It took developers 10 years to build the Outlets at Corpus Christi Bay but only a portion of the retail center is filled with stores.
After failing to make payments on a $65 million loan, the Outlets are now up for grabs to the highest bidder. Currently, only about 30 stores are open which is less than half of its capacity.
The City of Robstown hoped this would bring profit to the area. Robstown City Manager Herman Rodriguez says he still sees that happening in the form of new investors.
“We’re disappointed that the current company is having issues with the outlet mall and there is a lot of volatility in retail right now in the market,” Rodriguez said. “But I think it presents itself a great opportunity for the City of Robstown and the outlet mall itself because it allows us to bring in a new investor – maybe a bigger player – that can come in and bring some more stores and bring some growth to the outlet mall.”
The auction is scheduled for Feb. 5 during a foreclosure sale outside of the Nueces County Courthouse.
“Our primary banking institution, Interbank, has filed with the Nueces County Courthouse a foreclosure notice to be acted upon on Tuesday, February 5,” an Outlets at Corpus Christi Bay statement said. “The foreclosure sale will allow OCCB to restructure its debt, secure a new operating company, and raise new capital for the continuance of the Center’s growth.”