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The Real Deal Miami

Smyrna Beach development site hits the auction block

July 08, 2011 01:18PM

About 831 wood acres in Smyrna Beach will hit the auction block July 21, killing developers Michael and Sam Nevel’s dream to build a large mixed-use development on the site, the News Journal reported.

The developers purchased the land at the northeast quadrant of Interstate 95 and State Road 44 for $23.5 million in 2007 and 2005. They intended to build commercial areas along S.R. 44 and put up about 1,400 homes in clusters in a subdivision that would have extended north to Pioneer Trail and west to Sugar Mill Road, the Journal said.

When the market crashed, Miami-based Mellon United National Bank foreclosed on the property and won a judgment on an outstanding loan balance of $17.9 million, including $16.58 million in principal. [News Journal]