A 126-unit mixed use development in Clearwater owned by an Israeli investment group has been foreclosed on by its lender. Property & Building, a subsidiary of Tel Aviv-based IDB Holdings, owned 75% of the Station Square project which was touted in the sales brochure as "a celebration of the coastal urban lifestyle...redefining downtown development in Clearwater." And while one bedroom units were originally priced from $425,000 and two bedrooms from $575,000, 15% price reductions failed to generate much interest. Only 2 Station Square units had been sold according to IDB's first quarter financial report. Foreclosure proceedings were finally triggered when Property & Building rejected the lender's offer to purchase the project--once valued at $64 million--for $25 million.
Thursday, July 30, 2009
Clearwater Condo in Foreclosure
A 126-unit mixed use development in Clearwater owned by an Israeli investment group has been foreclosed on by its lender. Property & Building, a subsidiary of Tel Aviv-based IDB Holdings, owned 75% of the Station Square project which was touted in the sales brochure as "a celebration of the coastal urban lifestyle...redefining downtown development in Clearwater." And while one bedroom units were originally priced from $425,000 and two bedrooms from $575,000, 15% price reductions failed to generate much interest. Only 2 Station Square units had been sold according to IDB's first quarter financial report. Foreclosure proceedings were finally triggered when Property & Building rejected the lender's offer to purchase the project--once valued at $64 million--for $25 million.
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