A stagnating development near ZooMiami is set to be auctioned off after its developer’s $3 million mortgage went into foreclosure.
An affiliate of Texas-based E Capital Partners recently won a $3.1 million foreclosure judgment against developer Eureka Miami Partners. Eureka’s managing members, Thomas McWilliams and William Helwig Jr., were also named in the judgment, a publication reported.
The site, west of Talbot Road and north of Eureka Drive, was planned to be a retail and office complex. Construction eventually halted and the developer accumulated numerous code violations from Miami-Dade County, the South Florida Business Journal reported.
Eureka purchased the site for $1.53 million in 2007. The property will be auctioned online on March 9. [South Florida Business Journal] — Sean Stewart-Muniz