700 Unit Planned Condo Construction In Foreclosure; No Word As To Status Of Buyer Deposits

In Bradenton, Florida, the Herald Tribune reports:

• One of the region's largest condominium projects is the target of a foreclosure suit by one of the nation's biggest banks. If Wells Fargo's suit against the 700-unit Riviera Southshore is successful, Riviera Southshore will be the most prominent Southwest Florida project to date to succumb to the pressures of a sagging real estate market. [... Developer Frank] Maggio defaulted on a $22.3 million loan from the bank, according to the suit filed earlier this month by Wells Fargo.

No word as to the status of any contract deposits put down by the developer's prospective buyers. For more, see Foreclosure suit imperils condo development on Manatee River.