Built during the height of the boom, GardenWalk in Anaheim was a can't-fail mixed-use shopping center with condos. The retail opened just as the recession hit, and this week the developer has put the condo construction rights up for sale.
GardenWalk is zoned for up to 400 condos on top of the retail. The rights for condo development were originally valued at $37 million, but current bids are in the low $20s.
Roger Vincent writes, "The owner spent $19 million, mostly on structural upgrades to the garage, [auctioneer Philip] Powers said. "All the buyer has to do is pull permits to get started," Powers said.
Meanwhile, the existing mall is in the foreclosure process with its lender, Citigroup Global Markets Realty Corp., said Bill Stone of Excel Realty, developer and manager of GardenWalk. The mall, valued at $325 million when it was new, is only 65% occupied, he said, but talks are underway with prospective tenants."
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