The Real Deal Miami

Artécity seeks loan extension

May 30, 2008 11:53AM

The developer of Miami Beach’s 202-unit Artécity condo project is seeking a loan extension from Corus Bank. Corus has sent the developer a letter of default, but has not shown any sign of foreclosing on the property, located on 21st Street, a few blocks from the beach. Corus lent the developer $60.3 million in 2005. The project has shown little progress since its general contractor was fired in March. The developer is seeking a replacement contractor.