The Real Deal Miami

Old Spanish Village loses $83M foreclosure

May 06, 2011 11:57AM

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The troubled Old Spanish Village project in Coral Gables was seized by
lender FirstBank Puerto Rico after the bank won its $83 million
foreclosure action against the project. The site’s developers, Ponce
Circle, had a $60.1 million mortgage on the property, which is located
on 5.8 acres at Ponce de Leon Boulevard and Palmero Avenue. It was
originally planned as a $400 million development with 195 townhouses and
an office tower, although the tower is not part of the foreclosure. [SFBJ]