Local Merchants Lose Near-Term Chance to Control Faneuil Hall

The Boston Globe reports that a recent plan filed by bankrupt Faneuil Hall operator, General Growth Properties, could derail efforts by local merchants to gain control of Faneuil Hall.

“… a group of retailers received $25 million in pledges to try to take control of the shopping center and tourist attraction. Now that lenders have agreed to modify loan terms, General Growth is not under pressure to sell off prized assets to quickly come up with cash. Adam Cohen, a lawyer representing the Faneuil Hall Merchants Association, said the shop owners would still be interested in buying the property once General Growth reorganizes.”

“At this time, the merchants are hopeful that GGP will emerge from this bankruptcy with a better understanding of the property and the needs of the merchants who conduct business there,’’ Cohen said. The Faneuil Hall Merchants Association has long been at odds with General Growth over the increasing number of national tenants and dwindling presence of local retailers.”