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Onyx Condo Project Faces Foreclosure

MIAMI-Corus Bank has filed action targeting 41 unsold units within the 28-story tower.

By Carl Cronan | Updated on May 11, 2009

MIAMI-The developer of the 28-story Onyx on the Bay in Miami faces foreclosure, according to the South Florida Business Journal . Court records show that Chicago-based Corus Bank has filed a foreclosure action targeting 41 unsold units within the 118-unit condo tower.

Developer Biscayne Bay Lofts and the principals of the development partners, Miami-based BAP Developers and GGM Developers of Argentina, are named in the lawsuit, which was filed April 29 in Miami-Dade Circuit Court. Corus warned last month that it was preparing to foreclose on three South Florida projects. Onyx appears to be the first to fall.

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