The Real Deal Miami

Tesoro sponsor may short on association fees

August 18, 2008 02:39PM

Missed loan payments by two affiliates of Celebration-based developer
Ginn Resorts could lead to a sticky situation for those who have bought
at the company’s Port St. Lucie community, named Tesoro, which is one
of the city’s most upscale projects. Ginn has yet to sell 359 lots at
Tesoro, and may be unable to pay the owner association dues associated
with those properties moving forward, the company has suggested. This
would increase the monthly payments required from the development’s 600
or so sites owned by residents and investors.