News Anaheim GardenWalk defaults on a $210 million loan.

[DisneyIPresume]

According to this article in today's OC Register, GardenWalk has defaulted on a $210 million loan. I wonder what the impact of this will be on Disney? If it goes into foreclosure maybe Disney can buy it at a bargain basement price and use it for permanent parking expansion or maybe even it can be levelled to make even more room for their third park?

OCRegister.com : Mall defaults on $210 million loan

[aashee]

Re: Anaheim GardenWalk defaults on a $210 million loan.

Wow. What a total waste.

[Goover]

Re: Anaheim GardenWalk defaults on a $210 million loan.

Well, it always did sort of look empty...

I personally have still never been.

[sir clinksalot]

Re: Anaheim GardenWalk defaults on a $210 million loan.

It's never caught on very much. They need to have an easy way for people to get there from Disneyland. The restaurants are WAY better than the ones at Downtown Disney, but convenience is key. If there was an easier way to get there than walk or shuttle bus, we'd be there more often. How about a Pedestrian Bridge from DCA to the Garden Walk and it's own "Gardenwalk Entrance" to the park?

[BC_DisneyGeek]

Re: Anaheim GardenWalk defaults on a $210 million loan.

I thought it was great, but then again our hotel was next door.

Most of the restaurants seemed very busy, but the rest of the place felt like a bit of a ghost town.

I'd hate to see it fail completely, it offered some nice dining choices, as we all know that the quality & value usually isn't there when it comes to dining inside the parks.

[sediment]

Re: Anaheim GardenWalk defaults on a $210 million loan.

It's never caught on very much. They need to have an easy way for people to get there from Disneyland. The restaurants are WAY better than the ones at Downtown Disney, but convenience is key. If there was an easier way to get there than walk or shuttle bus, we'd be there more often. How about a Pedestrian Bridge from DCA to the Garden Walk and it's own "Gardenwalk Entrance" to the park?

Why would Disney currently want either of those, allowing money to leave the Resort Area?

Disney should buy it now at a bargain rate, and THEN make a pedestrian bridge and provide shuttles.

[stitchon]

Re: Anaheim GardenWalk defaults on a $210 million loan.

I really hope they don't foreclose. They've got some really good stores and restaurants there that I enjoy far more than the places in Downtown Disney.

It's definitely time for Disney to scoop it up at a low price.

[k_peek_2000]

Re: Anaheim GardenWalk defaults on a $210 million loan.

I know Disney wouldn't level it. They could squeeze quite a few pennies out of it. It would make an awesome expansion to Downtown Disney. Just fix a few shops. Add a Disney Store to that side of the property and maybe even bring over a few other shops from FL's DTD, like DisneyQuest.
Then Anaheim will have a real Downtown Disney.

[steamboatpete]

Re: Anaheim GardenWalk defaults on a $210 million loan.

The developers' biggest problem is that the theater isn't paying rent, and the general contractor (whom they hired on a "we know each other from church" handshake) went belly up because he didn't know what he was doing and he left the project with millions in construction liens and not enough left in the construction loan budget to cover them all. They have an unlawful detainer going against the theater, and they are using the default to get the contractors and suppliers to take discounts on their liens. It is quite possible that they will recover and continue on with the project (albeit, with a new theater owner).

[CMHusband]

Re: Anaheim GardenWalk defaults on a $210 million loan.

ouch.

[ducksman]

Re: Anaheim GardenWalk defaults on a $210 million loan.

Why isn't the theater paying rent?

[aimster]

Re: Anaheim GardenWalk defaults on a $210 million loan.

Wow, that sucks. It looks like it really had the potential.

[vincema]

Re: Anaheim GardenWalk defaults on a $210 million loan.

it should be an expansion to dtd and have a monorail go there