Another South Florida developer has defaulted on its bank loans meant to build a massive residential development that promised to bring some workforce housing to Indian River County, according to a civil lawsuit filed in Indian River Circuit Court.

Court records show National City Bank, now PNC Bank, won a $2.28 million foreclosure judgment against CJM Development Inc., of Boca Raton for nonpayment of loans.

CJM Development had promised to develop a townhouse community called Treviso on a 19.5-acre former citrus grove, just northwest of 16th Street and 74th Avenue.

Those named in the lawsuit include Treviso LLC, Gary D. Brown, Aracelli Brown, CJM Development Inc., C.J.M. Construction of S. Florida, CJM Investments Corp., and other tenants in possession of the property.

According to the Indian River County Property Appraiser’s Web site, the property was purchased by Treviso in December 2005 for $3 million.

The property is scheduled to be sold at 11 a.m. Tuesday at the Indian River County Courthouse.

CJM Development executives could not be reached Friday.

According to the company’s Web site, CJM was founded in 1998 by Gary Brown and Aracelli Brown. The Web site lists one subdivision in Vero Beach currently in development called Bella Vista Isles. The company’s last update on the project in July 2007 describes the development as a “luxurious, private-gated community,” featuring lake views and a pool.

According to previous Press Journal reports, the project’s controversial rezoning request for more density was approved by the Indian River County Commission and CJM was granted final approval in 2006 to build the 136-unit townhouse community.

At the time, approval was contingent upon the developer pricing 10 of the units at $166,500, 10 more at $199,500 and another 10 at $219,000. CJM could then sell each of the 106 remaining town houses for $300,000.

Local residents living in the surrounding area were strongly opposed to the project during the county’s approval process, stating that the development would cause more traffic on the roads.

This entry was posted on Sunday, March 28th, 2010 at 4:31 pm and is filed under Indian River County, Treasure Coast business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.