Hill Country Galleria in foreclosure

BEE CAVE, Texas (KXAN) - Another major Central Texas development is slated for foreclosure Wednesday.

Though the fairly new Hill Country Galleria in Bee Cave opened in 2007, the lender posted the mall for foreclosure, according to Rexreport.com. The $192 million mall foreclosure is a major blow to the Central Texas economy.

Developer Opus West said the 1.3 million square foot mall was more than 70 percent leased. Opus West said this decision is strictly impacted by the economy/recession. They still consider it a viable business. They even marked positive cash flow this year until a short-term construction loan expired.

"I think they'll get themselves out of it. You know, they won't leave any of the stores hanging and it will be business as usual for us over there," said Christina Linden, who owns a business at the Hill Country Galleria.

A spokesperson for Opus West tells Austin News the tenants and customers will  not be impacted and they remain in discussions with lenders.

There are 10 lenders involved with the mall.

They are still in discussions and the auction date is set for May 5. However, they are trying to secure financing before that date.