Orchid Landing development on U.S. 1 placed in receivership

INDIAN RIVER COUNTY — Brenner Real Estate Group, which has offices in Melbourne and Fort Lauderdale, has been named receiver for the defunct 19.9-acre residential development on 73rd Street just east of U.S. 1.

CIB Marine Capital is foreclosing on Esquire Venture, a group of lawyers based in Fort Lauderdale. They had planned to build 45 residential lots on the development, which was to be called Orchid Landing. The property was never developed and was last sold in September 2005 for $3.285 million. A property is placed in receivership as part of the foreclosure process to ensure the property is adequately maintained as the parties work out their differences.

 

“Our goal is to secure the development entitlements and properly position the property for future sale,” said Scott Brenner, who will oversee management of the property, including making sure all permitting is current, taxes are paid and may put up a fence to keep out vandals.

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