Artecity developers file for Chapter 11

Condos in South Beach, Miami Beach real estate

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

Miami Condos, Miami Beach Real Estate

Miami Beach's Artécity Asks for Loan Extension

The developer of the Artécity, a Miami Beach real estate condo project, seeks to make over a whole block on Miami Beach and said it is switching contractors and seeking a loan extension from Corus Bank.

There has been barely any sign of construction work on the 202-unit project, located a couple blocks from the beach along 21st Street, since March, when developer Artécity Park dismissed the general contractor.

The 63 unit converted Miami Beach hotel Artécity Governor, which had 33 buyer deeds issued starting on Feb. 2, property records indicate, is the only part hat is completed.

Buyers in that building have brought twelve lawsuits against the project, with most of them settling out of court.

Full Article...Miami Condos, Artecity Asks for Loan Extension