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Facing foreclosure, Las Olas Ocean Resort developer files for bankruptcy

Facing foreclosure, Las Olas Ocean Resort developer files for bankruptcy

The Las Olas Ocean Resort construction site in Fort Lauderdale

550 Seabreeze Development LLC, the developer of Las Olas Ocean Resort, on Fort Lauderdale’s beach, filed for bankruptcy to stop a foreclosure action. The company filed a Chapter 11 petition in the U.S. Bankruptcy Court.

The development’s construction manager, Straticon, stopped building the hotel and filed liens against 550 Seabreeze in Broward County Circuit Court, alleging that the company stopped paying contractors.

In January, Bancorp Bank filed a foreclosure suit against 550 Seabreeze and another limited liability company, JAWOF 515 Seabreeze LLC, alleging default on a mortgage loan with an unpaid principal balance of $36.9 million.

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