Banks foreclose on pair of proposed county residential developments

INDIAN RIVER COUNTY — Two residential developments will be sold on the County Courthouse steps in the coming weeks after neither got off the ground and defaulted on bank loans.The court ruled CJM Development Inc. of Boca Raton in default of $2.28 million in loans, interest and penalties to National City Bank (now PNC Bank) and set a sale date of March 30. The 19.5-acre site near 16th Street and 74th Avenue was to have been called Treviso. Also set to be sold at auction on April 9 is the proposed Waterside residential development south of Oslo Road on 20th Avenue. Grand Bank and Trust of Florida won a recent $1.7 million foreclosure suit against the property’s owner, Palm Beach County-based Keystone Development Organization.Treviso was supposed to be a high-end 136-townhome project with some units set aside for working class families. Waterside was a planned 18-acre development consisting of 54 single family residential units, according to county records. Only one home was permitted for construction on the site, according to the Property Appraiser’s Web site.

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