The Real Deal Miami

Landlord: Developer behind on rent

March 23, 2009 12:52PM

The owner of Downtown at the Gardens shopping center in Palm Beach Gardens says Menin Development Companies, which built the center in 2005 and sold it for a reported $100 million profit in 2007, can’t pay its back rent on offices it maintained there. Menin moved in December to Royal Palm Way in Palm Beach, but current owner Simon Management Associates, a unit of Indianapolis-based shopping mall giant Simon Property Group, claims the developer owes $4.2 million in back and future rent — or $52,088 a month for a 10,000-square foot space.