The Real Deal Miami

Busted condo project gets foreclosed

September 30, 2009 01:15PM

Developer the Lincoln Group and its senior management members face a $3.4 million foreclosure suit from Miami Beach-based South Beach Lending. The Stay at Lincoln apartment complex, a nine-unit project at 1611 Lenox Ave., just
south of the Lincoln Road pedestrian mall, was slated for demolition, to be replaced by a pair of condominium towers. Lincoln bought the complex for $4.2 million in 2006 and obtained a $3.3 million mortgage from Columbia Equities.
Construction never started and the complex is still standing.