SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~PURSUANT~~Date TOof ~~SECTION~~report ~~13 OR 15~~(d)Date ~~OF THE~~of ~~SECURITIES~~earliest ~~EXCHANGE~~event ~~ACT~~reported): ~~OF 1934~~November 3, 2003

Date of Report (Date of earliest event reported): September 26, 2003

HORIZON GROUP PROPERTIES, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland	0-24123	~~38-3407933~~	38-3407933
(State or other jurisdiction of incorporation)	(Commission File Number)	~~(IRS Employer Identification No.)~~	(IRS Employer Identification No.)
77 West Wacker Drive, Suite 4200 Chicago, Illinois		~~60601~~	60601
(Address of Principal Executive Offices)		~~(Zip Code)~~	(Zip Code)
Registrant’s telephone number, including area code: (312) 917-8870
N/A
(Former Name or Former Address, if Changed Since Last Report)

Registrant’s telephone number, including area code: (312) 917-8870

N/A

(Former Name or Former Address, if Changed Since Last Report)

ITEM 5. Other Events

On November 4, 2003, Horizon Group Properties, Inc. (the “Company”) isannounced that ~~re-issuing,~~it inhad ~~an updated~~begun ~~format,~~restructuring ~~its~~three ~~historical~~loans ~~financial~~which ~~statements~~had ~~for~~been ~~the~~in ~~fiscal~~default ~~years ended~~since ~~December~~October ~~31, 2002,~~ 2001 ~~and~~(the ~~2000~~“GST inLoans”). The ~~order~~planned torestructuring ~~reclassify~~includes the ~~factory~~payoff ~~outlet centers~~at ~~located~~a indiscount ~~Daleville,~~of ~~Indiana~~two ~~and Somerset, Pennsylvania which were~~loans ~~sold~~with onan ~~May 30,~~aggregate ~~2003~~principal tobalance ~~discontinued~~of ~~operations~~approximately as$18 ~~required~~million, ~~under~~excluding ~~Statement~~accrued ofinterest ~~Financial~~and ~~Accounting Standards No. 144~~penalties, ~~“Accounting~~and ~~for~~ the ~~Impairment~~ orreinstatement ~~Disposal~~ of ~~Long-Lived Assets” (“SFAS 144”). The provisions of SFAS 144 require~~ the ~~Company~~ tothird ~~reclassify~~loan ~~all previously issued annual financial statements~~ for a ~~each~~total ofpayment ~~the~~by ~~three years shown in~~ the Company’s ~~last~~of ~~Annual~~$4 ~~Report on Form 10-K~~million. ifThe ~~those~~restructuring ~~financial~~of ~~statements~~the ~~are~~reinstated ~~incorporated~~loan bywill ~~reference~~result in ~~subsequent filings with~~ the ~~SEC~~immediate forgiveness ~~made~~of ~~under~~approximately ~~the~~$600,000 ~~Securities Act~~ of ~~1933. This~~accrued ~~reclassification~~penalties ~~has~~and ~~no effect on the~~default ~~Company’s previously reported net loss~~interest.

InThe funds ~~addition,~~to ~~the~~accomplish ~~selected~~this ~~financial~~restructuring ~~data~~were ~~has been~~provided ~~reclassified~~ to ~~reflect~~ the ~~adoption~~Company ofby ~~Statement~~an affiliate of ~~Financial~~ ~~Accounting~~Howard ~~Standards No~~M. ~~145~~Amster, ~~“Rescission~~a ofDirector ~~FASB~~and ~~Statement~~principle Noshareholder of the Company. The 4,Company sold a 49% ~~44,~~interest ~~and~~in 64Gretna, ~~Amendment~~Sealy, ofTraverse ~~FASB~~City ~~Statement~~Outlet NoCenters, L.L.C. 13(“GST”), ~~and~~the entity ~~Technical~~that ~~Correction”~~owned ~~(SFAS 145). The~~the ~~provisions~~three ofoutlet ~~SFAS~~centers ~~145 related~~subject to the ~~rescission~~GST ofLoans, ~~SFAS~~to ~~No.~~an affiliate 4of ~~require~~Mr. ~~the~~Amster ~~Company~~for to$1.96 ~~reclassify prior~~million. ~~period~~GST ~~items~~is ~~that~~one doof ~~not meet~~ the ~~extraordinary~~entities ~~classification~~subject ~~into~~to ~~continuing operations. During~~a ~~the~~pending ~~year~~sale ~~ended December 31,~~agreement ~~1999,~~in which the Company ~~incurred~~will ~~such~~sell ana ~~expense~~49% ~~and,~~interest in ~~compliance with~~the ~~SFAS~~entities ~~145,~~that ~~this~~own ~~expense~~all isof ~~now~~the Company’s ~~included~~outlet ascenters aand ~~component~~the ofcorporate ~~continuing operations~~office for $11.5 million. ~~There~~That ~~were~~transaction nois ~~similar~~still pending with due ~~expenses~~diligence inscheduled ~~any~~to ~~other~~be ~~period~~completed ~~presented.~~by November ~~This~~14, ~~reclassification~~2003. The ~~has~~purchase noprice ~~effect~~is onnot ~~the~~affected ~~Company’s~~by ~~previously reported~~this ~~net~~separate ~~loss~~sale of the interests in GST.

~~This~~An affiliate ~~Current~~of ~~Report~~Mr. onAmster ~~Form~~also ~~8-K~~made ~~updates~~a ~~Items 6,~~$2.04 7million ~~and~~loan 8,to ~~Schedule~~the ~~III~~Company. The ~~and~~proceeds ~~the~~from ~~Notes~~this ~~thereto~~loan ofand the ~~Company’s~~sale ~~2002~~of the ~~Form~~interests ~~10-K to~~in ~~reflect~~GST ~~the~~are ~~above~~required ~~described~~to ~~reclassifications~~be ~~and~~used ~~includes~~to ~~them~~complete asthe ~~Exhibit~~planned debt 99restructuring.~~10.~~ NoThe ~~other~~loan ~~portions~~bears ~~of the Form~~interest ~~10-K~~at ~~have~~8.0% ~~been~~and ~~updated~~matures ~~except~~on toAugust 3, ~~the extent expressly provided above~~2004.

The press release announcing this transaction is attached hereto as Exhibit 99.5. The note and other documents are also attached hereto as exhibits.

ITEM 7. Exhibits.

Exhibit Number		Description
99.10		Updated financial information on the Company’s Annual Report on Form 10-K for the year ended December 31, 2002
10.119		Letter Agreement dated November 3, 2003 between Horizon Group Properties, L.P. and Pleasant Lake Apts. Limited Partnership
		Index to Exhibit 99.10
10.120		Promissory Note dated as of November 3, 2003 by Horizon Group Properties, L.P. to the order of Pleasant Lake Apts. Limited Partnership
		Selected Financial Data
10.121		Guaranty of Payment dated as of November 3, 2003 by Horizon Group Properties, Inc. to and for the benefit of Pleasant Lake Apts. Limited Partnership
		Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.5		Press release issued by the Company on November 4, 2003
		Quantitative and Qualitative Disclosures About Market Risk
		Financial Statements

~~SIGNATURE~~SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HORIZON GROUP PROPERTIES, INC.

HORIZON GROUP PROPERTIES, INC.


Date:	November 7, 2003	By:	/s/ David R. Tinkham
		Name:	David R. Tinkham
		Title:	Chief Financial Officer and Secretary

Date: September 26, 2003	By:	/s/ David R. Tinkham
	Name:	David R. Tinkham
	Title:	Chief Financial Officer and Secretary

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