Fort Lauderdale Riverfront Redevelopment Project In Foreclosure As Builder Lays Off Staff, Hit With Liens From Disgruntled Subs

In Fort Lauderdale, Florida The Miami Herald reports:

• Boca Developers had hoped to raze Las Olas Riverfront and build an eclectic mix of condos, offices, shops and entertainment that would become the ''central destination'' in downtown Fort Lauderdale. But the Deerfield Beach developer's plans are in doubt now that Wachovia Bank has moved to foreclose on the beleaguered property at 300 SW First Ave. along the New River. The developer, which is grappling with the turmoil in the residential real estate market, also recently received notice that it's in default on a $205 million loan intended to help finance the Las Olas Riverfront redevelopment and some of the firm's other projects in South Florida and elsewhere.

For more, see Foreclosure filed on Las Olas Riverfront (if link expires, try here).