Westgate Resorts has turned to an online auction to sell its rights to construct a timeshare at the troubled Shops at Anaheim GardenWalk mall.
Westgate had been seeking $37 million for development rights on the proposed 400-unit project. Unable to find a buyer, The Carlton Group has been secured to conduct an online auction. Included are architectural drawings, utilities, parking and the rights to build above the GardenWalk parking structure. The minimum bid is unknown.
Westgate had planned to begin construction in 2009, however the economy and a lack of financing forced delays. Now they are seeking to cut ties with the project.
The GardenWalk mall project has been plagued by troubles and is currently scheduled to be auctioned on April 8 under $196 million in debt.
The mall, located at 321 W. Katella Ave, opened to great fanfare in 2008. With a prime location adjacent to the Disneyland Resort area, developers expected the mall to be the hub of significant Disneyland tourist activity. But amidst a sluggish economy, proposed hotel and timeshare accommodations failed to materialize. The mall is currently home to about 60 tenants, which is only 75% of capacity.
Source: Orange County Register