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The property is part of Mandaribn Lakes, a planned 200-acre traditional neighborhood developmentof 1,500 homes and a village center split among severall builders. The undeveloped piece that faces foreclosure is ownesd by an affiliateof Ariz.-based Coronado West. On May 22, Wachoviaz filed the foreclosure actionin Miami-Dads County Circuit Court against Coronado West, affiliater CW Capital Fund One and Coronado West Presidenr John E. Cork. The lawsuit also name , a nationwide builder that had an option to purchaswthe 49-acre site from CW Capitapl Fund One. D.R. Horton is one of the buildersd on another part ofMandarinb Lakes, Cork said in a phone interview.
The lawsuit is based on a mortgage that was last modified in 2007at $6.8 The property is at the corner of Naranjwa Lakes Boulevard and Southwest 145tgh Avenue in Naranja. Cork said he is tryingb to negotiate a settlementr with Wachovia onthe mortgage, whicbh expired before he coul d pay it. He said D.R. Hortonj did not use its option to buythe land. His companhy has not started construction onthe site. Jacksonvillse attorney Harry M. Wilsonh III, who represents Wachovia in the lawsuit, did not immediately returnm a callseeking comment.
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