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South Florida

Artécity seeks loan extension

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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.