Office condos and land to be sold after foreclosures
RBC Bank has won three foreclosure judgments totaling $10.3 million million against companies owned by prolific commercial developer Michael Lepore Sr.
One of the judgments for $3.2 million went against Franklin Field Business Center LLC, a Lepore company that built an 18,000-square-foot office condo complex at 202 N Rhodes Avenue in Sarasota.
Lepore sold four of the units at the Franklin Field complex for $1.234 million before defaulting on the loans. He still has 14 units totaling 14,238 square feet in the complex that are left to sell.
“It is what it is,” said Lepore in response to an e-mail message from the Herald-Tribune after he defaulted on the loans in April.
Another judgment went against Blackburn Point Business Center Inc., a Lepore company that was planning to build a similar complex on 4.3 acres at 1035 Old Venice Road in Venice.
The other RBC foreclosure judgment – for $2.3 million – went against MPL Properties Inc.
The loan was secured by five unsold office condo units in the International Trade Building of Sarasota at 60 Sarasota Center Boulevard and two vacant lots at the Paleo Park of Commerce at 8100 Uzita Drive in Sarasota.
All of the properties are scheduled to be sold by Sarasota County Clerk of Court on Jan. 23.
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