The Real Deal Miami

Stuart project sprints to bankruptcy protection

June 02, 2008 11:05AM

Developers of the Harbour Walk Preserve in North Stuart filed for Chapter 11 bankruptcy reorganization to try to stave off foreclosure by lender Seacoast National Bank of Stuart. A foreclosure suit claims the developers are $14 million behind in paying off a $22 million credit line. The loan was meant to finance a hotel, bank, restaurants and office and retail space on about 50 acres north of the Roosevelt Bridge, at Wright Boulevard and U.S. 1. The bankruptcy filing disputes the claim and said Seacoast publicly aired plans to foreclose on the property. That quashed deals to sell the property to Costco, ABC Liquors, various hotels and other potential buyers for up to $18 million, the filing said.