The Real Deal Miami

Tradition development in $86.5M foreclosure

May 24, 2010 10:30AM

Investors Warranty of America has filed a foreclosure action against
Core Communities on 4,814 acres in the Tradition community. The land
had been intended as a large-scale development to transform Port St.
Lucie into a city. Core Communities is in default on all of its $139
million in loans. Horizons Acquisition 5 is also a defendant in the
suit. Core Communities intended to build hundreds of homes, but sales
have been extremely slow in the community. It was originally build as
the largest development in Southeast Florida, and has attracted
biomedical research organizations and a minor league baseball team. [SFBJ]