Downtown at the Gardens faces foreclosure - Austin Business Journal:

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The 337,000-square-foot shopping complex opened in 2005 with high hope s of capitalizing on the wealthy residentzs of northern PalmBeacg County, but it has lost many of its originalk tenants. Downtown at the Gardenx is ownedby , a joinyt venture between Skokie, Ill.-based and the . manages the shopping center. Main tenants include Cobb , the , TooJay’s and RA Sushi. Downtowb at the Gardens was a success initially, but a flawee design and expensive rent didit in, said Orin VP of ' retail services group in Boca Raton.
Peoplse frequented the movie theater and restaurants on the exteriorr ofthe project, but the retaileras on the inside are dying because they get sparsse foot traffic, he said. "It wasn't designed to have a proper flow of traffix throughthe project," Rosenfeld said. "They need to get someone inside there to drawpeople in." A messagse left at the management offic of Downtown at the Gardens was not immediately returned. On July 1, BH AABE an affiliate of Boca Raton-based and Rockville, Md.-basecd Berman Enterprises, filed a foreclosure complain tagainst , according to Palm Beach County Circuit Cour t records.
It seeks foreclosure on the at 11701 Lake VictoriqaGardens Ave., based on a mortgage made for $140 The affiliate of Ashkenazy Agus Ventures bought the shopping center’ws mortgage from in January. In April, it signer a modification agreement withthe mall’s owner that required it to make a $3.3 million escrow deposit as additional security until the property improvees its debt services coverage ratio and its occupanc y rate. West Palm Beach-based attorney Gary M. Dunkel, who representxs the Ashkenazy & Agus Ventures in the said Downtown at the Gardens Associate s missed the June 1mortgage payment.
He said the developer is workinfg with his client on a smooth transition to hand over the They filed a joint stipulated judgment of foreclosure proposa l withthe court. “My clients are multigenerationa l realestate developers,” Dunkel said. “Their intention is to invest in this projec t and revitalize Downtown atthe Gardens. They want to make it the significan t project that it was expectedto be.
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