MIAMI, FL - Bank of America is seeking to foreclose on a 17.1-acre site in southern Miami-Dade County that was planned as a residential community by Miami-based Precious Homes. The Charlotte, N.C.-based bank filed the notice of foreclosure on Nov. 26 in Miami-Dade County Circuit Court against Lakes Kingdom II, associated development entities and Precious Homes CEO Victor F. Seijas Jr.
The vacant site is north of Southwest 114th Street and west of Southwest 137th Avenue (Tallahassee Road). It is just south of Kendall-Tamiami Executive Airport. As the second phase of the Kingdom Dream development, the site was zoned multifamily residential, but construction never started.
Lakes Kingdom II, a subsidiary of Precious Homes, bought the site in 2002 for $6.6 million. It obtained financing from Bank of America for the first and second phases of Kingdom Dream. The first phase sold out.
When the Bank of America mortgage with Lakes Kingdom II was last amended in July 2007, it had a $27.5 million balance that could grow to $50 million through future advances.
Lee Mackson, the attorney in Miami representing Bank of America against Lakes Kingdom II, did not immediately return a call or e-mail for comment.
Precious Homes was established in 1995 and has built a handful of townhome and single-family home communities in Miami-Dade.
Source: South Florida Business Journal