The Real Deal Miami

New ownership ponies up funding to complete stalled Paramount Bay condo

April 25, 2011 04:00PM

Paramount Bay, the troubled, 340-unit condominium in downtown Miami, finally has the financing it needs to complete construction after a foreclosure takeover by lender iStar and ST Residential. According to GlobeSt.com, the new owners have put up millions of dollars to finish the 47-story, mixed-use tower, and though they have not yet set an opening date, they have tapped brokerage Fortune International to market the residences, and the Comras Company to bring in retailers and restaurants. Among the amenities slated for Paramount Bay: a beach club, swimming pools, a waterfront promenade, full-service space and fitness center. [GlobeSt]