University Square shopping center, long troubled, faces foreclosure and receivership

(Cleveland.com)

An out-of-state buyer who paid virtually nothing for the University Square shopping center in 2013 is more than $12 million behind on property taxes and debt payments – putting the long-ailing East Side property on the path to foreclosure.

A lender’s lawsuit filed in early February caps a prolonged slide for University Square, which has struggled with mounting vacancy and a heavy debt load since its completion in 2003.

At first glance, a foreclosure might seem like another blow. But it actually could mark the beginning of the end – and the chance for a new beginning – at the southeast corner of Cedar and Warrensville Center roads.

Full Story >>