By MICHAEL BRAGA
STAFF WRITERSmichael.braga@heraldtribune.com
BRADENTON -- One of the region's largest condominium projects is the target of a foreclosure suit by one of the nation's biggest banks.If Wells Fargo's suit against the 700-unit Riviera Southshore is successful, Riviera Southshore will be the most prominent Southwest Florida project to date to succumb to the pressures of a sagging real estate market.Other projects have died, and in recent months about 200 homeowners a month have been losing their homes to foreclosure in the region.Exactly how developer Frank Maggio will respond to the suit from the nation's fourth largest bank is unclear: he did not return calls on Tuesday for comment.But people who have followed the project closely are not optimistic about its chances for survival given the state of Florida's real estate market.Maggio defaulted on a $22.3 million loan from the bank, according to the suit filed earlier this month by Wells Fargo."We would have hoped that he was better capitalized than that," said Bradenton Mayor Wayne Poston. "A lot of approved projects are not being built. All of Florida is facing that now. We're being impacted just like other communities."It would mark the end of a project that generated strong passions.
STAFF WRITERSmichael.braga@heraldtribune.com
BRADENTON -- One of the region's largest condominium projects is the target of a foreclosure suit by one of the nation's biggest banks.If Wells Fargo's suit against the 700-unit Riviera Southshore is successful, Riviera Southshore will be the most prominent Southwest Florida project to date to succumb to the pressures of a sagging real estate market.Other projects have died, and in recent months about 200 homeowners a month have been losing their homes to foreclosure in the region.Exactly how developer Frank Maggio will respond to the suit from the nation's fourth largest bank is unclear: he did not return calls on Tuesday for comment.But people who have followed the project closely are not optimistic about its chances for survival given the state of Florida's real estate market.Maggio defaulted on a $22.3 million loan from the bank, according to the suit filed earlier this month by Wells Fargo."We would have hoped that he was better capitalized than that," said Bradenton Mayor Wayne Poston. "A lot of approved projects are not being built. All of Florida is facing that now. We're being impacted just like other communities."It would mark the end of a project that generated strong passions.
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