MCZ/Centrum’s stalled Arches mixed-use project in Boynton Beach has been targeted in a $17 million foreclosure action. PNC Bank filed the foreclosure lawsuit April 13 against Boynton Ventures I, along with guarantors John McLinden, Arthur Slaven and Michael Lerner, according to Palm Beach County Circuit Court records. They are the principals of Chicago-based MCZ/Centrum – a partnership between MCZ Development and Centrum Properties that made a major push into South Florida during the real estate boom.
There were six other foreclosure lawsuits filed against affiliates of MCZ/Centrum in Florida, including the Boca Teeca golf course, now named the Ocean Breeze country club. The developer owns the 4.7-acre site, at 100 S. Federal Highway in Boynton Beach – a mostly vacant site the city’s community redevelopment agency hoped to see improved. It received approval to build 378 residential units and 40,000 square feet of retail space. Although it got a $17 million loan from PNC, construction never began. The loan matured on Dec. 31. West Palm Beach attorney Alexander del Russo, who represents PNC in the lawsuit, said the developer didn’t repay the loan at maturity. “It’s still a great location and a great parcel,” del Russo said. “It’s just that the market for high rise condos has changed a bit.
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Another example of a real estate speculator coming too late to the party. Missed out on their flip opportunity by only a few months.
ReplyDeleteYet the developer claims that they are going to fight the foreclosure on the Boca Teeca golf course project--Get Real!
ReplyDeleteThe Chicago carpetbaggers can go back up North with a little less money in their pockets.
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