The Real Deal Miami

Edgewater by the Bay files for bankruptcy

September 23, 2008 09:44AM

The developers of the Miami condo project Edgewater by the Bay, located at 720 Northeast 62nd Street, filed for Chapter 11 bankruptcy reorganization. The development partnership, which lists several owners with more than 10 percent interests in the project, owes Compass Bank about $19 million, said Peter Russin, the debtor’s attorney. The luxury condominium is almost finished, but several contractors have filed large disputed liens, and the bank has agreed to allow some units to close, which will raise cash to help finish the remainder. Michael Cormier of Property Visions LLC, which manages the building, signed the bankruptcy filing.