A major impact of the tumbling real estate market has the developers of an unfinished $224 million mixed-use project in Florida walking away from their project. The developers have no plans to fight a foreclosure suit against them.
"The project's failure is the largest yet in the current real estate downturn, which has hit the overdeveloped condo market especially hard."
"The development across the street from Dadeland Mall was planned to have 416 condos and 125,000 square feet of retail space in seven mid-rise buildings. Four of the towers were completed this year, but three still need some minor construction work before closings can start. The project was the centerpiece of redevelopment along Southwest 88th Street near U.S. 1."
"The complex at 7250 N. Kendall Drive was supposed to be completed early this year, and sale proceeds were expected to pay off Goldman Sachs' loan. But it didn't work out that way."
"Construction delays pushed back the closing of nearly 40 percent of the units in the unfinished buildings. When the partners realized a few months ago that their revenue was going to come up short, they asked Goldman Sachs for an extension, Johansson said."
"'But they said no, and we knew it was time to move on,' he said."
FULL STORY: Condo Meltdown
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