ORLANDO, Fla. (WOFL FOX 35) - Orlando Fashion Square's is facing possible foreclosure following a lawsuit from lender Bancorp Bank.
Mall tenants were given letters last Friday indicating that the mall's owner, UP-Fieldgate US Investments, was behind on its payments on a $42.2 million loan. Lawsuit documents were filed against the owner on Tuesday by Bancorp Bank.
"Shocked, very shocked, very surprised, very upset, very confused," was the reaction of Sam Zarou, owner of Sam's Watch and Jewelry, "because I don't know what's going on around here. I've been here 28 years!"
According to documents, Bancorp alleges that UP-Fieldgate missed $382,000 in payments between July and September and owes another $690,000 for payments owed in October and November. There is also a $923,000 lien on the mall for unpaid property taxes from 2015, the lawsuit states.
"I'm hoping it won't be a great drastic effect," said Selena Mitchem, manager at Transitions Boutique, "but we have seen a lot of foot traffic come in from the mall."
UP-Fieldgate said the mall remains open, and they are committed to improving, upgrading and expanding the property. They claim Bancorp has breached a contract.