Vero Beach mall owner opts for Chapter 11

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Irwin Tauber, the South Florida developer and owner of Tauber Realty, has filed a Chapter 11 petition to retain control of the Vero Fashion Outlets mall, which has between $10 million and $50 million in debt. The 328,254-square-foot mall, which is located near Interstate 95 at 1824 94th Drive in Vero Beach, has an income that’s largely based on sharply declining percentage
rents, according to Tauber’s bankruptcy attorney, Charles Throckmorton. Tauber personally guaranteed an $8 million chunk of a $32 million loan from Prudential Mortgage Capital. The loan was recently transferred to LNV Corp., which began foreclosure proceedings. [SFBJ]

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