Bank takes Lakewood bowling alley site

LAKEWOOD RANCH — Although the bank officially has taken possession of a planned bowling alley site in Lakewood Ranch, Lakewood Ranch developer Schroeder-Manatee Ranch remains committed to bringing an entertainment hub to the community.

SMR President and CEO Rex Jensen said the foreclosure in no way dims the future for a entertainment hub off Center Ice Parkway, although the project is not actively being pursued at this time.

“There’s no doubt in my mind that such a project would work,” Jensen said. “The people out here are so hungry for entertainment.”

As part of SMR’s proposed entertainment complex, Hubbard Entertainment had planned to build a 40-lane bowling alley with a billiards game room, a video-game café and a restaurant on six acres at 11705 Evening Walk Drive off of Center Ice Parkway. The bowling alley originally was slated to open in March 2009.

First Federal began foreclosing on the property owned by Richard Hubbard Jr., and Yvonne Hubbard in February 2010 for defaulting on two loans totaling about $1.4 million in principal, interest and other fees.

However, the bank did not take possession of the property until an online foreclosure sale May 4, Manatee County court records show. First Federal’s title became official May 18.

Inquiries to Richard Hubbard were not returned by press time.

The Hubbard family also owns Sarasota Lanes off Fruitville Road.

The family last year told the East County Observer that high county impact fees — originally estimated at about $850,000  — along with permitting and rezoning issues were what “broke the camels back” and rendered the project unfeasible.

Although SMR now has no control over the bowling alley site, the property’s zoning restrictions require that it be used for entertainment purposes, Jensen said.

 “The bank has the property zoned and ready for that use,” he said. “We have a deed restriction on it. As long as people comply with that, I can’t expect more than that.”

The bowling alley site is the second failed component of an entertainment hub SMR had envisioned for an area north of State Road 70. The company demolished the remnants of a failed hockey arena project just east of the bowling alley site in November of 2009, after foreclosing on the 60-acre property about seven months earlier.

Jensen said SMR still has not developed any new plans for the property because the economy still is not conducive for projects of such magnitude. But over time, he said he is confident the economy and market will dictate a need for a large-scale entertainment facility of some type.

“To me, a project is alive as long as it isn’t dead,” Jensen said.

A representative of First Federal said it would hire a Realtor to market the property.

TIMELINE:
Feb. 19, 2010 — Hubbard Entertainment issued Notice of Lis Pendens
March 26, 2010 — Bank files motion for default on mortgage
April 4, 2010 — Default entered
Feb. 22, 2011 — Proposed uniform final judgment of mortgage foreclosure submitted; proposed notice of sale
April 4, 2011 — Final judgment of mortgage foreclosure filed in open court
April 6, 2011 — Notice of sale issued
May 4, 2011 — Foreclosure sale
May 18, 2011 — Certificate of title issued
May 25, 2011 — Payment of doc stamps to recording division

Contact Pam Eubanks at [email protected].