The Real Deal Miami

Owner of Margate site faces foreclosure

Company planned to build townhomes during real estate boom
January 20, 2014 12:00PM

foreclosureThe owner of a Margate development site faces foreclosure as it looks to sell the land to a different group.

Great Florida Bank filed a foreclosure lawsuit against Celebration Pointe Townhomes over a $14.6 million mortgage on Jan. 10, South Florida Business Journal reported. The 15.5-acre site is located at Coral Lake Drive and U.S. 441. Celebration Pointe planned to develop 580 garden apartments after assembling nearly 30 acres in 2005.

The company sold 14 of the 30 acres for $7.5 million to Celebration Pointe North in December. A broker for the buyer said his client also has an 18-month option to buy the remaining acreage. Great Florida Bank, which is about to be acquired by Weston-based Florida Community Bank, is expected to honor the option even if it takes title to the land through foreclosure. [South Florida Business Journal]Eric Kalis