The Real Deal Miami

Suit filed for Port St. Lucie project

October 24, 2008 10:27AM

National City Bank filed suit against the allegedly defaulting developers of a 70-acre site along U.S. 1 at Walton Road, naming George de Guardiola, who developed the Abacoa project in Jupiter; brother Eduard de Guardiola, of Atlanta; and Jupiter-based De Guardiola Properties as defendants. The developers planned to tear down a shopping center and build 1,082 residential units, 393,000 square feet of offices, 208,500 square feet of retail, a 150-room hotel and a civic center for community functions. In an August 2007 loan modification, the balance was $32.1 million — set to mature on Aug. 8, 2008 — and both George and Eduard de Guardiola gave personal guarantees, according to documents included in National City’s complaint. In July, George de Guardiola said the project stalled when he could not get a loan to start construction because of the banking crisis.