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The Real Deal Miami

Paramount Bay launches sales

October 12, 2011 07:51AM

The Paramount Bay, a project which began with a more than $200 million
construction loan in 2006, and first broke ground a year before that, is
now launching sales. The project underwent a series of problems, from
the deaths of two construction workers to overextension by primary
lender Corus Bank. In 2009, the project fell through and was in limbo until this year,
when iStar won a $262 million foreclosure judgment on the site, allowing
it to move to auction. The planned 47-story tower is now owned by iStar
residential and marketed by Fortune International. Singer Lenny
is designing at the project. [World
Property Channel]