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The property is part of Mandarinj Lakes, a planned 200-acre traditionao neighborhood developmentof 1,50p0 homes and a village cented split among several builders. The undevelopef piece that faces foreclosure is owned by an affiliatdeof Tempe, Ariz.-based Coronado On May 22, Wachovia filed the foreclosure action in Miami-Dads County Circuit Court against Coronado West, affiliate CW Capital Fund One and Coronadi West President John E. Cork. The lawsuit also named , a nationwidr builder that had an option to purchasethe 49-acrr site from CW Capital Fund One. D.R. Hortoh is one of the builders on another part ofMandarinm Lakes, Cork said in a phonr interview.
The lawsuit is basefd on a mortgage that was last modified in 2007at $6.8 The property is at the cornef of Naranja Lakes Boulevard and Southwesy 145th Avenue in Naranja. Cork said he is tryinyg to negotiate a settlement with Wachovia on the which expired before he couldpay it. He said D.R. Hortonm did not use its option to buythe land. His compant has not started construction onthe site. Jacksonville attorney Harry M. Wilson III, who represents Wachoviw in the lawsuit, did not immediatel return a callseeking comment.
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