Printer Friendly

Summit Mall peaks out?

Summit Mall Peaks Out?

The proposed site for the 975,000-SF Summit Mall isn't listed in the Chapter 11 filling by developer Jim Wilson Jr., of Montgomery, Ala., but perhaps it should be.

The property is indirectly tied to one of the four companies and partnerships that Wilson recently took into Chapter 11.

The 97.45-acre tract at Shackleford Road and I-430 is linked to New Orleans Land Associates Ltd. through a financial package with Manufacturers Hanover Trust Co. in New York.

The bank loaned Wilson $11.4 million to cover acquisition costs and predevelopment improvements for the west Little Rock property, and the land is now wrapped into a maze of revolving credit lines and debt associated with Wilson's NOLA Ltd. et al.

This cross-collateralization notwithstanding, Wilson's name-sake son has said the property is held by a solvent partnership set up by his father. Real estate records indicate Jim Wilson Jr. holds the land personally.

Whether or not the Summit ever becomes reality, Little Rock owes Wilson a nod of thanks because his effort forced Melvin Simon & Associates and The Marathon Group to upgrade and enlarge University Mall and Park Plaza respectively.
COPYRIGHT 1990 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Real Deals
Author:Waldon, George
Publication:Arkansas Business
Date:Nov 5, 1990
Previous Article:Getting fiscally fit; good marketing plans mean fat bottom line.
Next Article:Sale pending.

Related Articles
Big doings in Russellville; a $15 million shopping center project reshapes the local commercial scene.
Emerging trends change the way we work, shop and live.
Owner Leaving Mall Business; Park Plaza's Future Uncertain.
Competitive Jostling Increases Between Rival Mall Projects.
Mall talk. (Whispers).
Summit sale.
J.C. Penney likely headed to Shackleford: 'when, not if' University Mall loses biggest draw, observers say.
PBS Real Estate helps footwear companies step into 13 new leases.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters