The Real Deal Miami

Tivoli Isles faces foreclosure

January 09, 2009 01:21PM

Fort Lauderdale-based BankAtlantic filed a notice of foreclosure
against 163 units in Home Devco’s Tivoli Isles community near Delray
Beach. Home Devco Tivoli Isles bought the land for $54 million in 2004
and planned to build 315 homes, with prices ranging from the upper
$300,000s to the $600,000s. Only 152 homes were sold. The developer
owed $40.7 million on the mortgage when it was last modified in April.