The Real Deal Miami

Lenders taking over Icon Brickell

December 21, 2009 10:24AM

Jorge Perez’s crown jewel development, the three-tower Icon Brickell luxury condominium and hotel complex in Miami that has floundered financially amid South Florida’s market collapse, will be turned over to its lenders. Perez, head of prominent development firm the Related Group, is nearing the end of negotiations with a lending consortium led by HSBC Holdings and Bank of America, making the project perhaps the highest profile foreclosure in the area. Perez is angling to retain the job of managing the complex, but neither party offered more details. Ron Kriss, chairman of the distressed-property group at the Akerman Senterfitt law firm in Miami, said 2010 will have plenty of prominent and sizable foreclosures as developers and lenders struggle with the glut of 22,000 unoccupied condos in the city. [WSJ]