The Real Deal Miami

Paramount Beach condo site faces foreclosure

January 02, 2009 03:47PM

A Sunny Isles Beach property that was to be the site of the Paramount
Beach condominium now faces foreclosure, after iStar FM Loans filed a
foreclosure lawsuit against developer Royal Palm Homes last week. No
major construction had been done on the 47-story, 232-unit building at
16901 Collins Avenue, where prices ranged from $1.5 million to $5
million. The developer missed an October 1 interest payment.