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Here’s The Scoop …. Before The Shovel Hits The Dirt …..

July 18, 2010 by Barbara

ARE YOU SURE WE’RE READY TO SHOVEL ?….

Dear Readers…as we approach Tuesday night’s LBTS Master Plan Steering Committee meeting (July 20, 2010 at 7 pm in Jarvis Hall) …this writer has some major concerns… I am concerned that the committee is meeting another month and has still not been directed to begin the revisions of the Master Plan… Comm. Sasser brought it up at last Wed. night’s Roundtable…While he received what appeared to be agreement on it being given to the committee it went nowhere and no direction was given to staff…Comm. Sasser stated he ran on having a plan in place in order to discontinue the piecemealing practices of the Town … We hear that would be welcomed sooner rather than later by many of his constituents who are displeased over the push for bathrooms this year …and want them built into an overall plan along with the overall plans in place from the MPSC revising the Master Plan…the Planning & Zoning Board updating the codes and the Comprehensive Plan revisions ….To the Personal Policy Manual and the Purchasing Manual..as well as the Charter by a Charter Review Board…and thinking outside the box on the Town’s staffing….Building Dept… to the big overall long range 5-10 year plan on how to proceed with the Town’s aging infrastructure …Town’s buildings…Downtown businesses which include the long range goals of the Chamber of Commerce and Welcome Center  …and of course our destination areas such as El Mar Drive with the hotels and motels as well as the development of residences that anchor it… I have heard many state that the bathrooms being pushed through are akin to the McIntee median walkway… (prev. posts)…OUCH!… One Reader stated the bathrooms should be built by Minto as they build on the north side of El Prado Park as part of their revision plans…Hmmmm……..

Now here’s some more concerns that needs to be addressed before the Town uses one dime of the Oriana million (we know there is still a million due to the former TM using the General Fund to pay for anything thus far…prev. post)… A Google of Lauderdale-By-The-Sea Hotel Foreclosures brought up the 3 items below…The new owners of the first foreclosure…. Beach Apartments and Eastside Inn… (across from Oriana)… came in front of the Commission to say they would be fixing the place up…Have they begun?…. The second foreclosure ….the Holiday Inn and the Villa Caprice (at the south end of El Mar Drive across the street from each other)….were sold last winter to the same owner that owns the former Clarion (at the north end of El Mar Drive and it too has buildings across the street from each other) as well as the Little Inns I and II …( near Washingtonia Ave. east side of El Mar Drive)…..The owner(s) again added to their El Mar Drive properties a few months back with the purchase of the Rainbow Inn…(on the west side of El Mar Drive and A1A south side of Washingtonia Ave.)…. How do these purchases fit into the total picture of the El Mar Drive beautification project that has a price tag of $4 million (the “whole enchilada”…prev. posts) without the drainage being done?… Are they and will they contribute to the revenues of the Town and be updated to make the taxpayers investment into El Mar Drive the right investment to make?..The next one was a shocker…Minto and Jesse Gaddis (the Broward Taxi King) foreclosing on them …right after we were informed by the Int. Town Manager that Minto is in the process of coming back to the Town to change the plans for their two remaining parcels of land to develop… There sure seems to be cause for concern after reading the following …”The Canadian-based homebuilder had escaped the torrent of foreclosure actions in the real estate bust until April 28, when Gaddis filed his complaint in Broward County Circuit Court against Minto Henry Square over a 5.3-acre site in Fort Lauderdale.” ….Will there be a “trickle down” effect from the Gaddis complaint?… Some safety clauses need to be put in place before moving  forward so the Town is not left with partially built properties on El Mar Drive similar to the ones on Garden Court (prev. posts)… All in all…now is the time for “plans” to be put into place …comprehensive ..full plans ….and not individual items to put feathers on anyone’s cap…. that’s not what the voters voted for….

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Tuesday, January 5, 2010

A German investor bought the distressed note on a Lauderdale-by-the-Sea hotel and apartment property for less than half of the bank’s foreclosure judgment.

Ptolsemaios Property paid $1.65 million to Fifth Third Bank for the mortgage to El Mar Place Developers on Dec. 30, according to Leyla Semenov, a director with Fort Lauderdale-based KW Commercial who arranged the deal. She said it was an all-cash transaction.

The price represents a 58 percent discount from the $3.9 million foreclosure judgment Fifth Third won against El Mar Place in December and a 53 percent discount from the $3.55 million mortgage it granted the developer in 2006. Ptolsemaios is set to take control of the property on March 9 unless a higher bidder shows up at the foreclosure auction.

The properties, at 4321-4341 El Mar Drive, are a block west of the beach. They contain 30 units, with 27 licensed as hotel and the other three as multifamily. The hotels are called the Beach Apartments and the Eastwood Inn.

Semenov said Ptolsemaios officials have experience operating hotels and will make repairs to the properties.

“My client will repair it and use it for hotel purposes, and then market it in Europe and locally,” she said.

http://southflorida.bizjournals.com/southflorida/stories/2010/01/04/daily12.html

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Thursday, January 7, 2010

Lauderdale-by-the-Sea hotels to be sold
• Fifth Third Bank
A former Holiday Inn and the Villa Caprice Hotel in Lauderdale-by-the-Sea are set for public sale after their owner lost a foreclosure judgment.
In a Dec. 8 stipulated foreclosure agreement, Fifth Third Bank won a $27.7 million foreclosure judgment against VCH Properties over the former Holiday Inn.
It also won a $14.6 million judgment against Villas of Caprice Developers over the Villa Caprice. The public sale of both properties is set for Feb. 17 at 11 a.m.
As part of the agreement, Fifth Third Bank agreed not to seek a deficiency judgment against Peter M. Debs and the other individual guarantors under the mortgages.
The former Holiday Inn is now called the Lauderdale by the Sea Resort and Beachclub. At 4116 N. Ocean Drive, it has 186 rooms, a meeting room and a beach café. VCH Properties bought it for $15 million in 2007.
The Villa Caprice Hotel, at 4110 El Mar Drive, has 24 apartment-style rooms. Villas of Caprice Developers bought it for $11.8 million in 2005.
Fifth Third Bank filed its foreclosure lawsuit against the hotel owners in 2008. Holiday Inn took its flag off the property after the lawsuit was brought.

Read more: Lauderdale-by-the-Sea hotels to be sold – South Florida Business Journal

http://southflorida.bizjournals.com/southflorida/stories/2010/01/04/daily45.html

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Thursday, May 6, 2010 | Modified: Friday, May 7, 2010
Taxi mogul Gaddis seeks foreclosure on Minto Communities
Jesse P. Gaddis, the largest taxicab owner in Broward County, has stuck Minto Communities with a hefty fare – a foreclosure lawsuit based on a $12.6 million mortgage.
The Canadian-based homebuilder had escaped the torrent of foreclosure actions in the real estate bust until April 28, when Gaddis filed his complaint in Broward County Circuit Court against Minto Henry Square over a 5.3-acre site in Fort Lauderdale.
In 2007, Gaddis personally funded the mortgage, which had a maturity date of Jan. 31, 2010.
Pompano Beach attorney David R. Roy, who is representing Gaddis in the lawsuit, said the full $12.6 million is outstanding, plus interest.
“It’s one of the largest undeveloped sites in Fort Lauderdale,” Roy said. “And it’s in the community redevelopment area so there are benefits to owning it.”
Gaddis originally owned the property. Should be seize it in foreclosure, he would eventually look to sell it, Roy said.
Minto Communities is selling homes in Artesia in Sunrise, Villas by the Sea in Lauderdale-by-the-Sea, Porto Sol in Royal Palm Beach, Olympia in Wellington and other Florida projects. It recently purchased property in the Monterra site in Cooper City out of the TOUSA bankruptcy case and is developing green homes there under the name Cascada.
A Minto official did not immediately return a call seeking comment.
Minto obtained approval from Fort Lauderdale to build 416 rental units on Federal Highway between Northeast Fifth Street and Northeast Sixth Street, but only after the developer promised to pay for significant road improvements. However, construction never got under way.
Minto Henry Square transferred ownership of the property to Minto Communities for $528,000 in August, but the mortgage was not released.

Read more: Taxi mogul Gaddis seeks foreclosure on Minto project – South Florida Business Journal

http://southflorida.bizjournals.com/southflorida/stories/2010/05/03/daily74.html

more to come….

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