As part of an attempt to restructure its financially struggling operations, General Growth Properties is trying to sell Miami's Bayside Marketplace.
Bayside is one of a handful of festival marketplace properties across the country for which General Growth is currently seeking buyers or potential partners, said David Keating, a company spokesman. All the properties were acquired when General Growth purchased the Rouse Corp. Burdened by debt from the Rouse acquisition and other growth, General Growth is trying to stave off bankruptcy.
The festival properties are viewed as ''noncore assets'' that don't fit with General Growth's focus on suburban shopping malls, Keating said.
''We've said from the beginning that this is one of the ways that we are going to pay down debt,'' Keating said.
There are currently no plans to sell off any of the company's other South Florida properties: Village of Merrick Park in Coral Gables, Mizner Park in Boca Raton and Pembroke Lakes Mall in Pembroke Pines.