PALMETTO — The site of a proposed $110 million condominium/office/retail complex along the Manatee River is now in foreclosure.
Superior Bank sued last week to foreclose on nearly 2.6 acres that was to be Regatta Place, saying the developer and its principals defaulted on a $4.43 million loan, according to court records.
The suit names Riverside Ventures LLC of Wilkes Barre, Penn.; G. Robert Breeden and Janet Minella, both of Bradenton; Paul DiStefano of Fort Myers; and Paul and Robyn Sherma of St. Petersburg as defendants. Riverside took out the loan, with the others personally guaranteeing repayment.
Calls to the defendants were not immediately returned Wednesday.
Regatta Place was to be built at the northeast corner of Riverside Drive and Ninth Avenue West, where the historic Lamb Manor House once stood.
The Victorian-style house, built in 1910, was relocated to Ruskin in 2006 in anticipation of development. In its place, plans called for a seven-story building with 119 luxury condo units and 17,955 square feet of retail and office space.
But the project stalled as a result of the housing slump, and construction never started.The bank’s suit, filed in Manatee County Circuit Court on Sept. 2, said the defendants defaulted on the loan by failing to pay 2008 property taxes and not maintaining liability insurance on the property. Tax records show Riverside owes Manatee County nearly $33,100 in back property taxes.
Superior’s suit seeks $3.73 million in principal, interest, late charges and legal costs.
The foreclosure suit is the latest legal problem facing Breeden, DiStefano, Minella and the Shermas, court records show. In August, Synovus Bank won a $2.1 million judgment against them and River Preserve LLC in an unrelated case.
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