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                                                                  Exhibit 10.10

                                 PROMISSORY NOTE

$36,000,000.00                                            As of October 1, 1997

         FOR VALUE RECEIVED, the undersigned, CATALINA PARTNERS, L.P., a
Delaware limited partnership, with an address of 20 South Third Street,
Columbus, Ohio 43215, Attention: George A. Schmidt, Esquire, Senior Vice
President and General Counsel, Telefax Number (614) 621-9311 ("Maker"), promises
to pay to the order of NOMURA ASSET CAPITAL CORPORATION, a Delaware corporation
(together with any subsequent holder of this Note, and their respective
successors and assigns, "Holder") at its office located at Two World Financial
Center, Building B, 21st Floor, New York, New York, 10281, Attention: Stuart
Silberberg, Vice President, Telefax Number (212) 667-1666, or at such other
address as Holder may from time to time designate in writing, the principal sum
of THIRTY-SIX MILLION DOLLARS ($36,000,000.00) together with interest thereon,
Default Rate interest, Yield Maintenance Premium, if any and all other sums due
under and secured by the Mortgage or by any other Loan Documents; such
principal, interest, Default Rate interest, Yield Maintenance Premium, if any,
and other sums to be calculated and payable as provided in that certain Loan
Agreement of even date herewith between Maker and Holder (as amended, modified
and supplemented and in effect from time to time, the "Loan Agreement").
Capitalized terms used herein without definition shall have the meanings
ascribed to such terms in the Loan Agreement.

         All payments made hereunder shall be applied as provided in Section 2.7
of the Loan Agreement.

         The Loan Agreement provides for, among other things:

         (1) a payment of interest only for the first Interest Accrual Period on
the date hereof;

         (2) a monthly constant payment of $257,411.04 (which payment is
calculated by using the Initial Interest Rate and an amortization schedule of
three hundred sixty (360) months) to be made beginning on November 11, 1997, and
on the eleventh (11th) day of each and every calendar month thereafter;
provided, however, that for purposes of making such payments hereunder, but not
for purposes of calculating interest accrual periods, if the eleventh (11th) day
of a given month is not a Business Day then the Payment Date for such month
shall be the next Business Day;

         (3) a maturity date of October 11, 2027;

         (4) an Initial Interest Rate of 7.73% per annum;

         (5) a Revised Interest Rate equal to the greater of (x) the sum of the
Initial Interest Rate plus four hundred (400) basis points, or (y) as of the
Optional Prepayment

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Date, the sum of the Twenty Year Treasury Rate plus five hundred fifty (550)
basis points, such Revised Interest Rate not to exceed the Maximum Amount;

         (6) an Optional Prepayment Date of October 11, 2007;

         (7) a Default Rate equal to the lesser of (i) the Maximum Amount or
(ii) the Interest Rate plus four percent (4%);

         (8) the Loan cannot be voluntarily prepaid prior to the Optional
Prepayment Date; on and after the Optional Prepayment Date, (a) the Loan may be
prepaid in whole or in part and (b) Section 2.6 of the Loan Agreement requires
mandatory prepayment of all Excess Cash Flow; and

         (9) interest shall accrue on the outstanding principal balance of the
Loan and all other amounts due to Holder under the Loan Documents commencing on
the Closing Date, and such interest shall accrue (a) before the Optional
Prepayment Date, at the Initial Interest Rate and (b) on and after the Optional
Prepayment Date, at the Revised Interest Rate. Interest shall be computed on the
actual number of days elapsed, based on a 360 day year, compounded monthly.

         The obligations of Maker under this Note are secured by, among other
things, the following:

         (1) the Mortgage; and

         (2) the other Loan Documents, and Liens granted in favor of Holder by
Maker and/or encumbering or affecting the Facility.

         The principal sum evidenced by this Note, together with accrued
interest, Default Rate Interest, and Yield Maintenance Premium, if any, and all
other sums due under and secured by the Mortgage or by any other Loan Document
shall become immediately due and payable at the option of the Holder upon the
occurrence of any Event of Default.

         If Maker fails to make (i) the payment due on the Maturity Date or (ii)
any other payment of principal or interest, the Yield Maintenance Premium, if
any, or other sum due on any date on which such payment is due, all amounts due
hereunder thereafter will bear interest at the Default Rate. Maker will also pay
to Holder, after the occurrence of an Event of Default, in addition to the
amount due, all reasonable costs of collecting, securing, or attempting to
collect or secure this Note or any other Loan Document, including, without
limitation, court costs and reasonable attorneys' fees (including reasonable
attorneys' fees on any appeal by either Maker or Holder and in any bankruptcy
proceedings).

         With respect to the amounts due pursuant to this Note, Maker waives the
following:

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         (1) All rights of exemption of property from levy or sale under
execution or other process for the collection of debts under the Constitution or
laws of the United States or any State thereof;

         (2) Demand, presentment, protest, notice of dishonor, notice of
nonpayment, notice of protest, notice of intent to accelerate, notice of
acceleration, suit against any party, diligence in collection of this Note and
in the handling of securities at any time existing in connection herewith, and
all other requirements necessary to enforce this Note except for notices
required by Governmental Authorities and notices required by the Loan Agreement;
and

         (3) Any further receipt by Holder or acknowledgement by Holder of any
collateral now or hereafter deposited as security for the Loan.

         It is the intention of Maker and Holder to conform strictly to
applicable usury laws. Accordingly, if the transactions contemplated hereby
would be usurious under applicable law then, in that event, notwithstanding
anything to the contrary in any agreement entered into in connection with or as
security for this Note, it is agreed as follows: (i) the aggregate of all
consideration which constitutes interest under applicable law that is taken,
reserved, contracted for, charged or received under this Note or under any of
the other aforesaid agreements or otherwise in connection with this Note shall
under no circumstances exceed the maximum amount of interest allowed by
applicable law, and any excess shall be credited on account of this Note by the
holder hereof (or if this Note shall have been paid in full, refunded to Maker)
in accordance with the Loan Agreement; and (ii) in the event that maturity of
this Note is accelerated by reason of an election by the Holder resulting from
any default hereunder or otherwise, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest may never include
more than the maximum amount of interest allowed by applicable law, and any
interest in excess of the maximum amount of interest allowed by applicable law,
if any, provided for in this Note or otherwise shall be cancelled automatically
as of the date of such acceleration or prepayment and, if theretofore prepaid,
shall be credited on account of this Note (or if this Note shall have been paid
in full, refunded to Maker).

         In determining whether or not the interest paid or payable under any
specific contingency exceeds the maximum amount allowed by applicable law, the
Holder shall, to the maximum extent permitted under applicable law (a) exclude
voluntary prepayments and the effects thereof, and (b) amortize, prorate,
allocate and spread, in equal parts, the total amount of interest throughout the
entire contemplated term of this Note so that the interest rate is uniform
throughout the entire term of this Note; provided, that if this Note is paid and
performed in full prior to the end of the full contemplated term hereof, and if
the interest received for the actual period of existence thereof exceeds the
maximum amount allowed by applicable law, Holder shall refund to Maker the
amount of such excess, and in such event, Holder shall not be subject to any
penalties provided by any laws for contracting for, charging or receiving
interest in excess of the maximum amount allowed by applicable law.

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         Holder shall not by any act, delay, omission or otherwise be deemed to
have modified, amended, waived, extended, discharged or terminated any of its
rights or remedies, and no modification, amendment, waiver, extension, discharge
or termination of any kind shall be valid unless in writing and signed by Holder
and Maker. All rights and remedies of Holder under the terms of this Note and
applicable statutes or rules of law shall be cumulative, and may be exercised
successively or concurrently. Maker agrees that there are no defenses, equities
or setoffs with respect to the obligations set forth herein, and to the extent
any such defenses, equities, or setoffs may exist, the same are hereby expressly
released, forgiven, waived and forever discharged.

         Wherever possible, each provision of this Note shall be interpreted in
such manner as to be effective and valid under applicable Legal Requirements,
but if any provision of this Note shall be prohibited by or invalid under
applicable Legal Requirements, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Note.

         Holder may, at its option, release any Collateral given to secure the
indebtedness evidenced hereby, and no such release shall impair the obligations
of Maker to Holder.

         The proceeds of this Note were disbursed from the State of New York,
which State the parties agree has a substantial relationship to the parties and
to the underlying transaction embodied hereby, and in all respects, including,
without limitation, matters of construction, validity and performance, this Note
and the obligations arising hereunder shall be governed by, and construed in
accordance with, the laws of the State of New York applicable to contracts made
and performed in such State and any applicable law of the United States of
America. To the fullest extent permitted by law, Maker hereby unconditionally
and irrevocably waives any claim to assert that the law of any other
jurisdiction governs this Note, and this Note shall be governed by and construed
in accordance with the laws of the State of New York pursuant to Section 5-1401
of the New York General Obligations Law.

         Any legal suit, action or proceeding against Holder or Maker arising
out of or relating to this Note shall be instituted in any federal or state
court in New York, New York, pursuant to Section 5-1402 of the New York General
Obligations Law, or in any federal or state court in the jurisdiction in which
any Collateral is located, and Maker waives any objection which it may now or
hereafter have to the laying of venue or any such suit, action or proceeding,
and Maker hereby irrevocably submits to the jurisdiction of any such court in
any suit, action or proceeding. Maker does hereby designate and appoint CT
Corporation, 1633 Broadway, New York, NY 10019 as its authorized agent to accept
and acknowledge on its behalf service of any all process which may be served in
any such suit, action or proceeding in any such federal or state court, and
agrees that service of process upon said agent at said address (or at such other
office in New York, New York as may be designated by such agent in accordance
with the terms hereof) with copies to Maker at the address set forth in the
first paragraph of the Note and to Frost & Jacobs LLP, One Columbus, Suite 1000,
10 West Broad Street, Columbus Ohio 43215-

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3467, Attention: John I. Cadwallader, Esquire, and written notice of said
service of Maker mailed or delivered to Maker in the manner provided in the Loan
Agreement shall be deemed in every respect effective service of process upon
Maker, in any such suit, action or proceeding. Maker (i) shall give prompt
notice to Holder of any changed address of its authorized agent hereunder, (ii)
may at any time and from time to time designate a substitute authorized agent
(which office shall be designated as the address for service of process), and
(iii) shall promptly designate such a substitute if its authorized agent ceases
to have an office or is dissolved without leaving a successor.

         MAKER AND HOLDER TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO,
WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING, INCLUDING, WITHOUT LIMITATION,
ANY TORT ACTION, BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS NOTE OR THE
OTHER LOAN DOCUMENTS. EACH OF MAKER AND HOLDER AGREES THAT THE OTHER MAY FILE A
COPY OF THIS WAIVER WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY
AND BARGAINED AGREEMENT OF THE OTHER IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY
JURY, AND THAT, TO THE FULLEST EXTENT THAT IT MAY LAWFULLY DO SO, ANY DISPUTE OR
CONTROVERSY WHATSOEVER BETWEEN MAKER AND HOLDER SHALL INSTEAD BE TRIED IN A
COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

         Holder may assign all or part of its right, title and interest in and
to this Note to another Person, including without limitation, to a trustee or
servicer before or after a Securitization, and such Person shall be entitled to
exercise all or any portion of Holder's rights hereunder.

         Without limiting the applicability of the terms of any Loan Document to
this Note, this Note is and shall be subject to the exculpation provisions of
Section 8.14 of the Loan Agreement.

                        [Signature on the following page]


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         IN WITNESS WHEREOF, intending to be legally bound, Maker has caused
this Promissory Note to be properly executed as of the date first above written
and has authorized this Promissory Note to be dated as of the day and year first
above written.

                                     MAKER:

                                     CATALINA PARTNERS, L.P.
                                     a Delaware limited partnership

                                     By:  Colonial Park Trust, a Delaware
                                          business trust, its general partner.

                                          By: Glimcher Colonial Park Mall, Inc.,
                                              a Delaware corporation, as Trustee

                                              By:  /s/ George A Schmidt
                                                   ----------------------------
                                                   George A. Schmidt
                                                   Senior Vice President


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Pay to the order of ________________________________________________________, a

_____________________________________________________, having an address of

______________________________________________________________________________

______________________________________________________________________________,
without recourse, representation or warranty.

                                     NOMURA ASSET CAPITAL CORPORATION, a
                                     Delaware corporation

Date:                                By:
      ------------------------          --------------------------------------
                                        Name:
                                        Title: