The Rouse Company

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The Rouse Company
Former typeCommercial Real Estate Development
Predecessor(s)Moss-Rouse Company
Successor(s)General Growth Properties Inc., The Howard Hughes Corporation (2010)
Defunct2004
Key peopleJames Rouse, Melvin J. Berman, Hunter Moss, Churchill Gibson Carey
SubsidiariesThe American City Corporation, Howard Research and Development, Community Research and Development
 
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The Rouse Company
Former typeCommercial Real Estate Development
Predecessor(s)Moss-Rouse Company
Successor(s)General Growth Properties Inc., The Howard Hughes Corporation (2010)
Defunct2004
Key peopleJames Rouse, Melvin J. Berman, Hunter Moss, Churchill Gibson Carey
SubsidiariesThe American City Corporation, Howard Research and Development, Community Research and Development

The Rouse Company, founded by Hunter Moss and James W. Rouse in 1939, was a publicly held shopping mall and community developer from 1956 until 2004, when General Growth Properties Inc. purchased the company.

The Moss-Rouse Company was founded as a FHA mortgage company with a loan from Hunter Moss's sister. Rouse leveraged his knowledge as loan guarantee specialist at the Federal Housing Administration to establish a Baltimore-based mortgage company specializing in FHA backed loans. Moss-Rouse hired a WWII Navy friend hired Churchill G. Carey from Connecticut General, who in turn provided capitol for future projects. Carey would hold positions ranging from president to CEO of the mortgage company subsidiary .[1] Upon hiring of Jim Rouse's brother in 1952, Hunter Ross sold his share of the company renaming the firm the James W Rouse Company.[2]

The Rouse Company built some of the first enclosed shopping malls, and it pioneered the development of festival marketplaces, such as Jacksonville Landing in Jacksonville, Faneuil Hall in Boston, South Street Seaport in New York City, Waterside in Norfolk, Harborplace in Baltimore, and Bayside Marketplace in Miami. They also developed The Shops at National Place in downtown Washington, D.C. that opened in 1984-85.

The company has also been credited as the pioneer of the first successful food court in an enclosed shopping mall, when the food court at the Sherway Mall in Toronto opened for business in 1971. It followed an unsuccessful attempt at the Plymouth Meeting Mall in 1968, which reportedly failed because it was "deemed too small and insufficiently varied."

Its community projects include the Village of Cross Keys in Baltimore and the planned cities of Columbia, Maryland (where it was headquartered), Bridgeland Community, Texas, and Summerlin, Nevada. Howard Research and Development was formed as a subsidiary to facilitate the Columbia Project with Connecticut General and Chase Manhattan as stakeholder with interest deferred loans. In 1966 The James W Rouse Company was restructured as the Rouse Company, adding HRD as a separate entity shielded Rouse Corporation from debt liability of the Columbia development. Columbia Development Corporation was formed a subsidiary of HRD using subcontracted Rouse Company employees. In 1985 CIGNA (Connecticut General) divested it's interest in HRD and the project back to Rouse for $120 million at a net loss.[3]

The Company Moved its headquarters to the Cross Keys development, then to the project at Columbia Maryland in December 1969.[4]

Rouse created the subsidiary company The American City Corporation to take adavantage of the National Urban Policy and New Community Development Act of 1970, A HUD program which granted developers incentives and loans to build Title VII "New Towns" with mandatory percentages of low income housing projects.[5][6]

In 1986 former General manager of Columbia and executive vice president of development Micheal Spear became president as a successor to Rouse. August 1990, Spears died in a crash with his wife and one daughter in his Piper PA-31T Cheyenne attempting a single engine missed approach near Logan International Airport.[7][8]

In 1996, The Howard Hughes Corporation, which had extensive property and other business interests, became a subsidiary. On November 12, 2004, the Rouse Company was sold to Chicago-based General Growth Properties Inc., another shopping mall developer.[9]

In 2012, General Growth Properties spun off 30 malls into a new real estate investment trust, Rouse Properties.[10]

See also[edit]

Notes[edit]

  1. ^ The Baltimore Sun. 5 April 2008. 
  2. ^ Paul Marx. Jim Rouse: Capitalist/idealist. p. 39. 
  3. ^ Joshua Olsen. Better Places, Better Lives. p. 237. 
  4. ^ "Columbia's first 25 years: a chronology". Baltimore Sun. 14 June 1992. 
  5. ^ The American City Corporation (January 1971). Urban Life In New and Renewing Communities. 
  6. ^ Paul Marx. Jim Rouse: Capitalist/idealist. p. 160. 
  7. ^ "Plane Crash Kills Head Of Firm That Developed Westlake Center". The Seattle Times. 25 August 1990. 
  8. ^ "NTSB report NYC90FA199". Retrieved 5 February 2014. 
  9. ^ "Over 50 Years of Experience". General Growth Properties. Retrieved 2009-12-09. [dead link]
  10. ^ Information Package. Rep. Rouse Properties, 21 Aug. 2011.
  11. ^ Paul Marx. Jim Rouse: Capitalist idealist. p. 91. 
  12. ^ Barry Maitland. The new architecture of the retail mall. p. 148. 

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