Yet another foreclosure by banks versus a development project by MCZ Centrum partners, but according to the report of the SunSentinel they are planning to fight this foreclosure. Do you believe that this developer has the financial resources to oppose this foreclosure and live up to the contracts and promises made to residents?
From the SunSentinel:
Boca Teeca owner vows to continue redevelopment plans despite foreclosure notice
By Angel Streeter - Sun Sentinel - Tuesday, March 30, 2010
Owners of the Ocean Breeze Golf & Country Club in the Boca Teeca subdivision said they plan to continue with their plans to build townhomes on a portion of the golf course despite facing foreclosure. Last week, Wachovia filed a notice of foreclosure to MCZ/Centrum Florida V Owner, LLC, for a $7 million mortgage. But Dennis Taback, one of the club's owners, said they are working closely with the bank to extend the loan. "There's no doubt in our mind we will be moving forward with the project," he said. "We believe the project has value. We are not looking to lose the property."
MCZ/Centrum, which bought Ocean Breeze in 2004, won city approval in December 2007 to build 211 townhomes on 30 acres of the golf course. The project included upgrades to the Boca Teeca clubhouse, adding rooms to the Inn at Ocean Breeze and creating a nine-hole executive golf course on the old south course. But final approval of the development from the state was stymied by legal challenges from Save Boca Raton Green Space, a group of Boca Teeca homeowners opposed to the development. That prevented the owners from moving forward with their plans, Taback said.
State approval finally came late last year, and now plans are progressing, he said. The owners are meeting with architects and construction firms. The first part of the project to be done is a 10,000-square-foot social center for some Boca Teeca residents. The center is part of an agreement the developer reached with residents to get them to approve lifting a deed restriction, allowing the developer to build on the 30 acres. Most of the 1,600 unit owners in the subdivision wanted the new development, seeing it as an opportunity to revive the aging community. So the foreclosure notice raised anxiety among many residents.
"I hope they don't foreclose or it will turn to garbage," George Gershon, president of the Teeca Woods Homeowners Association, said about the golf course. "That's what we've been fighting."
When MCZ/Centrum bought the Boca Teeca golf course, it already was in dire financial straits and close to bankruptcy, Gershon said. MCZ/Centrum's promises to fix up the community and the golf course won over residents who initially were skeptical, he said. Now, residents are afraid the development won't happen.
"My phone is ringing off the hook," said Sallie Friedman, president of the Boca Teeca Unit Owners Association. "People are very concerned…It would be a crime to just let [the golf course and club] go." The owners seem to think so as well. They hope to start construction on the townhomes in one or two years, counting on the real estate market to rebound by then.
"It will spark new life into the community once it happens," Taback said.
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Based upon all of the attorneys these developers have been retaining, it appears that the only people making money on this deal is the attorneys. Looks doubtful that the current owner will be able to retain control much longer....no money means eventually no attorneys.
ReplyDeleteAnyone who believes this developer, then I have a bridge to sell you.
ReplyDeleteSources in the real estate biz indicate that MCZ Centrum is desparately trying to sell this project. But, why would anyone deal with MCZ Centrum since a better deal can probably be made with the bank once the foreclosure sell is finished?...unless the bank approves a short-sell.
ReplyDeleteThis is the result of the city rubber-stamping development approvals. Boca Raton is on its way to looking like Ft. Lauderdale & Miami--congested traffic, higher crime and declining property values.
ReplyDeleteSallie, wake up and smell the roses---you've been played like a fiddle.
ReplyDeleteFOR SALE - that is what this developer is telling all interested investors in 202 acres of land in Boca Raton. This is the best way to fight a foreclosure, i.e., sell the property and payoff the mortgage.
ReplyDeleteWill Sallie help find a buyer who wants to develop houses on other parts of the golf course?
ReplyDeleteYes, they will fight the foreclosure by seeking to delay as long as possible since the plan was to FLIP the property all along.
ReplyDeleteDoes anyone in Boca Teeca still listen to Sallie? She hasn't foreced the developer to upold the promised security and we continue to have cars vandalized. Does it require a neighbor's mugging to get some attention on the lack of promised security in Boca Teeca?
ReplyDelete