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MIAMI-Related Group, developer of the 1,800-unit Icon Brickell, is negotiating with main lenders Bank of America and HSBC to determine the fate of the $1 billion condo project. The Miami Herald reports that the fate of the troubled luxury project could be wrapped up within 30 days.

Jorge Perez, chairman and chief executive of locally based Related Group told the Herald that discussions with the lenders could “end up in a number of possibilities,” though would not comment about whether Icon Brickell on Brickell Ave. would end up in the lenders’ possession.

According to the article, in an attempt to move units at Icon Brickell, Perez obtained permission from lenders in November to cut prices by 30%, while the lenders agreed to start making five-year loans to buyers. This has resulted in condos selling at an average of $410 per square foot, down from the $650s per square foot. Under the new plan, Related has closed approximately 100 sales, with 150 more units anticipated to close shortly.

GlobeSt.com reported earlier this year about Relate Cos.’ $176.5-million debt problem with Icon Brickell. In February, Perez attempted to unload the project’s adjacent hotel component, the Viceroy Hotel, with no success. The Herald and GlobeSt.com articles note that Related Cos. has had difficulties in selling other condos it built in the Miami area during the 2002-2007 condo/housing construction boom.

Related Cos. acquired the land on which the project was built for $94 million in December 2004. Icon Brickell has studios, as well as one-, two- and three-bedroom units, ranging from 640 square feet to 1,984 square feet.

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