Fashion Mall in Plantation fetches $37.7 million bid in bankruptcy auction

Art Falcone's Encore, co-developers of Miami Worldcenter, had winning bid

Mar.March 19, 2015 03:45 PM

An entity affiliated with Encore Housing Opportunity Fund made the winning $37.7 million bid for the vacant Fashion Mall in Plantation during a bankruptcy auction on Thursday.

Boca Raton-based Encore has several South Florida developments under way. It is co-developing Miami Worldcenter, a mixed-use development covering 10 blocks just north of Miami’s central business district; Platinum Residences, an 18-story condominium project at 700 North Ocean Boulevard in Fort Lauderdale, and Aventura Isles, a master-planned community in North Miami.

Art J. Falcone, co-founder, managing principal and investment committee member of Encore could not be reached for comment Thursday.

Four bidders competed in the court-ordered bankruptcy auction of the Fashion Mall, including Palm Beach Gardens-based Ram Realty, which made an initial, or “stalking horse,” bid of $24 million for the Fashion Mall. The winning $37.7 million bid was 57 percent more than the initial bid. The transaction is pending final approval by Judge John K. Olson at a hearing scheduled for 9:30 a.m. Friday.

“We think it’s a great result for the bankruptcy estate, a great result for the creditors, and a great result for the city of Plantation,” Glenn Moses, a shareholder of law firm Genovese Joblove & Battista, which represents the trustee in the Fashion Mall bankruptcy case at the United States Bankruptcy Court in Fort Lauderdale, told The Real Deal.

“I think this property will finally be developed after almost a decade of non-use,” Moses said. The property is an enclosed shopping center with about 828,000 square feet of leaseable space on 32 acres of land at 321 North University Drive in Plantation.

Related Articles

An iPic theater (Credit: iPic)

iPic files for bankruptcy, citing delayed Delray Beach project as a factor

Art Falcone and Dean Stratouly

Congress Group and Encore Capital Management are in a legal battle over Doral mixed-use project

Rendering of Miami Worldcenter and Kevin Lalezarian

Miami Worldcenter developers sell another piece of their pie

Brenda Nestor’s Islamorada property hits market in bankruptcy sale

Company that oversaw construction of collapsed FIU bridge files for bankruptcy

New bidder emerges in Palm House Hotel sale

Baring it all, Brickell Motors CEO bids $9.7M for King of Diamonds strip club property

Bankruptcy judge rejects Glenn Straub’s bid for failed Palm House Hotel