The fate of DeSoto Square mall could be decided in Bradenton courtroom
Millions of dollars and the fate of an iconic Bradenton property go on the line Thursday with the foreclosure trial of DeSoto Square mall.
The trial before Circuit Judge Charles Sniffen in Courtroom 5-E is set for 1:30 p.m. in the Manatee County Judicial Center. A half day has been set aside for the nonjury trial.
The owners of the mall purchased the property in April 2017 for $22,850,000 and still owe $21,789,102, according to the foreclosure suit.
In a press release at the time of purchase in 2017, New York-based Meyer Lebovitz said $7 million would be invested into the mall at 303 301 Blvd. W., to make it a more attractive place to visit.
“The location of the DeSoto Square mall within the local community it has served for so many years makes our redevelopment purpose very clear: Make an exciting destination for its surrounding residents to shop, dine and enjoy entertainment,” Lebovitz said in the release. “We will be adding new retail stores with canopied entries and new free-standing restaurants.”
A year later, lender Romspen U.S. Master Mortgage LP, a Cayman Islands limited partnership, filed suit, saying the owners of the mall, had failed to pay off the $21.7 million still owed on the property.
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Named in the foreclosure suit are DeSoto Owners LLC, ML Estate Holdings LLC, Meyer Lebovits , UK Palms LLC, and others.
Despite the impending foreclosure trial, the owners of the mall filed papers with Manatee County government in November, proposing to redevelop the mall property.
The redevelopment, envisioned over a 10-year period, would include demolishing most of the existing buildings, and replacing them with 128,514 square-feet of retail-lifestyle space, a 40,000 square-foot grocery, 90,000-square-feet of office space and three retail outparcels, totaling 16,250-square feet.
Also planned: Almost 900 residences of varying types.
Not included in those plans are the former Sears store area, where MGC Bradenton Sears LLC plans a ministorage facility, and the Hungry Howie’s Pizza building and parking lot.
The plans have not advanced to any kind of review or approval stage with the Manatee County Planning Commission or the Manatee County Commission.
The mall has continued to lose businesses since the new owners took over the property in 2017, including Sears, Victoria’s Secret, and most recently, Your Treasure House, which took over 55,000-square-feet of space feet of space formerly occupied by Macy’s.
This story was originally published January 29, 2020 at 10:59 AM.
