Bank forecloses on Parrish project

PARRISH — The site of a proposed housing project that never got off the ground is now heading to the auction block.

A South Carolina bank has won a foreclosure judgment against Parrish Plantation’s developers, less than two months after suing them over unpaid loans, court records show.

Manatee County Circuit Judge Edward Nicholas ruled Aug. 31 that Parrish Plantation LLC and E. Chester Stokes Jr. owe Mercantile Bank more than $7.74 million in principal, interest, late fees and court costs.

Nicholas also set a Nov. 3 foreclosure auction of the vacant, 264-acre property at U.S. 301 and State Road 62.

Attorneys for the bank and the developer did not immediately return telephone calls Tuesday. An attorney for Stokes — chairman of Stokes Land Group, a Jacksonville developer behind Parrish Plantation LLC — also did not return calls.

The company’s proposed Parrish Plantation project won preliminary county approval in 2007 for 488 homes and 139,100 square feet of retail and office space. Those plans also included dedicating 16.8 acres for a possible library and an adjacent YMCA.

Then the project, along with several others in the greater Parrish area, stalled as a result of the local housing slump. The library plans never took root, while the YMCA opted to temporarily use an existing building elsewhere and is looking to buy land for a permanent facility.

Parrish Plantation LLC and Stokes never contested the bank’s allegations in court, leading to the unusually rapid conclusion. The foreclosure judgment was issued just seven weeks after the suit was filed, whereas most foreclosure cases take several months to complete.