Mouse13
DIS Veteran
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- Apr 4, 2006
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This news might impact my wonderful plan to ride the big, comfy Gardenwalk buses from Disney back to the Gardenwalk.....from http://ocresort.freedomblogging.com...a-gardenwalk-set-to-go-on-sale-march-9/34179/
Disney-area GardenWalk to go on sale March 9
Interested in buying a mall?
A date has been set for the sale of The Shops at Anaheim GardenWalk after developers of the outdoor retail mall next to Disneyland defaulted on a $210-million loan and failed to catch up on payments.
The sale is set to take place a 10 a.m. March 9 in front the Placentia Civic Center; foreclosure auctions are typically held at court houses or civic centers.
The notice of trustee sale, filed with the county clerk-recorder, indicates that the property at 321 W. Katella Ave. will be sold “as is” at “reasonable estimated fees” projected at $194.2 million – the unpaid balance of the initial loan plus other costs.
Bill Stone, senior vice president of Excel Realty, which developed and manages GardenWalk, said several things led to the foreclosure process, including lawsuits with tenants, repeated attempts to modify the loan and a severely struggling economy.
Plans for GardenWalk were approved on 19 acres just east of Disneyland in 2006, during a relatively strong economy. But by the time it opened in summer 2008, the economy had taken a dive. Retails shops have struggled mightily to attract customers.
“It has been a series of events that have led to this point,” Stone said. “It’s rolled out in not the best way, but in ways we couldn’t avoid. … We opened during the worst economy in 80 years.”
CinemaFusion, an IMAX theater and anchor tenant, recently filed for bankruptcy to protect itself from creditors.
Two hotels attached to the GardenWalk project have been approved but have yet to break ground.
And several high-profile clients inside the mall, such as Chico’s clothing store, have closed their doors in recent months. In January, Cinnabon shut down.
The lender, Citigroup Global Markets Realty Corp., filed a default notice – the beginning of the foreclosure process – in mid-September. In December, the loan was still not current, but a spokesman for GardenWalk said negotiations were continuing with the bank. He said several new shops were set to open and mall officials were looking forward to “more stability” in 2010.
Patrons at the mall likely won’t notice any difference in day-to-day operations at the mall prior to the sale.
Stone said his company still plans to be involved in management of the mall. Asked how he could be sure if the mall is sold to new owners, he said he couldn’t elaborate.
“Our intention is to stay involved in the GardenWalk project,” he said.
Disney-area GardenWalk to go on sale March 9
Interested in buying a mall?
A date has been set for the sale of The Shops at Anaheim GardenWalk after developers of the outdoor retail mall next to Disneyland defaulted on a $210-million loan and failed to catch up on payments.
The sale is set to take place a 10 a.m. March 9 in front the Placentia Civic Center; foreclosure auctions are typically held at court houses or civic centers.
The notice of trustee sale, filed with the county clerk-recorder, indicates that the property at 321 W. Katella Ave. will be sold “as is” at “reasonable estimated fees” projected at $194.2 million – the unpaid balance of the initial loan plus other costs.
Bill Stone, senior vice president of Excel Realty, which developed and manages GardenWalk, said several things led to the foreclosure process, including lawsuits with tenants, repeated attempts to modify the loan and a severely struggling economy.
Plans for GardenWalk were approved on 19 acres just east of Disneyland in 2006, during a relatively strong economy. But by the time it opened in summer 2008, the economy had taken a dive. Retails shops have struggled mightily to attract customers.
“It has been a series of events that have led to this point,” Stone said. “It’s rolled out in not the best way, but in ways we couldn’t avoid. … We opened during the worst economy in 80 years.”
CinemaFusion, an IMAX theater and anchor tenant, recently filed for bankruptcy to protect itself from creditors.
Two hotels attached to the GardenWalk project have been approved but have yet to break ground.
And several high-profile clients inside the mall, such as Chico’s clothing store, have closed their doors in recent months. In January, Cinnabon shut down.
The lender, Citigroup Global Markets Realty Corp., filed a default notice – the beginning of the foreclosure process – in mid-September. In December, the loan was still not current, but a spokesman for GardenWalk said negotiations were continuing with the bank. He said several new shops were set to open and mall officials were looking forward to “more stability” in 2010.
Patrons at the mall likely won’t notice any difference in day-to-day operations at the mall prior to the sale.
Stone said his company still plans to be involved in management of the mall. Asked how he could be sure if the mall is sold to new owners, he said he couldn’t elaborate.
“Our intention is to stay involved in the GardenWalk project,” he said.
