Can CityPlace Survive Hard TimesOctober 3, 2011 – In The News
Despite an increase in visitors, West Palm Beach's popular shopping destination CityPlace is currently facing a foreclosure lawsuit. The lawsuit claims that CityPlace has fallen behind on a $150 billion loan.
Real estate sources say CityPlace and its debtors are close to resolving the foreclosure lawsuit, but even if a deal were struck tomorrow, it's unlikely the foreclosure action would be dismissed right away.
Some say the failure to negotiate shows that both parties are unwilling to compromise."The filing of a foreclosure is acrimonious," said Neil Merin, chairman of NAI/Merin Hunter Codman brokerage in West Palm Beach. "You keep the pressure on by filing the lawsuit," added Amy Rubin.