TC Palm reports a potential buyer has once again started paperwork to acquire the massive Bristol Bay project that has sat idle on the southeast corner of County Road 510 and U.S. 1. Vero Beach residents have referred to the project as the Scorched Earth Project, as to how the developer left the land when they walked away from the project.Mike Garfalo, a principle of Suncor Communities, said he’s placed the property under contract and is hopeful that the county approves of his plans to rezone portions of the large development.
“We’re working very vigorously with the owners of the property to create a deal that makes sense to both of us, mitigating our risks and theirs,” said Garfalo, who has offices in Vero Beach, Las Vegas and Pompano Beach. “We thought we presented a phenomenal project (to the county) that would benefit the community.”
The potential purchase price was not disclosed.
Senior Indian River County Planner John McCoy said he’s reviewing the pre-application documents.“The way it’s distributed now, it isn’t really conducive on the commercial portion because its very spread out and odd shaped, so we understand what they’re trying to do,” McCoy said.
At the height of the housing boom and with much fanfare, WCI Communities announced plans in August 2005 to build Bristol Bay, a 108-acre upscale community. Multifamily British Colonial-style units were priced from $400,000 to $1 million per unit. At the time of the announcement, WCI said it would break ground in 2006.
IHP Capital Partners, a large California investment firm owns the land and had provided financing for the development to Bonita Springs-based WCI Communities.
A little more than a year ago, as the local housing market started to show a decline, WCI announced that the project had been delayed indefinitely and company would return 100 percent of buyers’ deposit monies, together with any accrued interest, to those who had reserved properties at the development.
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