The Orlando Business Journal reports today that Veranda Park condo developer Kevin Azzouz and Fifth Third Bank have been ordered to work out an issue relating to a bankruptcy filing and foreclosure auction at the Veranda Park condo project in MetroWest.

The filing concerns multiple ventures, including the office space as well as The Residences at Veranda Park, a 157-unit residential condo building on Hiawassee Boulevard. The condos are scheduled for foreclosure on July 14 if Azzouz’s ownership entity, VP Phase III LLC, doesn’t pay $59.7 million owed to Wachovia Bank NA/Wells Fargo and Regions Bank.

My guess is that the loan won’t be repaid, so look out for foreclosed units at Veranda Park – coming soon. Contact us here at Condo Metropolis for more info.