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DORAL, FL-The South Florida Business Journal reports Ocean Bank has won a $30.8 million foreclosure lawsuit over the undeveloped Pebble Walk Village. The suit was against Adrian Development at Pebble Walk Partnership, Bahia Honda Real Estate Partnership and Adrian Real Estate Investments, according to Miami-Dade County Circuit Court records.

The article says the 16-acre site at the Florida Turnpike and N.W. 41st St. in western Miami-Dade County was originally approved for 363 residential units and 125,000 square feet of commercial space. Previous reports in the media note that Adrian Development at Pebble Walk Partnership, located in Coral Gables, FL, bought the site in 2005 for $16.8 million, obtaining close to an $11 million mortgage with Ocean Bank. Though the property was cleared, construction was never launched. Ocean Bank filed suit in October 2008.

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