Great Florida Bank Wins Foreclosure Lawsuit
The Great Florida Bank based in Miami Lake recently won a foreclosure judgment against the Arden Park, formerly known as Coscan Shefaor, residential project in Hollywood. This 33 acre development was completed by Ventura-based Shefaor Development, and Fort Lauderdale-based Coscan Homes.
The foreclosure judgment was over $33 million in favor of the Great Florida Bank for this delayed project.
Business Growth in Palm Beach
According to the Business Development Board of Palm Beach County, approximately 136 jobs will be created by four companies that are either moving or expanding in the area. More than $3 million will be invested as well.
The four companies involved are: The Times Microwave System, GeoGlobal Partners, RoboLabs, and ChemPep. Each company has facilities in the area that will need to hire workers in manufacturing and engineering positions. This is great news for the Florida economy statewide.
Orlando Developer Takes Over SoBe Office Building
The SoBe Building is a 62,087 square foot office building located at 1680 Meridian Avenue in South Beach. It was recently purchased by an Orlando-based developer, Real Estate Inverlad Development that has a reputation for their residential projects.
The history on the SoBe building hasn’t been very productive, but there are high hopes that this problematic property will turn around for the better. In 2006, the building was purchased by Meridian Center, LLC. However, a foreclosure lawsuit on one of the company’s properties impacted them negatively.
A $16.7 million mortgage was signed by Key Bank with Meridian in 2007 in order to renovate and convert the construction into condos. Unfortunately, the units did not sell. Meridian recently sold the property to the Real Estate Inverlad Development for $15.8 million.
