Exhibit 99.1

                                                              September 15, 2004


Notice of Blackout Period to Members of the Board of Directors and Executive
Officers of General Growth Properties, Inc.


As a director or executive officer of General Growth Properties, Inc. ("GGP"),
you are subject to the restrictions of Rule 104 of Regulation BTR (Blackout
Trading Restrictions) under Section 306 of the Sarbanes-Oxley Act of 2002. These
restrictions prohibit all transactions in GGP common stock and options to
purchase common stock during the upcoming blackout period in the General Growth
Management Savings and Employee Stock Ownership Plan (the "Plan"). The blackout
period will commence on September 30, 2004 and end during the week of October
17, 2004 (the "Blackout Period").

The Blackout Period is necessary to complete the transition of the recordkeeping
and administrative services associated with the Plan to The Vanguard Group, who
will become the new trustee for the Plan. During the Blackout Period, you are
not permitted to purchase, sell or otherwise acquire or transfer any GGP common
stock or purchase, sell, transfer or exercise any option to purchase GGP common
stock. The prohibition on you is imposed because participants in the Plan will
not be able to request loans or withdrawals, make fund exchanges or transfers,
make contribution allocation changes or check account balances during the
Blackout Period. Your ability to engage in transactions in GGP common stock or
exercise options is affected during the Blackout Period regardless of whether
you participate in the Plan.

This prohibition on sales and other transfers applies only to GGP common stock
and options to purchase common stock that you acquired in connection with your
service or employment as a director or executive officer of GGP. Please note
that any common stock or options you sell or otherwise transfer will be
automatically treated as acquired in connection with your service or employment
unless you establish that the common stock or options were acquired from another
source and this identification is consistent with your treatment of the common
stock or options for tax purposes and all other disclosure and reporting
requirements.

Please be advised that GGP's policy that limits trading in GGP common stock
preceding the release of quarterly earnings information also will be in effect.
As a result, commencing September 20, 2004 and ending two full business days
after GGP's quarterly earnings release, the purchase and sale of GGP common
stock is prohibited. However, certain option exercises will be permitted under
GGP's policy during this time period.

Please direct questions, including when the Blackout Period has ended during the
week of October 17, 2004, and requests for pre-clearance of your transactions in
GGP common stock, to Ed Hoyt, Senior Vice President, Chief Accounting Officer at
(312) 960-5175, 110 North Wacker Drive, Chicago, Illinois 60606.