way, with another two—in North Carolina and Denver—in the pipeline, showing how difficult, expensive and time-consuming it is to revamp enclosed malls.
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