Fashion Mall Showdown Comes Thursday

Written by on 02.10.15 in Land, Office, Retail - No comments

The redevelopment of the former Fashion Mall in Plantation will be on the line Thursday as a legal battle between owners continues in bankruptcy court, says a representative for one of the owners.

On Thursday, Judge John K. Olson of the U.S. Bankruptcy Court Southern District of Florida is scheduled to hear motions — filed by the majority owner of Fashion Mall — to convert a Chapter 7 case providing for liquidation into a Chapter 11 providing for reorganization.

Tangshan Ganglu Iron & Steel Company Ltd., a Chinese investment firm and the project’s majority owner, has invested at least $168 million to revitalize about 35 acres of land in Plantation into a mixed-use development touted as 321 North, said Andrew Hellinger, a development consultant in Miami who says he has been hired to represent Ganglu.

Given its investment in the property, Ganglu wants to keep the property and move forward with redevelopment rather than liquidate its assets, Hellinger said.

According to court documents filed by Ganglu, the Chapter 7 case was filed by the property’s minority owner, Wei Chen, without authorization or consultation from Ganglu.

“Our goal is to assist [Ganglu] in designing a development project for the site that maximizes investments and makes the property productive as opposed to what it’s been for the past 10 plus years,” said Hellinger, chief executive of Hellinger Penabad Cos.

 

Source: Sun Sentinel

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