Laketown Wharf Busts, Leaves Developer Crying

We’ve all heard the rumors about what is happening with Laketown Wharf.  Jerry Wallace, the developer, once positively referred to the area around Laketown Wharf as a “condo canyon” and himself as the Trump with a drawl.  I bet he doesn’t feel so Trumpish now.

I was VERY critical of this development from the get-go, extremely worried what this “behemoth” would do to the image of our area.  A largely vacant, 750 condo, elephantine monolith, Laketown Wharf actually had great aspirations, with some possibility of success had it come unto creation mid 2004.  With huge swimming pools, a Balagio-style fountain/light show, a 650-seat live performance theatre, 5 restaurants and 1,000’s of square feet of retail space, it was planned to be almost a small town.  And, it is actually kind of awesome, even though it is not on the beach.

On the 12th of September, Jerry Wallace, developer of Laketown Wharf and President of Laketown Wharf, Inc. signed over the remaining unclosed units to Corus Bank, the institution that originally financed the construction of the project.  With only 8% of the 750+ condos built actually closed, the only option was to hand the rest back to the bank.

At this point, a new chapter is created in the life of Laketown Wharf.  The sad part is that the image of a huge traffic crossing point on the beach is now completely up to a financial institution that may or may not have our best interests in mind.

As of two weeks ago, it had looked like the grounds were being neglected, but after going by today, I noticed that some of the pools had been filled back up.  The water-features were not on, nor were any of the fountains and the whole place looked like a ghost town.

We’ll be following this closely.

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79 thoughts on “Laketown Wharf Busts, Leaves Developer Crying

  1. We sent in the paperwork and the additional 5% deposit to get out of our contract, also…we have yet to get the signed papers returned. Has anyone else experienced this?

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  2. hello i have a penthouse unit on the top floor and am willing to let it go for a loss…at 275,000.00 if interested call me or e mail …

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  3. There is a leasing program at Laketown now, and I am curious if I am safe with a 1 yr lease? Could the whold place just belly up and me needing to find a place before my lease time is up?

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  4. Sarah White ~

    Very, very unlikely you will have a problem. Corus Bank (the owner) has posted a bond in December 2008 for 1 year of operating expenses and the fees for the units they own. So Corus does go under, the FDIC will have funds to continue operations.

    During that time, the FDIC will find a new owner and under Florida rental laws you likely have protection from them changing your lease.

    Corus is likely to be taken by the FDIC very soon or be taken over by an acquirer.

    Do you mind stating what they are asking for rent and the sqft of the place?

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