After being faced with the loss of their project to a foreclosure action, the developers of the Artecity condos in South Beach filed for bankruptcy. On Tuesday, the seven entities related to the project made filings in bankruptcy court. The liabilities ranged from $10 million to $50 million.The filings, by Corus Construction Venture a partnership between the FDIC and Starwood, were made in an effort to stop the foreclosure lawsuit filed in March. Artecity condos in South Beach were intended as a 202 unit project, divided between new a building and a renovation of the Governor Hotel.
Full Article....Artecity developers file for Chapter 11
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This post is related with the condos.A letter of default was sent to Artecity Holding in 2008 from Corus Bank after construction stalled for several months on the South Beach condos.
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