Paramount Bay in foreclosure

The nearly-complete Paramount Bay condo on N. Bayshore Drive is
in foreclosure, making it potentially one of the largest in the area at
$216 million. The developer, Royal Palm Miami Holding, plans not to
contest the foreclosure suit. Daniel Kodsi, principal and CEO of RPC Holdings in Boca Raton, is also
named as a defendant. The suit has been filed by iStar Financial’s
affiliate, iStar Tara, in Miami-Dade County Circuit Court. A number of
the units were sold in excess of $1 million. Kodsi’s empire has been in trouble for some time now with two other foreclosures at planned Paramount developments. [SFBJ]