(Crystal Proenza is associate editor of Real Estate Florida.)
MIAMI BEACH-Corus Bank, a subsidiary of Chicago-based Corus Bankshares Inc., has extended its $60.3 million-loan to Artecity Holding Ltd. after the developer's project--a 220-unit upscale residential village called Artecity--was delayed. The original loan amount, secured in 2005, is remaining the same, according to Corus.
"The project was delayed because of issues with the contractor that took more time than was expected," Alessandro Ferretti, principal of Artecity Holding, tells GlobeSt.com. For those reasons, Ferretti says the company dismissed its previous contractor, Miami-based Soares Da Costa, and has hired Alta Management in its place.
The $100-million Artecity project, designed by Miami-based Arquitectonica, will consist of six buildings with condominiums ranging from $275,000 to $1.3 million. Currently, only one phase of the project, a renovation of the Governor Hotel into a 61-unit condo, is complete. "Everything should have been completed by the time the Governor was done, at the end of 2007," says Ferretti. "For the rest of the project we are now planning to be finished next year between March and June."
Ferretti says the company has already sold approximately 90% of the project, which is set to include 160 additional units, including 18 townhouses and ten junior suites. Planned amenities include various gardens, valet parking, concierge and a café, as well as a fitness and spa facility. The project is located at 2100 Park Ave., in South Beach's cultural district--a location Ferretti says services a niche that is not effected by the residential downturn.
"We are pleased to extend the maturity of our loan to Artecity Holding Ltd. to complete this project, which will add exciting new residential options and amenities to the Miami Beach area," said Brian Brodeur, Corus Bank senior vice president, in a release.
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