A U.S. bankruptcy judge has allowed a company to pursue two residential developments on Fisher Island while its Chapter 11 case and a pending foreclosure lawsuit play out.
Judge A. Jay Cristol approved a plan submitted by Fisher Island Investments for the proposed Palazzo del Sol and Palazzo del Luna projects on Tuesday, South Florida Business Journal reported. Fisher Island Investments was hit with an involuntary Chapter 11 filing by several creditors three years ago. The company can now attempt to refinance the nearly $140 million mortgage for the land on the north side of the island and finalize development plans.
A foreclosure auction of the company’s land is still tentatively scheduled for March 12. Fisher Island Investments controls two companies that own a combined 24.5 acres of mostly vacant land on the island. [South Florida Business Journal] — Eric Kalis