Grayfields Reuse and Redevelopment

This article, written from the perspective of the developer, outlines the financial implications of redeveloping malls and shopping centers. It discusses the advantages and disadvantages of two loan types: CMBS and portfolio loans. It then addresses potential impediments to redevelopment, including rights of first refusal, operating covenants, use restrictions, maintenance requirements, permitted building areas, height restrictions, frozen site plans, and parking restrictions. Finally, it looks at issues that can come from existing tenants, such as whether they will close for the duration of redevelopment.