Veranda Park Update

As always, lots of questions regarding the Veranda Park condo buildings (and commercial) in Metrowest.

To recap, the Orlando Business Journal notes that the reorganization case of VP Phase IV Ltd., which owns the 55-unit Offices at Veranda Park office condo building in the MetroWest mixed-use development, was dismissed Dec. 10 2009 by Judge Karen Jenneman. Fifth Third Bank is foreclosing on the property, being was owed $15.3 million by the Kevin Azzouz-related entity that developed the building.

At the same hearing, the judge also converted the case of Veranda Park Commercial Property Owners Association Inc., which owns the common areas in Veranda Park, to a Chapter 7 liquidation.

Motions to dismiss both cases on Dec. 8 and 9, stating that the debtor made attempts to reorganize, but was unable to present a viable plan, court records showed.

Jenneman also dismissed Chapter 11 cases involving two other buildings in Veranda Park owned by Azzouz-related entities. The Residences at Veranda Park, a 157-unit residential condo building owned by VP Phase III Ltd., was dismissed in November and a building leased by CVS and owned by Commercial Ventures Orlando LLC was dismissed in October.

Wachovia Bank NA/Wells Fargo and Regions Bank, which were owed nearly $60 million by VP Phase III, are expected to foreclose on The Residences building.