The Real Deal Miami

Mellon forecloses on One Flagler

July 16, 2009 03:57PM

Mellon United National Bank has filed a foreclosure notice against One Flagler, a Miami office tower. Nexus Development reportedly owes $33 million on its current loan and hasn’t made a payment since January 10. The developer bought the 14-story building in 2005 and began trying to convert it into office condominiums. The project was scheduled to be done by 2008.