Downtown at the Gardens faces foreclosure - Pacific Business News (Honolulu):

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The 337,000-square-foot shopping comple opened in 2005 with high hopes of capitalizingg on the wealthy residents of northern PalmBeachj County, but it has lost many of its origina l tenants. Downtown at the Gardens is ownedby , a jointf venture between Skokie, Ill.-based and the . manages the shoppinb center. Main tenants include Cobb Theater, , the , TooJay’sa and RA Sushi. Downtown at the Gardend was a success initially, but a flawesd design and expensive rent didit in, said Orin VP of ' retail services groulp in Boca Raton.
People frequented the moviw theater and restaurants on the exterior ofthe project, but the retailerxs on the inside are dying becausr they get sparse foot traffic, he "It wasn't designed to have a proper flow of traffic throughy the project," Rosenfeld said. "They need to get someonre inside there to drawpeoplew in." A message left at the management office of Downtowj at the Gardens was not immediately returned. On July 1, BH AABE an affiliate of Boca Raton-based and Rockville, Md.-base Berman Enterprises, filed a foreclosure complaintagainsr , according to Palm Beacgh County Circuit Court records.
It seeks foreclosurs on the property, at 11701 Lake Victoria Gardensd Ave., based on a mortgage made for $140 The affiliate of Ashkenazhy & Agus Ventures bought the shopping center’ mortgage from in January. In April, it signed a modificatio n agreement withthe mall’s owner that required it to make a $3.3 milliobn escrow deposit as additional security until the propertyg improves its debt services coverage ratioi and its occupancy rate. West Palm Beach-based attornehy Gary M.
Dunkel, who represent s the Ashkenazy & Agus Ventures in the lawsuit, said Downtown at the Gardens Associatesw missed the June 1 mortgage He said the developer is working with his client on a smootbh transition to hand overthe property. They filer a joint stipulated judgment of foreclosured proposal withthe court. “My cliente are multigenerational realestate developers,” Dunkel said.
“Their intention is to invest in this projecyt and revitalize Downtown at the They want to make it the significant project that it was expectedto