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  1. #1

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    Gardenwalk taken over by Citigroup for $70 million

    Apparently, Disney is not going to buy Gardenwalk after all. I think Disney missed out on a huge opportunity. Read on:

    OCRegister.com : Bank takes over ownership of GardenWalk mall

  2. #2

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    Re: Gardenwalk taken over by Citigroup for $70 million

    Awwww

    A new Downtown Disney connected to the brand-new parking garage would've been a genius idea. Maybe later down the line, since no one actually bought it, it just went back to the bank.

    I wonder what will happen the property now?

  3. #3

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    Re: Gardenwalk taken over by Citigroup for $70 million

    It would make zero sense for Disney to buy it at the foreclosure sale. The deficiency exceeds the market value.
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  4. #4

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    Re: Gardenwalk taken over by Citigroup for $70 million

    Gardenwalk has value? What is this?

    They're probably going to put mortgage offices between every store.

  5. #5

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    Re: Gardenwalk taken over by Citigroup for $70 million

    Citigroup will figure out why it's so messed up. Hotels are of utmost importance, so those people (really can't count on too many others -- "hey let's go to Disneyland, but we really need to check out the Gardenwalk during our stay...." I just don't see even a million guests saying something like this) will shop at the stores and eat at the restaurants and watch the movies.

    Also possible is that Disney can now buy an equity share for a lower cost, say $25 million for a 50% stake. Then, Disney might care more about getting some DL guests over there. Currently, Disney cares infinitely more about its DTD partners.
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  6. #6

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    Re: Gardenwalk taken over by Citigroup for $70 million

    Quote Originally Posted by steamboatpete View Post
    It would make zero sense for Disney to buy it at the foreclosure sale. The deficiency exceeds the market value.

    That's right. It wouldn't make sense for Disney to try and buy on the courthouse steps. They'd be better off negotiating privately with the bank, which is what I hope they do.

    I'd love to see Disney own the property, create more resort hotels and vacation club condos on the site, and use it to establish a transportation hub on the east side of the property that connects to the Toy Story lot and future third park. When that third park opens, resort guests will have to essentially go through that property to get around the resort. It'd be great if a peoplemover/monorail/tram/dedicated bus system connected all the points to the esplanade. So, for the strategic future of the resort, it would make sense for Disney to buy the property. And it could be bought for a great deal.

    It just has to make business sense to the company in addition to strategic sense.

  7. #7

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    Re: Gardenwalk taken over by Citigroup for $70 million

    In my opinion, GardenWalk was designed very poorly. It doesn't have anything that draws you into the mall past the restaurants on Katella. It tried to replicate Downtown Disney's garden design, but did a very poor job. They seem to have left out the "garden" part of "GardenWalk." It has to many odd pockets and its multi-level concept doesn't work very well. I agree with Al Lutz's remark that is none less than a "sterile cement canyon."

  8. #8

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    Re: Gardenwalk taken over by Citigroup for $70 million

    Quote Originally Posted by DisneyMickey View Post
    In my opinion, GardenWalk was designed very poorly. It doesn't have anything that draws you into the mall past the restaurants on Katella.
    I think a lot of that had to do with Disney having been involved in the plans, saying that Gardenwalk couldn't put up any actual signs anywhere, which is why there's the lack of draw unless you're driving down Katella.
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  9. #9

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    Re: Gardenwalk taken over by Citigroup for $70 million

    I know I've never been there and I live 5 minutes away.

    No reason to go.


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    Re: Gardenwalk taken over by Citigroup for $70 million

    Quote Originally Posted by Druggas View Post
    I know I've never been there and I live 5 minutes away.

    No reason to go.
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  11. #11

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    Re: Gardenwalk taken over by Citigroup for $70 million

    I have never stepped foot on GardenWalk property and I do not ever plan to. There is nothing there to pull me in to go do something there. The only nice looking part (from the street driving) is the area where they have CPK, Bubba Gump and P.F. Chang's

  12. #12

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    Re: Gardenwalk taken over by Citigroup for $70 million

    But, if Disney ever builds the third park south of Katella and east of Harbor, then the Gardenwalk could serve as a link between that and the other 2 parks. Some sort of PeopleMover type system connecting the Esplanade to the Gardenwalk and the third park, would effectively make the Gardenwalk sort of another Downtown Disney. In the long term, it could have been a very smart purchase for Disney.

  13. #13

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    Re: Gardenwalk taken over by Citigroup for $70 million

    disney should have bought it for only the land. it could prove useful in the future, as a mall, or as something else if it was torn down

  14. #14

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    Re: Gardenwalk taken over by Citigroup for $70 million

    The bank is not going to want to keep this albatross long term. Disney will probably buy in at an even lower amount down the road.
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  15. #15

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    Re: Gardenwalk taken over by Citigroup for $70 million

    Disney probably doesn't want to deal with the headache of leasing out the space. In addition to the minimum opening bid of 70 million, there are still 10's of millions, if not 100's of millions to invest, before the hotels would be ready to use. Then ten you have parking concerns for that place. Personally, I think the parking garage is a horredous mess, and they would need to deal with parking for hotel guests. This Garden Walk project just isn't complete, and could very well lose more money in the short term future.

    Disney has enough of a problem getting DCA turned around, fixing the mess from TL'98. Those are overwhelming Disney for now.

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