The Real Deal Miami

Judge to rule on offer for indebted Brickell properties next month

$19.5M offer exceeds value of mortgages on foreclosed lots linked to developer Renzo Renzi
June 27, 2013 12:00PM

Failed Beacon at Brickell Village rendering

Rendering of Beacon at Brickell Village

A Miami-Dade bankruptcy judge will decide at a hearing July 10 whether Crystal Tower, an LLC managed by Miami investor Omar Botero, can buy a foreclosed piece of Brickell real estate, the Miami Herald reported.

Botero has offered $19.5 million for the developable, vacant land at 30 SE 8 St., 18 SE 8 St. and 830 SE 1 Ave., including the intended site of the Beacon of Brickell Tower, a project that never got off the ground.

The offer exceeds the value of mortgages on the properties, which are in foreclosure and owned by Chapter 7 bankrupt entities Brickell Village and Beacon Developer Partners, linked to developer Renzo Renzi and his brother Pasquale Renzi. [Miami Herald] Emily Schmall