The largest undeveloped chunk of bayfront land east of U.S. 1 has long been North Miami's field of dreams.

In the 1960s, plans called for a futuristic theme park of the Americas. A decade later, the vision was a huge sports and recreation complex. Instead, it ended up as a dump.

Now, Biscayne Landing -- a $2.5 billion redevelopment project that was supposed to transform the former 193-acre Superfund site with a checkered past into a luxury community overlooking Biscayne Bay -- has turned into a nightmare.

For North Miami, Biscayne Landing promised to generate millions in tax revenues and help fund affordable housing while creating a mini-city with 6,000 residences.

Instead, two half-empty condominium towers sit among the mangroves and rock-strewn fields while the project is mired in foreclosure. It's a sad reminder of one of the largest single projects in South Florida to fall victim to the collapse of the real-estate and financial markets.

Caught in the middle are condo owners who bought into the latest dream but now find themselves trapped in a web of broken promises.

Two lenders launched foreclosure actions this summer against the project, after Boca Developers -- the Deerfield Beach company in charge of the project -- defaulted on its loans. Now the banks and the courts must sort out the mess left behind.

Finding another developer to take over the project isn't likely to happen anytime soon. Given the weak real-estate market, some industry analysts say the best-case scenario is five to 10 years for any new development at the site. Others believe even that's too optimistic.

``The smartest thing they could do is not put more good money after bad,'' said Lew Goodkin, a veteran South Florida real-estate analyst. ``Almost every option has one common thread: They'll lose money. My recommendation: `Our Father who art in heaven . . .' ''

But praying isn't likely to help owners such as Sylvia Londono. When she spent more than $400,000 on her two-bedroom condo in The Oaks at Biscayne Landing, Londono thought she had ``struck it rich.''

Now, as she stands on her balcony overlooking mangroves and barren land, Londono said she made a big mistake believing Boca Developers would deliver the luxurious lifestyle she saw in the sales brochures.

Instead of a bustling new community, there are just the two towers with 373 condominiums. Where the retail town center was planned, weeds have sprouted amid mountains of dirt. Forget the promised pool and the spa. Only a hole was dug, and now it's filled with mucky water. Plus, there's the smell from the old landfill and the Miami-Dade sewage treatment plant next door.

``Had I known then what I know now, I never, ever would have bought here,'' said Londono, who expected to move her family from Weston but doesn't feel the area is safe for children. ``I feel like I threw my hard-earned money away.''

The problem for Londono and others is that they paid an average of $250 per square foot on condos that today are worth only between $100 and $150 per square foot. That's if they could find buyers -- most owners are stuck trying to rent their units.

The difficulties don't surprise South Florida real-estate analyst Michael Cannon. He worked as a consultant for the city of North Miami in the late 1990s, analyzing what to do with the property. His recommendation: a mixed-use business park, featuring industrial, office, hotel and retail uses.

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