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A subsidiary of Miami-based developer Merco Group has been slapped with a $30 million foreclosure suit after allegedly skipping payments since June on the unbuilt Palladio Terrace condo project in West Palm Beach, Fla.

The developer has for months rebuffed efforts by would-be unit buyers to get refunds on deposits totaling millions of dollars for condos at the project that shows no signs of construction any time soon.

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