The Real Deal Miami

Financing dispute halts Design District project

Construction of mixed-use Design41 building stalls over EB-5 funds

January 03, 2014 01:30PM

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Design41 rendering and Asi Cymbal

Design41 rendering and Asi Cymbal

Construction of an Enrique Norten-designed mixed-use building in Miami’s Design District has stalled while the developer faces off in court with a project partner.

Asi Cymbal’s Design41 project is on hold after an arrangement to secure EB-5 financing did not work out, Curbed reported. An undisclosed entity was supposed to bring in the EB-5 funding but did not hold up its end of the agreement. Cymbal started construction without the financing last year with hopes of completing Design41 this May.

But the lack of EB-5 funds eventually forced Cymbal to shut down construction and file liens against the project on behalf of his subcontractors. A lawsuit against the EB-5 partner is pending.

Cymbal allowed Curbed readers to choose the name of the project in a contest held last spring. [Curbed]Eric Kalis

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