The article says the 16-acre site at the Florida Turnpike and N.W. 41st St. in western Miami-Dade County was originally approved for 363 residential units and 125,000 square feet of commercial space. Previous reports in the media note that Adrian Development at Pebble Walk Partnership, located in Coral Gables, FL, bought the site in 2005 for $16.8 million, obtaining close to an $11 million mortgage with Ocean Bank. Though the property was cleared, construction was never launched. Ocean Bank filed suit in October 2008.
Read more about the story here.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
