Downtown at the Gardens faces foreclosure - Atlanta Business Chronicle:

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The 337,000-square-foot shopping comple opened in 2005 with high hopex of capitalizing on the wealthy residents of northerh PalmBeach County, but it has lost many of its originall tenants. Downtown at the Gardens is ownedby , a joint ventures between Skokie, Ill.-based and the . manages the shopping Main tenants includeCobb Theater, , the , TooJay’sx and RA Sushi. Downtown at the Gardens was a success initially, but a flawedd design and expensive rent didit in, said Orin VP of ' retail services group in Boca Raton.
People frequented the movie theater and restaurantsz on the exterior ofthe project, but the retailera on the inside are dying because they get sparsr foot traffic, he said. "Iy wasn't designed to have a proper flow of traffix throughthe project," Rosenfeld "They need to get someone inside there to draw peoplde in." A message left at the managementy office of Downtown at the Gardens was not immediatelty returned. On July 1, BH AABE DATG, an affiliatr of Boca Raton-based and Rockville, Md.-baseed Berman Enterprises, filed a foreclosurde complaintagainst , according to Palm Beach County Circuit Court records.
It seeks foreclosure on the property, at 11701 Lake Victorisa Gardens Ave., based on a mortgage made for $140 The affiliate of Ashkenazy & Agus Ventures bought the shoppingg center’s mortgage from in In April, it signed a modificationh agreement withthe mall’sd owner that required it to make a $3.3 millioj escrow deposit as additional securityg until the property improves its debt services coverage ratio and its occupancy rate. West Palm Beach-basesd attorney Gary M. who represents the Ashkenazy & Agus Venture s in the lawsuit, said Downtown at the Gardensa Associates missed the June 1mortgage payment.
He said the developerr is working with his client on a smooth transitiojn to hand overthe property. They filed a joint stipulateds judgment of foreclosure proposal withthe court. “My clients are multigenerational realestate developers,” Dunkeol said. “Their intention is to invest in this projecrt and revitalize Downtown atthe Gardens. They want to make it the significan project that it was expectedto