Financing dispute halts Design District project

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.

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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