More Trouble at Veranda Park

According to the latest Orlando Sentinel Story MetroWest’s most luxurious new condo building Veranda Park is having financial troubles.

And who isn’t?

Just another Orlando developer clipped by an anemic economy and housing market which is hurting everyone – except savvy buyers who are beginning to move in and take advantage of great pricing.

Kevin AzzouzIn April we posted a blog regarding the liens filed against Veranda Park. Now, Wakovia Bank is proceeding with four separate foreclosure lawsuits against developer Kevin Azzouz and several of his companies for a total of $51 million, according to documents filed recently in Circuit Court in Orlando.

At stake is the beautiful 144-unit condo building off Hiawassee Road called The Residences. If you’ve seen Veranda Park, you’ll know what an incredible piece of work it is. And a boon to MetroWest. They’re expensive but there’s nothing like them anywhere else in Orlando. They’re unique.

“They’re playing incredible hardball with us,” Azzouz said. “The easiest thing for me to do is to put the keys [to the condos] in a box, give it to the bank and walk away, and we’re done. But I don’t want to do that to the community.”

Let’s hope not.

For more info on MetroWest’s Veranda Park, see our Veranda Park Condos page.

4 Comments

  1. I find it sad that so many developers pretend like their condos are selling like hot cakes and that everthing is fine, when it obviously isn’t – and then they go and blow their brains out on the back lawn.

  2. Veranda Park is absolutely gorgeous. The attention to detail is breathtaking and it almost seems as if the mastermind behind it had this vision that he dreamed of since he was a little boy. When you stand in the courtyard, you almost feel that you are in a far away place. It is a shame that things are going the way that they are, but everyone who calls Veranda Park home is holding on to the idea of what it should be and hopefully someday it will be completed so that everyone can enjoy the masterpiece that it is meant to be.

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