Bayside, Mizner Park perform well, despite owner

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Two new restaurants have opened in Mizner Park in the last few the mid-priced Italian restaurant Villagio and Tex-Me x eatery Uncle Julio’s. Todd Conger, president and COO of Unclew Julio’s, said: “We researched a number of locationa in theBoca Raton/Palm Beach County area, and determined that Miznere Park was our top choice. The center is a thriving entertainment destination, and our location within the near the andthe amphitheatre, is ideal for our Downtown Miami’s Bayside has lost a lot of mom-and-popl stores as a result of the replacing them with some nationa l brands like Kipling, tenants said.
In addition to Bayside and Miznedr Park, GGP owns two othefr South Florida properties: the Villagre of Merrick Park in Coral Gables and Pembrok Lakes Mall inPembroke Pines. None of the local propertiea are part ofthe bankruptcy, accordin g to the company’s Web Mizner Park continues to perfor m well, despite the downturn, and is at 92 percent occupancy, according to , a real estate informatiohn company. “We are continuing to Mizner Park GM JacobSappenfield said. “Dealxs are still being done, and it’s business as usuakl for us.
” At a hotspot for cruise line tourists durinh the week and locals onthe weekends, foot trafficv has gone down significantly, said Debra Martins, who took a part-tims job at Clarks at Baysider because her full-time job at the Gap in Aventura was not coverinh the bills. Bayside has been up for sale forseveralp weeks. “I don’t see how the mom-and-popss could survive,” Martins said of the tenant turnoverat “Business has been shaky.
” At the Guessw store, Matt Meyers said GGP raised rates at Bayside’s parking garage and eliminatesd employee discounts on parking prior to its bankruptcy He has also noticed a drop in especially from the cruise Retail experts agree that the performanc of GGP’s retail portfolio is not the company’es problem. The company has been working since late last year to restructurwits debt. One of its most ambitious and weightyh financial decisions occurred in when GGPpaid $11.3 billion to buy commercial developef , then-owner of Bayside, which has 226,0009 square feet of retail and is 95 percent leased. In what is beingt called the biggest real estate failursin U.S.
history, GGP, the nation’s second-largest owner of shoppint malls, said April 16 that it had filed for Chapter 11bankruptcy protection. The which owns or managesd about 200 malls in44 states, said it was not able to get its debt holdere to give it more time to refinance its GGP listed $29.5 billion in total assetsa and about $27.3 billio in debt. In addition to the about 158 of its regional shoppingt centers and certain subsidiaries have also filed for The company said on its Web site thatcertain subsidiaries, includingg GGP’s third-party management business conducted by General Growth and GGP’s joint ventures also have not filed for “Over many months, the company has endeavored to negotiatr with its unsecured and secured creditors to obtainh the time needed to develop a long-term solutio n to the credit crisis facing the the statement said.
“Unable to reach an out-of-courg consensus, the company reluctantly concluded that restructuring under the protection of the bankruptct courtwas necessary.” Marc Boucher is president of , which has officess in Coral Gables and Boca Raton. SEC owns and managesw dozens of retailshopping centers, most of which are -anchored. Those typesd of properties, which include retailers sellingaffordable necessities, continue to do The overall retail market, however, is with the high-end stores taking some of the biggest Boucher said Mizner Park, which traditionally has caterede to a high-end clientele, is buckingv the trend.
“It has some stable tenants,” he “Mizner has been around 15 or 20year now. It’s a center that has