The residential association at condo-hotel One Bal Harbour has closed on the $13.4 million purchase of the property’s hotel tower, common areas and nine unsold condos.
One month after emerging victorious in a bankruptcy auction for the development, the 10295 Collins Avenue Residential Condominium Association completed the acquisition Monday, the Miami Herald reported. That put an end to years of litigation and bankruptcy cases.
The association plans to sell the hotel component.
Original developer WCI Communities built One Bal Harbour in 2005 and filed for bankruptcy three years later. Elcom Hotel & Spa and Elcom Condominium acquired the resort and condos and eventually ended up in litigation over management and financial reporting on maintenance fees. It also ended up filing for bankruptcy, paving the way for last month’s auction. [Miami Herald] — Eric Kalis