The Real Deal Miami

Tradition’s cracked core

July 13, 2009 11:16AM

Port St. Lucie, home of Tradition, the massive, fast growing development built by Core Communities, symbolizes the housing boom and bust. In 2003, thousands of buyers scrambled for a space. Now, after the bankruptcy of Leavitt, Core’s corporate parent, the developer has stalled plans for a mall and an outlet center and scrapped an active senior living community. It faces cash flow woes and has filed notice with the Securities and Exchange Commission that it may not be able to continue as a going concern.