Stalled Paramount Bay Retools for Opening

MIAMI-After a tragedy and plenty of delays, Paramount Bay is finally nearing its debut on the Downtown Miami condo scene. Following a consensual foreclosure by iStar and ST Residential, the 340-unit, 47-story project now has financing to move forward. The partners have invested millions to maximize the potential of the stalled project.

“The Paramount Bay condo tower is the last major greater Downtown Miami condo project built during the boom,” Peter Zalewski, principal of Bal Harbour-based Condo Vultures, tells GlobeSt.com. “The construction crane on the project—which suffered a delay following the deaths of some workers on the site—was removed in October 2008 as the US financial system was crashing. The subsequent foreclosure process initiated by the construction lenders only worked to delay the project’s delivery even more.”