The Real Deal Miami

New bid halts sale of Renzi’s Brickell site

Bankruptcy judge also raps Miami developer for "abuse" of court system
July 11, 2013 12:00PM

Renzo Renzi

Renzo Renzi

The unforeseen emergence of a new potential buyer halted plans to sell the prime Brickell condo site of bankrupt Miami developer Renzo Renzi, the Daily Business Review reported.

U.S. Bankruptcy Judge Laurel M. Isicoff in Miami postponed a ruling on an agreement to sell the 33,927-square-foot site to Crystal Tower on Brickell Plaza LLC until July 15.

In June Isicoff paved the way for Renzi to lose the site of the proposed condo project, Beacon at Brickell Village, through a sale to Crystal Tower.

The judge also chided Renzi for “abuse of the bankruptcy system” after the developer’s LLC filed for Chapter 7 bankruptcy liquidation one day before a scheduled foreclosure auction of Beacon’s small commercial parcel at 18 SE Eighth St. and three other properties owned by Renzi companies. [Daily Business Review] –Emily Schmall