By Nate Jones

Staff Writer 

Gene Beaudoin, a retail development spokesperson who promoted the Cabela’s project in Scarborough and numerous developments throughout the northeast, said he noticed General Growth Property (GGP) – the company that owns the Maine Mall – stock was trading at 31 cents a share earlier this week. 

In May the stock was trading as high as $43 per share before sliding sharply with the rest of the market to a low of 35 cents a share Nov. 13. It closed at 43 cents a share Nov. 18.

“Normally what it means is that they’re expecting bankruptcy any minute,” he said. “People buying the stock are hoping it will come back with new owners at more than 31 cents.”

General Growth Properties Senior Director of Public Affairs Jim Graham said he didn’t know why a site plan approval for “The Commons,” a 5-acre site at 415 Maine Mall Road, had been postponed from last week’s South Portland Planning Board agenda. City Planner Tex Hauser said he believed GGP was still working with the Maine Department of Environmental Protection to obtain various permits for the proposed development. It was the second time in less than a month that the site plan, including two restaurants and four retail tenants, had been removed from the agenda. 

“We intend to move forward subject to planning,” Graham said. “Obviously the timing is subject to market conditions. We are hearing some retailers saying it’s not time, but we would love to see that process move forward.”

South Portland City Assessor Elizabeth Sawyer said the Maine Mall property has been valued at roughly $260 million since it was assessed in 1996, an estimate GGP is still challenging in court.

“They are appealing the South Portland Board of Assessment Review’s decision [in December, 2007] to uphold the assessment,” she said. “We’re still waiting on a hearing date.”

Sawyer said the mall is assessed on its ability to generate income from tenants rather than the income of the individual retail stores, although retail assessment does take market conditions into consideration.

“Has the vacancy at the Maine Mall changed, has the rent changed, has their ability to make income changed?” she asked. “It’s something we continue to watch, but I think the property is still very viable.”

Sawyer said the earliest the mall would be reassessed is April next year during it’s annual assessment review. Sawyer said she will have to take a “serious look” at how the “credit crunch can have an impact” on all retail establishments in the city at that time.

“We just want what’s fair,” Graham said of the city’s current assessment of the property.

Graham said it was against GGP policy to release occupancy information for any of their 200 properties throughout the country, but was confident the mall would have a successful holiday season.

“The Maine Mall is a very popular attraction,” he said.