FP&L Buys 60 Acres In Palm Beach Gardens

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Juno Beach-based Florida Power & Light paid $24 million for nearly 60 acres of undeveloped land in Palm Beach Gardens.

Developer Daniel Catalfumo lost the property to foreclosure earlier this year. In May, Seacoast National Bank won a foreclosure action against Catalfumo’s PGA North II.

The Catalfumo affiliate owed Seacoast $33 million.

FPL acquired the site at the northeast corner of Interstate 95 and PGA Boulevard from Seacoast’s BR West LLC on June 28.

Catalfumo planned to build a bioscience center on the site across the street from The Gardens Mall.

The developer borrowed $28.5 million from Seacoast in late 2008 just as the global financial crisis gained traction. By late 2009, Catalfumo stopped making interest payments and defaulted on the loan. Seacoast sued Catalfumo as a guarantor of the loan, PGA North and affiliates.

Source:  DBR

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