Miracle Strip Land Foreclosed!

[DerekRx]

From http://www.wjhg.com/news/headlines/5677356.html

One of Panama City Beach's premier condominium projects is going belly-up before construction even starts.

 

The bank is foreclosing on the Miracles Resort Park.

 

A business named Twelve Thousand Front Beach Road L.L.C. filed a complaint for foreclosure in November.

 

The case went to default last week.

 

No one associated with the project would confirm the latest development, or give a reason for the project's failure, but it appears lack-luster sales were the biggest problem.

 

Only 49 out of 243 condos in the first phase were sold.

 

The sales office is vacant and stripped bare of furnishings.

 

The property was once Miracle Strip Park.

 

The park closed its gates August 2004, after profits started to decline.

 

The 20-acre site across from the county pier was sold for $26-million dollars and supposed to eventually become high-end condos, costing upwards of $2-million dollars.

 

There is no word yet on whether these condos, tennis courts, and shopping centers will be built by someone else.

 

The land is set to be auctioned off in August.

 

So after all that, the park could have remained opened for a few more years. Not that it would have really made a marginal turnaround . Nor would Cypress Gardens be able to become the park destination of Florida with the addition of the Starliner for a few more seasons if the Strip was still opened.

Miracle Strip wasn't a great park, but it sure was nicer than Family Kingdom! What's next, Southport and the Pavilion projects go under too!?

[carolinacaniac]

I wouldn't be surprised if you were right Derek. I didn't realize there were plans for the Southport land, I thought they just shut it down saying it was not profitable. Myrtle Beach would not surprise me in the least because they have already had some sketchy things happen with that whole developement plan.

[bgwfreak]

 

Miracle Strip wasn't a great park, but it sure was nicer than Family Kingdom!

 

The understatement of the century.

 

Family Kingdom...aka Malaria River Country USA.

[BarryH]

MSAP was across the street from the ocean. I don't know about you, but I don't think I would want a condo across the street from the ocean. I'd buy one right next to the ocean. Saying "I own a condo across the stret from the ocean" is like fingernails on a chalkboard.