The Real Deal Miami

Denver bank loses 81 percent on stalled Fort Lauderdale development

September 12, 2011 04:00PM

Dallas-based Comerica Bank suffered an 81 percent loss on a stalled Fort Lauderdale development. The bank seized the property at 700 NE Fourth Avenue from Crosswinds at Village Lofts in 2009, when it foreclosed on the $5.07 million mortgage. It was originally slated to become a 72-unit development, according to the Community Redevelopment Agency website. Comerica recently sold the site to an affiliate of Denver-based Blake St. Real Estate Investors, named Flagler Village I LLC, for just $975,000. Blake St. now owns eight parcels in the area. [Denver Business Journal]