The Real Deal Miami

Kenco hit with foreclosure suit at PBC agricultural reserve site

November 01, 2010 04:45PM

The 264-acre site of a stalled residential complex near Delray Beach has been hit with a foreclosure lawsuit by Miami’s City National Bank, which claims developer Kenco Ansca Delray Holdings has not made any headway on paying off its $13.1 million mortgage since it was modified in 2008. The company is led by Kenneth Endelson and Richard Finkelstein, co-founders of Kenco Communities, which also built the Ibis Golf & Country Club in West Palm Beach, Mirabella at Mirasol in Palm Beach Gardens and CityPlace in West Palm Beach. But after buying the site, which is part of Palm Beach County’s agricultural reserve at 130th Street near U.S. 441, for $17 million in 2003, Kenco’s planned 282-home complex never got off the ground. [SFBJ, 4th item]