To document the depth of the housing crisis, New Times is profiling some of South Florida's forgotten homes.
A half-block of unfinished cinder-block foundations -- for 24 unbuilt homes -- stretches along NE 16th Avenue from Eighth to Ninth streets in Fort Lauderdale, a block south of
the Hustler Hollywood store.Timeline
: Eight buildings, half of them large apartment complexes, along NE 16th Avenue were demolished in 2005 to make room for a new development. The land sat empty, marked by just a few piles of dirt, until two-foot-high foundations were installed in 2007. State of disrepair
: It's stayed that way ever since. At the south end of the plot, dirt and grass have filled the foundations to the top. A chainlink fence surrounds the property, and rebar poles with orange plastic caps protrude from the cement block foundations. There are no utility connections except for a lone water spigot near the south end. No "for sale" signs or other notices are posted.
What's the deal? The development was to be called "Victoria Green," and the developers bought the plots in 2005 for a total of $7.8 million. The properties were foreclosed on in summer 2009, and investors bought it back from Sun American Bank for around $4 million, according to the Broward County Property Appraiser.
How much? There's no realtor listed, but the assessed value on the development (broken into four plots) last year was $1.2 million. The owner is Mazal Investments 16 LLC, based in Bay Harbor Islands. We'll update if we hear from them.
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