General Growth Exits Pabst Farms Development

Milwaukee, General Growth Properties confirmed Friday that it will not build a regional shopping center at the Pabst Farms development in Oconomowoc, Wis., the Business Journal of Milwaukee reported.

Pabst Farms Development Inc. said Thursday it is recruiting companies to replace General Growth as the exclusive developer for the Pabst Farms Town Centre regional shopping mall.

General Growth's decision to walk away from the Pabst Farms project was not based on financial reasons, according to Peter Bell, president of Pabst Farms Development, the report said. The company recently shifted its business strategy and decided to reduce its number of projects under development. General Growth will continue to work on a $450 million hotel, condominium and retail development in downtown St. Louis.

In June 2006, General Growth announced a partnership agreement with Pabst Farms.

Located on a 1,500-acre parcel. Pabst Farms is a master-planned community. The largest component is a residential community with 1,200 single-family homes and condominiums.