Vestiges of housing bust dot Treasure Coast

At least two dozen residential developments in the region are unfinished eyesores

TRD MIAMI /
Jul.July 23, 2016 09:00 AM

Florida’s Treasure Coast region is blighted by at least two dozen unfinished residential developments approved before the real estate market collapse in the late 2000s.

For example, vegetative overgrowth and a network of cracked streets and paths to nowhere is all the Michael Creek development in Indian River County has become. It was supposed to be 60 luxury houses on 24 acres hugging the Indian River Lagoon. But construction of the development, which started in early 2007, had stopped by late 2009 and never resumed.

At least 10 other Indian County developments failed in similar fashion following construction of a few homes, or none, and unfinished common areas.

At least five such unfinished communities are in St. Lucie County, including four covering 600 acres in Port St. Lucie alone.

Brad Hunter, chief economist for HomeAdvisor, said the housing market collapse in the late 2000s hammered few U.S.  markets harder than St. Lucie County: “St. Lucie was a bubble — a big one — and when it popped, it was devastating.”

But Hunter also said efforts are under way to finish some of the unfinished residential developments, describing them as “zombie” projects with revival potential.

For example, KB Home is adding 122 homes to a 40-acre Port St. Lucie development called Pine Trace. Initially approved in 2005, Pine Trace has four finished homes.

Other stalled residential developments approved in the mid-2000s that appear likely revive to include Indian River County’s 79-acre Bent Pine Preserve and 36-acre Orchard Park. [Treasure Coast Newspapers] Mike Seemuth


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...