Peninsula Boynton Beach: Construction Woes
Peninsula Boynton Beach is divided into 3 sections: a section with 40 condo units, another with 10 coach style homes, and the third section with townhomes (not yet finished). The developer, Waterbrook Peninsula, filed for Chapter 11 in Jun’08 to forestall foreclosure by National City Bank and there’s no resolution yet.
Anyway, for those of you looking to buy some of these unsold homes, note that construction of the development is unlikely to be completed in the near future. In Aug’08, the residential developer said that while the property was close to obtaining a certificate of occupancy, it required additional financing to complete construction of the project.
A couple of days ago, the residential developer sent a notice of default and termination to Vercon Construction Management, stating that after several meetings, the contractor had indicated that it was “forever and finally unwilling” to finish the project for the remaining balance of the developer’s financing.
Crash Predictor now indicates a higher likelihood of liquidation and sale:
Crash Predictor for Waterbrook Peninsula
