The Real Deal Miami

Icon Brickell towers deeded back to HSBC

May 12, 2010 09:53AM

In a “friendly settlement,” Miami-based developer the Related Group has
deeded back two towers at Icon Brickell to a group of lenders led by
HSBC. The company will return Tower 1 and Tower 2 to the lender group,
and the buildings’ sales and marketing work will be managed by Related
and Fortune International. Sales had rebounded recently at the
1,793-unit, three-tower site, especially after Related was able to
secure approval to cut prices by 30 percent. Related will still own and
operate the third tower, a 50-story building where the Viceroy Miami
hotel is located. [Miami Herald via Sun Sentinel]