Developer Renzo Renzi’s companies have lost two staled projects in Miami in an $18.2 million foreclosure judgment and according to the South Florida Business Journal those project could end up in the hands of Miami-based condo developer Crescent Heights.
Companies operating as SMA at Eighth and 22nd at Coral Way — both affiliates of Crescent Heights — won the judgement against Beacon at Brickell Village — owner of the 0.56-acre site at 30 SE Eighth Street and 830 SE First Avenue — Beacon Developer Partners and the Blue on Coral Way over $10.7 million in mortgages originated by Peninsula Bank, in addition to interest and fees. Beacon Development Partners also owned a vacant 4,693-square-foot lot at 18 SE Eighth Street.
Renzi had planned a 38-story, 228-unit condominium at the Brickell Village site, but the project never got off the ground. [SFBJ] —Christopher Cameron