SMR buys foreclosed arena

MANATEE -- Schroeder-Manatee Ranch was the only bidder today for the half-completed hockey arena at Lakewood Ranch.

The developer bought the property with a $100 bid at a foreclosure sale at the new courthouse in Bradenton.

SMR held a $7.1 million lien on the property. Officials have said that the structure may have to be demolished because it wasn't built to current hurricane codes.

SMR has said it intends to see the hockey arena project through to completion. The original developer of the hockey area, DVA Sports, stopped construction in 2005 after running into financial problems.