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April 25th, 2011 at 6:28:48 AM permalink

ATLANTIC CITY — The upscale shopping mall that juts out over the ocean in Atlantic City has been taken over by a lender.

Bank of America recently received final court approval to foreclose on the Pier Shops at Caesars. But Taubman Centers — the mall’s former owner and one of the nation’s biggest mall developers — says it will continue to operate the site until a foreclosure sale is held.

Citing court documents, The Press of Atlantic City reports that Taubman’s total debt on the mall is $149.7 million.

The Pier Shops opened nearly five years ago, hoping to bring luxury shopping and designer glitz to a Boardwalk best known for T-shirt and pizza joints. But foreclosure proceedings began last year after it fell victim to the sour economy and struggling casino industry.

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