The Real Deal Miami

Foreclosed Las Olas on the block

June 23, 2008 08:52AM

The retail and entertainment complex along Fort Lauderdale’s New River know as Las Olas Riverfront will be auctioned off August 5th, after a Broward Circuit Court judge signed a foreclosure order on it Friday. The 260,000-square-foot complex is owned by Deerfield Beach’s Boca Developers. Wachovia Bank started foreclosure proceedings on the development earlier this year after missed loan payments, which have now ratcheted the total borrowing, interest and late fees up to $22 million. Las Olas opened about 10 years ago, but faltered after initial popularity. Boca Developers bought the property for $31.69 million in 2005, and planned to build two condo towers, offices, shops and entertainment space after demolishing the existing complex.