Orlando shopping mall owner files for bankruptcy

Miami /
Jan.January 08, 2017 01:30 PM

The owner of an aging Orlando shopping mall filed for Chapter 11 bankruptcy last week, automatically stopping a foreclosure lawsuit against for allegedly defaulting on a $42.2 million loan. The owner of the Fashion Square Mall, an affiliate of a Tennessee-based firm called UP Development, bought 80 acres including the 1970s-era mall in 2013. UP Development had been discussing a hotel development near the mall with Starwood Hotels.

Scott Shuker, a bankruptcy attorney for the Fashion Square Mall, told the Orlando Sentinel that the mall remains open, and the owners “hope to restructure existing debts and return to operating the Fashion Square property at a profit.” Shuker also told the Sentinel the lender that foreclosed on the Fashion Square owners, The Bancorp, recently contacted all mall tenants and “demanded that they pay their rent directly to Bancorp.” [Orlando Sentinel]Mike Seemuth


Related Articles

arrow_forward_ios
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
Orlando, rents, multifamily market, affordable housing
Rent control’s on November ballot in Orlando. Is Miami next?
Rent control’s on November ballot in Orlando. Is Miami next?
Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard (Google Maps)
Palm Beach timeshare resort sells out of bankruptcy for $10M
Palm Beach timeshare resort sells out of bankruptcy for $10M
The "Jumanji" house at 9291 Point Cypress Drive in Orlando (Saunders Ralston Dantzler Real Estate, iStock)
“Jumanji” house in Orlando lists for $25M
“Jumanji” house in Orlando lists for $25M
From left: Pedro Villar, owner of Aloft Miami Brickell, along with his attorney Joe Pack (Newstar Media)
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Pedro Villar of Sunview Companies with the hotel (Marriott, LinkedIn via Villar)
Owner of Aloft Miami Brickell hotel files for bankruptcy
Owner of Aloft Miami Brickell hotel files for bankruptcy
The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...