As the building boom continues in South Florida, residents are taking notice of the impact on their way of life. Depending on your point of view, or your location, this can be a good thing or a bad thing. For a number of years, the golf course known as Ocean Breeze (formerly Boca Teeca) has had on-again, off-again discussions regarding the development of residential units. Recently, BocaWatch received a copy of a letter sent to the financial institution which owns the property through default. The letter comes from a concerned citizen who feels his family and neighbors are negatively impacted if the property is developed and offers an alternative.
Dear Chairman Stumpf,
Your bank has acquired a property that is an integral part of the Boca Teeca residential area. Residents of this area would respectfully request that you consider donating this property to our community for maintaining the open space and recreational use of this property. Considering the generous community involvement that Wells Fargo has been a leader in the financial industry, this donation would be an important contribution to preserving the residential character of this community.
There is at least one local governmental agency that has been attempting to contact your company to investigate the possible acquisition of the property, the Greater Boca Raton Beach and Park District. This local government agency would be an excellent fit for this property since they have a history of acquiring properties for the development and maintenance of recreational facilities within our community.
Your bank acquired this property via a long foreclosure process on a loan that was originated by Wachovia Bank over 10 years ago. It is anticipated that your bank has long ago written off this loan which was secured by over 200 acres of open green space that has been operated as a golf course for approximately 50 years. Your institution has done a fine job of being responsible owners of the property during the several year process of foreclosure. After your bank retained a professional golf course manager the operations improved under the direction of the Arnold Palmer Golf Course Management Co. Their professional operation increased the participation to over 300 users per day during the peak season which is an illustration of the importance of retaining this recreational facility in our community.
This property is the only public championship level golf course operating within the city of Boca Raton which continues to grow via several thousand new residential units that have been approved for development within our area. Maintaining the recreational use of this property would be an important contribution to the community by Wells Fargo in their established efforts to reinvest within their communities.
Thank you for considering this request.