Commercial Development News - Appraisal Development International

Bank sues to foreclose on development
By Staff Report
St. Petersburg Times
Published: Mar 3, 2009

Odessa - The property for Ashley Glen, a proposed 2 million-square-foot office complex at State Road 54 and the Suncoast Parkway, is in foreclosure. Mercantile Bank filed the complaint last week in Pasco County Circuit Court against Doug Weiland, the developer. Weiland bought the property from Standard Pacific Homes and proposed a series of multistory office towers and 600 apartments. Stanford Solomon, attorney for the bank, called the complaint a "routine pleading" and said his client had tried to work things out with Weiland before going to court. "This didn't come out of left field," Solomon said. He said the bank would not necessarily follow through if a deal could be worked out.