Officials Place Lake District on Hold after “Surprise” Foreclosure Notice
Despite unveiling new look and layout for the proposed Lake District development to the city of Lakeland's Industrial Development Board at a special meeting late Thursday evening, developer Yehuda Netanel's plans were put on ice by city officials until the matter of a “surprise” foreclosure notice could be sorted out. The issue stems from a 2007 $ 24 million construction loan agreement Netanel's company Gilad Development Co ., doing business as Lakeland Station Holding LLC , entered into with Massachusetts-based Tremont Realty Capital, which was operating under the name Tremont New Funding I LLC , to construct the development's original 35-acres.