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General Growth Properties, developer of Bridgeland in Cypress, Texas, names new CEO
General Growth Properties (GGP) is the owner and developer of Bridgeland, a master planned community located in Cypress, Texas. GGP is the second-largest U.S.-based publicly traded real estate investment trust (REIT) in the nation.
General Growth Properties selected Sandeep Mathrani as the new CEO last month. Mr. Mathrani, who leaves Vornado Realty Trust, will receive a base salary of $1.2M. Once GGP emerges from Bankruptcy the second week of November 2010, Mr Mathrani will be rewarded with GGP Stock, valued at $25M. Mr. Mathrani’s contract has a 5 year term, and he is replacing Adam Metz who has been CEO since 2008.
Bridgeland residents hope that Mr. Mathrani will continue with the plans to build out Bridgeland the way it was intended. Lakeland Village is well under way and several homes are available for sale. We are eagerly anticipating the development of 3 more villages: Parkland Village, Prarieland Village, and Creekland Village. We are also looking forward to the development of Town Center that will border the Grand Parkway. I have been told that the Bridgeland Town Center will look a lot like the Woodlands' one . Love it!
Mr. Mathrani, welcome aboard and help us grow!
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