Major Miami Condo Complex Goes Back To The Banks
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.