The Real Deal Miami

Miami Worldcenter set for foreclosure auction

October 22, 2010 04:15PM

Miami Worldcenter

After failing to respond to a foreclosure lawsuit, the developers of the Miami Worldcenter project lost a $41.9 million judgment and will see the site where they planned to build 12 million square feet of space go to auction. Fifth Third Bank won the judgment based on $39.3 million in mortgages covering most of the 25-acre site in downtown Miami. Developers Arthur Falcone, Marc Roberts and Nitin Motwani received city approval for the massive commercial, residential, hotel and entertainment project there, but construction never began. None of the developers were individually named in the lawsuit, but Falcone and Roberts are named in another lawsuit from Iberiabank concerning an $18.3 million mortgage on a smaller piece of the Miami Worldcenter site. [SFBJ]