The Villages at Imperial Lake

Located in unincorporated Miami-Dade County, Interdevco was contracted by Capital Bank as a work-out manager for the completion of the development. The work out included management of an $11 million budget for demucking, lake dredging, clearing, earthwork, fill to grade, street paving, NW 12th Street modifications, construction of a new road from 122nd avenue to 127 avenue, water mains, sanitary sewer, storm drainage into the lake, entry refurbishing, landscape refurbishing and the repair and completion of 16 inventory units. Interdevco also managed the master association and coordination with six existing sub-associations. Interdevco was also responsible for the selling of 26.5 Acres in Tract "A", 20.3 acres in Tract "B", 19 EUM lots, 140 town-home lots, and 139 other inventory lots.

The sale of Tract "A" consisted of the division of the tract into two parcels, one parcel sold to Viga Investment and the other parcel sold to Oaks Development. This sale forms 82% of the total revenue received. The remaining revenue was generated from an agreement with four (4) other area developers, in which they paid a connection fee for the storm drainage into the lake. The development & engineering costs for the Tract "A" site work made up 63% of the total budget. The other expenses considered included overhead, legal fees for the HOA and the drainage agreements, a budget contingency, and construction costs associated with the units closed at Marina Real and the other communities located at Imperial Lake.