The Real Deal Miami

Judge mulls deal to revive Fisher Island condo project

January 27, 2014 03:00PM

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Fisher Island (Inset: Arkady Patarkatsishvili)

Although a legal fight persists over who owns an 18-acre parcel, a U.S. bankruptcy judge is set to review a deal that allow a 94-unit Fisher Island condominium development to finally break ground.

The proposed development involves two 47-unit structures, known as the Palazzo del Luna and the Palazzo del Sol. Two groups have said they each own the land in the wake of the 2008 death of Georgian billionaire Arkady Patarkatsishvili, who had controlled development rights and undeveloped land at Fisher Island for years.

Judge A. Jay Cristol plans to discuss the deal on Feb. 5, thus delaying an online foreclosure action of a portion of the land that was scheduled for Thursday.

Under the deal, Fisher Island Investments would also be able to gain title insurance and therefore secure construction loans. [Miami Herald]Mark Maurer

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