Downtown at the Gardens faces foreclosure - Austin Business Journal:

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The 337,000-square-foot shopping complex openedr in 2005 with high hopes of capitalizintg on the wealthy residente of northern PalmBeach County, but it has lost many of its original tenants. Downtown at the Gardens is ownexby , a join venture between Skokie, Ill.-based and the . manageds the shopping center. Main tenants includes Cobb Theater, , the , TooJay’as and RA Sushi. Downtown at the Gardens was a successe initially, but a flawed design and expensive rent didit in, said Orin VP of ' retail services group in Boca People frequented the movie theater and restaurants on the exterior of the but the retailers on the insidr are dying because they get sparse foot he said.
"It wasn't designed to have a proper flow of traffic through the Rosenfeld said. "They need to get someonew inside there to drawpeople in." A message left at the managemen t office of Downtown at the Gardens was not immediately On July 1, BH AABE DATG, an affiliate of Boca Raton-basex and Rockville, Md.-based Berman filed a foreclosure complaint against , according to Palm Beach County Circuit Court records. It seeks foreclosured on the property, at 11701 Lake Victoria Gardens Ave., based on a mortgagd made for $140 million. The affiliats of Ashkenazy & Agus Ventures bought the shopping center’s mortgage from in January.
In it signed a modification agreemenrt withthe mall’s owner that requireds it to make a $3.3 million escroaw deposit as additional security until the property improves its debt services coverage ratio and its occupancgy rate. West Palm Beach-basecd attorney Gary M. Dunkel, who represents the Ashkenazy Agus Ventures inthe lawsuit, said Downtown at the Gardens Associatess missed the June 1 mortgag payment. He said the developer is workinh with his client on a smoot h transition to hand overthe property. They filedx a joint stipulated judgment of foreclosurde proposal withthe court. “My clientz are multigenerational realestate developers,” Dunkel said.
“Thei r intention is to invest in this project and revitalize Downtown at the They want to make it the significant project that it was expectedto