Branson Landing awards new management contract

Branson-based HCW Development Co. LLC has transferred the management, marketing and leasing contract of the $420 million Lake Taneycomo waterfront retail development to Chicago-based General Growth Properties Inc. Another Chicago company, Urban Retail Properties, has managed Branson Landing since it opened in spring 2006.

Publicly traded General Growth Properties (NYSE: GGP) is a real estate investment trust with ownership or management of more than 200 malls in 45 states, including the Galleria in St. Louis and Capitol Mall in Jefferson City. Among its premiere properties are Water Tower Place on Michigan Avenue in Chicago and The Grand Canal Shoppes at The Venetian in Las Vegas. The company also develops master-planned communities and mixed-use properties nationally.

According to General Growth Properties’ Form 10-Q filed with the Securities and Exchange Commission, first-quarter earnings were $8.5 million. For the three months ended March 31, 2007, earnings were $230 million.

Second-quarter earnings will be released after the market closes July 30.

General Growth Properties’ shares closed July 28 at $28.14, compared to a 52-week range of $26.72 to $57.84.

Calls to General Growth Properties and Branson Landing officials were not returned by press time.