DeSoto Square mall foreclosure trial gets a new date
The Midtown DeSoto Square mall foreclosure trial has been rescheduled for Jan. 30 in the Manatee County Judicial Center in Bradenton.
The foreclosure trial was originally scheduled for Nov. 19.
Romspen U.S. Master Mortgage LP brought the foreclosure action in 2017. Romspen, a Cayman Islands lender, put up more than $25.5 million for the purchase of the mall.
Madison Properties USA purchased the mall at 303 301 Blvd. W. in April 2017 for more than $25.5 million. Madison borrowed $22,850,000 from Romspen on March 17, 2017, and still owes $21,789,102 million, according to the foreclosure suit.
Upon acquiring the 678,000-square-foot mall in 2017, Meyer Lebovitz announced ambitious redevlopment plans, including $5.1 million to construct a state-of-the-art, 28,752-square-foot movie theater theater with seven screens.
Those plans failed to work out and the mall has continued to lose businesses, including anchor Sears and national brands, such as Victoria Secret.
One-half day has been set aside for the foreclosure trial, starting at 1:30 p.m. Jan. 30 in Courtroom 5-E of the Manatee County Judicial Center before Circuit Court Judge Charles Sniffen.
This story was originally published November 19, 2019 at 11:10 AM.
