Major Miami Condo Complex Goes Back To The Banks

by Deidre Woollard (RSS feed)
Jun 2nd 2010 at 11:01PM

One of Miami's larger condo skyscrapers is headed back to the banks. The Miami Herald reports that Everglades on the Bay, a pair of 49-story towers in downtown Miami. The agreement, if approved by the bankruptcy court, would settle the developer, Cabi Downtown LLC's bankruptcy case. Bank of America filed to foreclose on a $209 million construction loan on the project last August and the same day Cabi filed Chapter 11. The developer will remain the on-site manager for the Everglades on the Bay. The luxury project has a 24-hour valet service, spa and fitness center, a lavish swimming pool complex with a Tiki bar and grill, a private residents lounge and retail space.

The deal is just one of a bunch of similar agreements in the past month or two that have seen 1,900 new unsold Miami condos in six skyscrapers go back to the banks. A report from Condo Vultures says that a trio of lenders has taken ownership of a combined two million square feet of new salable condo space in Everglades on the Bay, ICON Brickell and Terrazas Riverpark Village.

Tags: condo development, condo foreclosure, condos in trouble, everglades on the bay, florida real estate, miami

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 1)

Frank ODonnell Jun 4th 2010 11:46AM

Real Estate Developers are wonderful, such optimistic people, and the Bankers
who believe them..................life would be very boring without them ! We all search for meaning in some way....................some smart people doing that
here, for $ 209 Mil. it should be mostly finished ? It looks marvelous !

Terry Jun 4th 2010 12:09PM

Isn't this the condo towers that a family from New Jersey bought a condo and moved in right away and were the only people living in the entire huge project? They were trying to cancel the sale and get the hell out of there. Too bad about the project because it looks gorgeous. The units will eventually sell or the developer will rent until they sell. Could be a great bargain, once they are back on the market. I'm sure the price will be a fraction of the original asking price. All you East Coast Snow Birds should be snapping up a few of these units for spec.