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South Florida

Artecity gets loan extension

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The developer of Artecity, the 220-unit condo complex planned for Miami
Beach, has received an extension on its $60.3-million loan from Corus
Bank, a subsidiary of Corus Bankshares. The developer, Artecity
Holding, has blamed delays at the $100-million project on troubles with
a contractor that it has since dismissed. The six-building project,
located at 2100 Park Avenue, is around 90 percent sold, with prices
ranging from $275,000 to $1.3 million. The project’s new expected time
of completion is spring 2009.