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Owners hope to stop foreclosure of Colony Square property in Atascadero

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Posted at 3:10 PM, Apr 22, 2021

Attorneys for Cinema Square LLC in Atascadero filed court papers on Wednesday asking a judge to issue a temporary restraining order to stop foreclosure of the Colony Square property.

The retail center on El Camino Real includes the Galaxy Theatre, which has been closed for most of the past year because of the COVID-19 pandemic.

A lending group from New York initiated a foreclosure on the property due to missed mortgage payments.

Foreclosure was set for May 4, but a court hearing to determine if the property owner will be replaced with a receiver has been postponed to June 8.

Meanwhile, Cinema Square representatives say they plan to apply for the Shuttered Venues Grant Program that opens on Friday in hopes of receiving a grant to make up the missed loan and rent payments.