The Real Deal Miami

Old Spanish Village loses $83M foreclosure

March 18, 2011 02:11PM

The developers of Coral Gables’ Old Spanish Village project have lost an $83.1 million foreclosure judgment to lender FirstBank Puerto Rico, sending most of the project to an online auction scheduled for May 2. Ponce Circle Developers, Mas Tec’s Jose Mas and Sachez Group’s Rafael Sanchez had envisioned the site as a $400 million development with 195 townhouses and a 206,000-square-foot office tower. The office tower is complete and was not part of the foreclosure case, but Cushman & Wakefield has been marketing the rest to potential buyers. The developers are also facing foreclosure at a 7,205-square-foot office building that they had intended to redevelop as part of the complex. [SFBJ]