BRADENTON — A downtown condominium building is headed for the auction block.
River Dance, an eight-story building at 808 Third Ave. W., is scheduled to be put up for sale in late January after a judge recently issued a foreclosure judgment against it, court records show.
Manatee County Circuit Judge Edward Nicholas ruled last month that the developer, The Promenade at Riverwalk LLC, owed Wachovia Bank N.A. nearly $9.58 million in principal, interest, late fees, legal costs and other charges. Nicholas also set a Jan. 29 sale of the condo’s common areas and about 50 units the developer still owns in the 115-unit building.
The bank had sued to foreclose in May, contending the developer defaulted on $28 million in loans used to construct the building. The developer did not contest the suit, but proceedings were delayed after two contractors tried to force the developer into involuntary bankruptcy.
It’s likely Wachovia will gain ownership of the units, the developer’s attorney said.
“It’s possible that someone (else) could bid, but we do not have any knowledge that will or will not happen,” Edward Vogler II said Wednesday. “It’s more likely the bank will be the sole bidder. If that happens, the developer then will work with the bank to sell the remaining units.”
Despite the looming loss of the condo building, the developer’s principals still have plans to develop Promenade’s second phase — even though that parcel also is the target of foreclosure.
They are planning a 225-unit apartment building, to be called River Song, directly behind the incomplete Manatee Players theater. Ground-breaking on the five-story building is planned for the spring, with completion expected in mid-2011, said Robert Hatfield of Hatfield Development Co. in Atlanta, one of the principals.
“My belief is that the economy will be a lot better by then,” he said.
But Wachovia also has sued to foreclose on the 3.5-acre site, contending developer The Promenade at Riverwalk II, LLC defaulted on a $6.93 million loan plus interest. The case remains open, but Vogler — who also represents the second developer — said it is close to obtaining financing that will resolve that case.
Also, the city recently approved a site plan for the apartment building.
Another developer involved in the Promenade project, but not in the foreclosure suits, also said it intends to move forward.
Bradenton Riverfront Partners II LLC is planning a mix of residential and commercial space along Third Avenue West between the theater and Ninth Street West, said Vogler, a principal in the group. Conceptual plans include possible artist lofts and a nine-story, 94-room hotel, but the market will determine what ultimately is built, he said.
“If people are patient, the economy will reward their patience,” he said.
Duane Marsteller, transportation/growth and development reporter, can be reached at 745-7080, ext. 2630.
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