LAKEWOOD RANCH — Plans for Lakewood Ranch’s first bowling alley appear to be in the gutter.
A bank is suing to foreclose on the vacant parcel where the proposed complex was to be built, saying Hubbard Entertainment LLC and its principals defaulted on two loans, court records show.
First Federal Bank of Florida is seeking more than $1.3 million in principal, interest and late fees from the company, Richard “Dick” Hubbard Jr. and Yvonne Hubbard, according to the suit filed Feb. 19 in Manatee County Circuit Court.
Calls to Hubbard Entertainment were answered Monday with a recording saying the number was either disconnected or no longer in service. A woman who answered the phone at Sarasota Lanes, which is owned by the Hubbard family, said family members were unavailable for comment.
Hubbard Entertainment planned to build an $8 million bowling center, to be called Rip Van Winkle Entertainment Center, on the six-acre tract off Center Ice Parkway near Lakewood Ranch Boulevard.
Plans called for the center to have 40 lanes, a billiards game room, a video-game cafe and a 150-seat restaurant with an outdoor patio.
Lakewood Ranch resident and mom Stacy White lamented seeing plans for a potential entertainment center for kids fall through.
“We want more things to come out east, more restaurants and things for kids,” she said. “It’s a shame it’s not going to come.”
The company bought the site from Schroeder-Manatee Ranch for $1.33 million in January 2008, financing the deal with a $1.025 million loan from Flagship National Bank. Hubbard Entertainment also took out a second, $162,400 loan that was backed by property in a southern Manatee County industrial park.
The 52,000-square-foot bowling and recreation complex initially was expected to open in March 2009. But an $850,000 impact-fee bill from the county — along with the real-estate slump and the demise of a proposed hockey arena nearby — put the project on indefinite hold.
First Federal, which took over Flagship’s assets after that bank was seized by regulators, said Hubbard Entertainment defaulted on the $1.025 million loan by not paying 2009 property taxes and missing the July 30 payment and every one since then.
The company also defaulted on the smaller loan by not making any payments since August and not paying property taxes, the suit said.
Richard and Yvonne Hubbard are named as defendants because they signed guarantees that both loans would be repaid. Neither they nor Hubbard Entertainment have responded in court to the suit.
Duane Marsteller, transportation/growth and development reporter, can be reached at 745-7080, ext. 2630.