Jeffrey and Jacqlyn Soffer are relinquishing control of their defaulted Davie Commons project to a team of investors whose managing member is Jacqlyn Soffer.
According to the South Florida Business Journal, KeyBank sold the $17.4 million mortgage it foreclosed on to New York-based KBNP LLC, which won an $18.7 million foreclosure judgment against Davie Commons. Unless another party bids higher than KBNP in the March auction, it will take control of the 152.6 acre site at the northeast corner of Interstate 75 and the Royal Palm Boulevard exit.
When the Soffers’ Turnberry Associates bought the site for $11 million in 2007, they invisioned 2 million square feet of office and retail space and a hotel. But the plan was met with heavy opposition as residents feared the density of the project. However KBNP, of which Jacqlyn is a small minority owner and managing member, has plans to develop residential properties on the site that mostly fit with the low-density, single-family character of the surrounding Weston neighborhood. [SFBJ]