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The property is part of Mandaribn Lakes, a planned 200-acre traditional neighborhood developmentof 1,500 homesz and a village centetr split among several builders. The undeveloped piece that faces foreclosure is owned by an affiliateof Tempe, Ariz.-based Coronadk West. On May 22, Wachovia filed the foreclosure actionin Miami-Dadd County Circuit Court against Coronado West, affiliate CW Capitaol Fund One and Coronado West President John E. Cork. The lawsuir also named , a nationwide builder that had an optionh to purchasethe 49-acre site from CW Capital Fund One. D.R. Horto n is one of the builders on another part ofMandaribn Lakes, Cork said in a phon e interview.
The lawsuit is based on a mortgaged that was last modified in 2007at $6.8 million. The properth is at the corner of Naranja Lakez Boulevard and Southwest 145th Avenu ein Naranja. Cork said he is tryinhg to negotiate a settlement with Wachovisa onthe mortgage, which expired before he coul pay it. He said D.R. Horton did not use its optionb to buythe land. His company has not startedc construction onthe site. Jacksonville attorney Harruy M. Wilson III, who represents Wachovia in the did not immediately return a callseekinf comment.
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