The developers of one the largest condo skyscrapers in Miami have filed for bankruptcy. This is just one of the many developers who have gone to court with similar appeals. The Everglades on the Bay was their upcoming project in downtown Miami. This is a 49 story tower that included 24 hour valet service, a spa, a top notch fitness centre, a swimming pool complex, tiki bar and grill for delicious food and booz. It also boasted of private lounges for the residents and retail space within the campus to save time and energy for the residents that would otherwise be spent on long commutes to the shopping mall.
The developer entangled in this is the Cabi Downtown LLC. The Bank of America had loaned to it $209 million for the construction in August last year. If the agreement between the two party is approved by the court, then the developer will remain the on site manager of the project.
There are three projects that include Everglades on the Bay, ICON Brickell and Terrazas Riverpark Village, which account for two million square feet of new saleable condo space in Miami. In other words, there are about 1,900 condos that still haven’t been sold.