Well Known Palm Coast real estate broker and developer leaves behind a trail of debts and worried investors.
Palm Coast, FL – February 18, 2010 – Well known Palm Coast real estate broker and developer Robert E. (Hawk) McMillan III is "out of the country," according to his attorney, Kevin Donaghy. Donaghy declined to provide information about McMillan’s location or future plans stating, "We have no comment." Phone numbers listed in the Flagler County Association of Realtors
® membership roster direct callers to Donaghy’s office.
Public records searches reveal a mountain of debt, foreclosures, unpaid property taxes, and at-risk investors totaling several million dollars.
At the top of the list is the Edgewater Harbor project south of New Smyrna Beach on US 1 in Edgewater, FL. The project’s website states the 60-acre Intracoastal Waterway project is permitted for 416 condominium units as well as 100,000 square feet of commercial space comprised of:
- 60,000 square feet/dry stack marina with 330 dry docks
- 3,000 square feet for a ship’s store
- 2.000 square feet smoking bar for slip owners
- 10,000 square feet restaurant
- 15,000 square feet of assorted shops
McMillan is listed as the registered agent and Managing Member for the project owner, Edgewater Harbor LLC who purchased the property for about $3,000,000 in 2004. About 20 individuals and couples invested $5 million into Edgewater Harbor LLC. Edgewater Harbor LLC obtained $4.5 million in additional funds through a mortgage from TransCapital Bank. Pre-construction sales efforts stalled when the real estate market tanked and construction was never started. A lis pendens (notice of foreclosure) was filed on September 15, 2009. Unpaid 2008 and 2009 property taxes on the property total $263,696.
McMillan’s Intracoastal Waterway home in the Island Estates section of Hammock Dunes is also in foreclosure as are several other properties owned directly by McMillan or by LLCs for which he is the registered agent and/or managing member. Furniture and appliances have been removed from his home. Unpaid 2008 and 2009 property taxes on the home total $39,085.
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