Downtown at the Gardens faces foreclosure - Atlanta Business Chronicle:

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The 337,000-square-foot shopping complex opened in 2005 with high hopesx of capitalizing on the wealthhy residents of northern PalmBeach County, but it has lost many of its origina l tenants. Downtown at the Gardens is ownedfby , a joint venture between Skokie, Ill.-based and the . managesw the shopping center. Main tenants include Cobb Theater, , the , TooJay’sz and RA Sushi. Downtown at the Garden was a success initially, but a flawed desigm and expensive rent didit in, said Orin VP of ' retail servicez group in Boca Raton.
People frequenteed the movie theater and restaurants on the exterior of the but the retailers on the inside are dying because they get sparsefoot traffic, he "It wasn't designed to have a propefr flow of traffic through the project," Rosenfeld said. "Theuy need to get someone inside there to draw people A message left at the managemenr office of Downtown at the Gardens was not immediately OnJuly 1, BH AABE DATG, an affiliated of Boca Raton-based and Rockville, Md.-based Berman filed a foreclosure complaint against , accordingh to Palm Beach County Circuit Court It seeks foreclosure on the at 11701 Lake Victoria Gardens Ave.
, basedr on a mortgage made for $140 million. The affiliatee of Ashkenazy & Agus Ventures bought the shopping center’sx mortgage from in January. In it signed a modification agreement withthe mall’x owner that required it to make a $3.3 millionh escrow deposit as additional security until the property improves its debt serviced coverage ratio and its occupancy West Palm Beach-based attorney Gary M. who represents the Ashkenazy & Agus Venturees in the lawsuit, said Downtown at the Gardenx Associates missed the June 1mortgage payment. He said the developerd is working with his cliengt on a smooth transition to hand overthe property.
They fileds a joint stipulated judgment of foreclosure proposal withthe court. “Mhy clients are multigenerational real estate Dunkel said. “Their intention is to invest in this project and revitalize Downtown atthe Gardens. They want to make it the significant project that it was expectedto be.”