Regions Southeast | Miami
Aug 15, 2008
ArteCity Holding Ltd., developer of the mixed-use ArteCity project in Miami Beach, can breathe a sigh of relief, now that Corus Bank has extended the maturity of its $60 million loan on the project. The loan originally closed just short of two years ago. While ArteCity has since completed part of the development, it ran into a few financial roadblocks that prevented it from concluding the endeavor. With extension in hand, ArteCity can move forward with the six-structure complex. Located in the Miami's Museum and Arts District, the project will encompass the Governor, a 61-unit condominium property converted from a hotel; ArtePark North and ArtePark South, which will offer 113 condominium residences; 18 townhomes in the Park Villas East and Park Villas West buildings; and Park Plaza Corner, containing 10 junior suites, as well as retail space. Four of the buildings involve the redevelopment of historic facilities, while the remaining two will be ground-up construction. Doors of the Governor opened in December 2007. The remainder of the project is on target to deliver in March 2009.
ArteCity Holding Ltd., developer of the mixed-use ArteCity project in Miami Beach, can breathe a sigh of relief, now that Corus Bank has extended the maturity of its $60 million loan on the project. The loan originally closed just short of two years ago. While ArteCity has since completed part of the development, it ran into a few financial roadblocks that prevented it from concluding the endeavor. With extension in hand, ArteCity can move forward with the six-structure complex. Located in the Miami's Museum and Arts District, the project will encompass the Governor, a 61-unit condominium property converted from a hotel; ArtePark North and ArtePark South, which will offer 113 condominium residences; 18 townhomes in the Park Villas East and Park Villas West buildings; and Park Plaza Corner, containing 10 junior suites, as well as retail space. Four of the buildings involve the redevelopment of historic facilities, while the remaining two will be ground-up construction. Doors of the Governor opened in December 2007. The remainder of the project is on target to deliver in March 2009.
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