ATLANTIC CITY----The Pier Shops at Caesars in Atlantic City is set to have new owners since the current one apparently hasn't been keeping up with the mortgage payments.

As a result, Taubman Centers Incorporated, the owner of the 4 year old mall faces foreclosure after defaulting on a $ 135 million loan.
The Pier was built as part of the Atlantic City Revitalization Project and appeared to be successful in its early years.
But according to one retailer, traffic slowed down because the stores inside seem to cater more to wealthy customers.

Barbara Brennan who works at the mall said, "I feel people are very self-conscious with their money and they're watching what they're doing today. They are buying but not for others like they use to buy. They're buying for themselves."

According to the current owner, the mall is worth about $52 million, and one local analyst says that's a great deal for investors who could go on to turn the unique property into something else.