The Real Deal Miami

Regions Bank files against Fort Lauderdale development

December 12, 2008 01:48PM

Regions Bank has filed a foreclosure lawsuit against a “dockominium,” a
development of 26 covered slips built to house yachts up to 155 feet
long, at 1500 and 1700 SW 17th Street. The developer, Pier Seventeen
Marina and Yacht Club, purchased the site for $10 million in 2006. The
mortgage matured in September and, according to the foreclosure
lawsuit, the developer owed $12.5 million on it. The developer had not
finished construction on the slips.