The Real Deal Miami

Fort Lauderdale’s Sea Gate Plaza in foreclosure

March 15, 2010 09:39AM

What was to be green-friendly office park with a putting green on the
roof has become yet another casualty of Florida’s foreclosure crisis.
PNC Bank has filed a foreclosure action against the Sea Gate Plaza
office development in Fort Lauderdale. The amount of the mortgage is
$10.9 milllion, which belonged to another bank which PNC took over in
2008. The developers had hoped that expansion at the Broward County Courthouse
would propel the growth of the project, which was aimed at law firms.
There has not yet been any construction on the site at the corner of SW
9 St and SE 3 Ave in Fort Lauderdale.  [SFBJ]