Miami Beach’s Bel Aire on the Bay in foreclosure

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Atlantic Sunset Bay and managing member Gabor Rado have been named as
defendants in a foreclosure action targeting the Bel Aire on the Bay
condo in Miami Beach at 6800 Indian Creek Drive. The site had been
purchased by Atlantic Sunset Bay in 2003 for $5 million, with approval
to build the new condo coming two years later. The 14-story, 80-unit
building originally had a $7.6 million mortgage, which was reduced
three years ago to $6.5 million. No major construction has begun on the
project. [SFBJ]

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