Property was the first 5-star hotel in S. Florida
What was once one of South Florida’s places to be seen is now
unsightly. With its developer and lender both struggling, the former
Grand Bay Hotel in Coconut Grove is now penetrated by mold and rainfall. There has been
work to fix the mold problem, but evidence of new mold growth exists.
Now, homeless people are staying in the property and lighting fires for
warmth. The hotel was once the first five-star hotel in South Florida,
and was closed in Apr. 2008 by developer Merco Group for renovations.
Six months later, building stopped. The property was the subject of a
foreclosure suit against the Merco Group and principal Homero Meruelo.
According to Merco Group CFO Tony Castro, the coming rainy season could
ruin the remaining inside walls at the property and further endanger
the site. [SFBJ]