General Growth Management, Inc., a subsidiary of General Growth Properties and the largest third party manager of regional malls in the United States, has been selected to manage, market and lease the 1.2 million square foot Silver City Galleria in Taunton. General Growth Properties, Inc. is the nation’s second largest owner, manager and developer of regional shopping malls. General Growth has ownership in, or management responsibilities for, a portfolio of 130 regional shopping malls in 39 states. That portfolio includes the Natick Mall.
Thomas McCarthy, regional vice president of General Growth, did not offer details in a prepared statement, but suggested that the new management could mean changes for the mall.
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“We intend to enhance the property in order to address the retail and lifestyle needs of the trade area,” he said.
Richard Shafer, director of Taunton’s economic development office, calls the success of the Galleria “of great importance” to Taunton.
“We are confident that the selection of General Growth Management will bring more diversified shopping to our region,” said Shafer.
Silver City Galleria – like other malls throughout southeastern New England – will find itself facing, new mammoth competition by the end of this summer, in the form of Providence Place, the $450 million shopping mall anchored by Nordstrom and scheduled to open Aug. 20. Throughout Rhode Island, for example, Warwick Mall, Rhode Island Mall and Lincoln Mall have either recently completed facelifts or are about to embark on multi-million-dollar renovation projects.
A publicly traded Real Estate Investment Trust (REIT), General Growth is listed on the New York Stock Exchange under the symbol GGP.
