The twin-towered Everglades on the Bay project at 244 Biscayne Blvd in Downtown Miami has entered Chapter 11 bankruptcy protection.
Bank of America made the original $256 million construction loan and is listed as a creditor with no amount shown.
The largest unsecured creditors are Gryphon Construction and Holly Sime Realty. Both claims are listed as disputed.
According to MiamiCondoLifestyle.com, Everglades on the Bay had closed 87 units as of August 3rd, 2009 which is slightly more than 10% of the 849 units built. Several small bulk transactions were completed in June.
Everglades had always been a “troubled” project beginning with the return of clients deposits in 2004 and culminating in the early death of the young CEO Jacobo Cababie in January 2008.
Recently, the developers sales team has been focusing on renting completed apartments at attractive rates.
Click here Everglades on the Bayfor more information including floorplans, pictures, and apartments for sale and rent.