Wachovia Bank has sued to foreclose on Treviso Bay, a 1,050-acre resort community in Naples, Fla, the Naples Daily News is reporting. TPC Treviso Bay, its Arthur Hills- and Hal Sutton-designed golf course, hosted the Champions Tour's ACE Group Classic last year. The tournament will switch to the Quarry in North Naples this year.Treviso Bay is basically at a standstill. Though the TPC there apparently remains open, its clubhouse is on hold and there are no homes under construction. Plans for the project called for more than 1,000 homes. Only 19 have been built, sold and occupied, the paper quotes Richard Lehmann, president of Income Securities Advisors, as saying. "There are 19 unfortunate souls living on a very big piece of property there,” Lehmann said.
The community's developer, V.K. Development Corp. of Brookfield, Wis., is searching for new financing to keep the project going. The newspaper quotes Ross McIntosh, a Naples real estate broker, as saying a work-out on its loans may be tough because more than just Wachovia Bank is involved. Other lenders include BB&T and M&I Bank. “People are just not on the same page when you have multiple lenders,” McIntosh said.
--P.F.
