A sign of the times and yet another glimpse that retail continues to falter despite the promise of Bidenomics and a "pedestrian-friendly" renaissance.
To wit . . .
COUNTRY CLUB PLAZA DEBT FAIL THREATENS FUTURE OF THIS FADING KANSAS CITY ENTERTAINMENT DISTRICT STILL CONFRONTED BY LASTING IMPACT OF COVID, AMAZON & CRIME!!!
Here's the basics of the economic news . . .
"The Plaza's ownership, a 50-50 joint venture between Taubman Centers and The Macerich Co., defaulted on the $295.2 million balance of its acquisition loan, effective May 9. The owners are in negotiations with lender Nuveen on the debt's terms, Macerich reported this month in a filing with the U.S. Securities and Exchange Commission."
Read more via www.TonysKansasCity.com link (sorry, paywall) . . .
Owners of Kansas City's iconic Country Club Plaza default on debt - Kansas City Business Journal
A Country Club Plaza official said the iconic retail center will operate as usual, but a default on the loan financing the project's purchase could shake up the Plaza's ownership.
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