Reese, operating under the entity name Maitland Property Owner LLC, acquired the tract at Horatio Avenue and US 17-92 in 2006 for approximately $8.7 million. The Journal article says the plot in downtown Maitland was to have contained 400 residential units, a 200-room boutique hotel and up to 386,000 square feet of commercial space.
However Mercantile Bank, which held the mortgage, foreclosed on the property in February after filing a notice of loan payment default against the developer. The bank was owed approximately $82 million, theBusiness Journal notes.
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