Abacoa Town Center of Jupiter is facing a foreclosure lawsuit of $14 million. The shops were overflowing with stock and customers thronged in and out while the number of employees were growing. The developer of the open air centre said that it was going through one of the best spells in recent years.
But none of this was sufficient to ward off the symptoms of bad times – in other words, foreclosure. On 5th May Wells Fargo that had taken over Wachovia Bank initiated foreclosure filings in the circuit court of Palm Beach against the owner of the centre – an affiliate of Woolbright Development.
The suit is seeking repayment of a loan of $15.6 million loan that was taken to buy and refurbish the centre. Over $14 million was pending on the loan that was due on 27th August. This lawsuit is one among many that Woolbright is facing.

This particular foreclosure action is questioning the very idea that led to the creation of Abacoa Town Center. It debuted in 2001 and George de Guardiola who developed it had in his mind to set up a complex where it would be possible for people to live while working and playing. This model is known is pedestrian-friendly and a part of the concept named New Urbanism. He had plans the residents from nearby localities would be able to walk over to the shops.

The idea was to bundle all the shops in the centre of a community within easy comfortable walking distances of all. The same type of model was executed on a larger scale in West Palm Beach. It was known as CityPalace.

But this New Urbanism soon became exposed to various factors. Top on the list was recession that led to wars in pricing among the retailers. Shoppers would drive to distant places for a cheaper item during tough days even if the expensive shops were close at hand.

Another reason for the failure was that while the plan was good on paper in reality it did not work out because of the climate of Florida – it was too hot for walking.

Then the center lacked the presence of the main anchor shop – a grocery outlet.

Other reasons citied was that the centre was tucked away in a corner and others outside Abacoa hardly knew about it. There were also parking problems.

Other centres based on this concept are also facing similar problems.

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