The bank won a judgment on an outstanding loan balance of $17.9 million
Michael and Sam Nevel and partners, paid about $23.5 million for the vacant land in 2005 and 2007 to doing business as Gardens 207 LLC. They planned to put up about 1,400 homes in clusters and build commercial areas along S.R. 44. Unfortunate, the real estate market crashed and Miami-based Mellon United National Bank foreclosed on the property before they could start development.
Through its MUNB Loan Holdings LLC subsidiary the bank won a judgment on an outstanding loan balance of $17.9 million, including $16.58 million in principal. Jerry Johnson, Local real estate observer estimates the Gardens 207 property, may be worth $4 million. The Gardens 207 property is also known as the proposed “Pioneer Trails” subdivision. “Pioneer Trails” tried to get New Smyrna Beach to annex and rezone the property but the in May 2008, City Commission said no and declared the concept as urban sprawl.
The proposed Pioneer Trails project was similar to nearby master-planned communities Sugar Mill and Venetian Bay, Jim Morris as representing Gardens 207 said. In December 2010, The County Council zoned the property to mixed planned unit development. A senior planner with the county Becky Mendez said Gardens 207 has not filed any further plans since the event. The purchase price surprised president of The Johnson Group Johnson, a real estate development company in New Smyrna Beach.