Foreclosures mount for Monroe

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Both complaints name Charles H. Monroe III, the presideny of Safety Harbor-based Monroe’sa Prestige Group. They mark the fourth and fiftuh pending foreclosure lawsuits in South Floridz against Monroe and affiliated Monroesaid he’s seeking investors and new financing on the Publix anchors the 127tj Street Shopping Center, at 1755 N.E. 127th St., in Nortn Miami. The 178,855-square-foot center was builrt in 1959, and Monroe said he hopes to get financingy torehabilitate it. Bank of America’ds action against the shopping center’s owner, Northg Miami Shopping Center Joint is based on a leasehold mortgage last extended in 2006for $8.
7 The developer, a joint venture between Monroe’s Prestigw Group and Mark Kovens Trustee, leasezs the property from 127th Street Shopping Center, of Clearwater. If Bank of America forecloses, it wouled assume the lease. Bank of America’s otheer foreclosure lawsuit in Cutler Bay is againsrt MPG 216th Streetand Monroe. It targets a 19-acrwe vacant site with approval for morethan 121,000 square feet of retail and officee space for Vista Del Lago. It is located near the southeastf corner of Southwest 216th Streeft and Southwest92nd Avenue. Countuy records show Publix agreed to lease spac in VistaDel Lago.
MPG 216th Streetf bought the site in 2003for $7 millionb and obtained an $18 million mortgage from Bank of America. The mortgage was last modifiec in Septemberwith $8.9 million outstanding. Monroe said he could not get constructiohn financing for VistaDel Lago. “The bank needed to just wait untill there was a marketplace to get a loan to builcd a newshopping center,” Monroe said. “I’ve alwaysx been a conservative developer. I develop for the premiere grocery store inthe country.” Miami-based attornehy Lee D. Mackson, who represents Bank of America in both did not immediately retur a callseeking comment.
Monroe and his affiliatwe companies also face foreclosure lawsuits from Bank of America onthe Publix-anchoreed Parkland Commons shopping center in Parkland, from Wachovia Bank on the Best Buy-anchored Coral Landings III in Coral Springs/Margate and from , which targets the Publix-anchored Quantum Village in Boyntohn Beach.