Columbia Ain't Worth What It Once Was

At least that's what the town's big developer, General Growth Properties, says in a new release, according to this story in the Sun.

The company said is writing down the value of the land it owns in these parts because of the housing slump. It said unsold residential land in Columbia and Laurel is now worth $141 million. The Sun says the company last reported the value of unsold Columbia residential lots at $225 million, as of the end of 2006.

GGp bought the Rouse Co., the original developer of this town. Here's a link to the GGP release.