Stalled Hurricane Cove project site is scheduled for foreclosure auction
Foreclosure judgments are still frequent in Florida, as the financial and housing crisis has hit hard the area. The stalled Hurricane Cave project and the site which houses the project is one of the most recent victims of the housing crisis.
The site which sits along the Miami River is scheduled to be sold at a foreclosure auction, after its owner lost a $15.1 million foreclosure judgment.
The winner in this case is Coral Gables-based Mercantil Commercebank, who won the judgment against Balbino Investments I. The judgment was based on a $12.7 million mortgage, plus interest and fees. The 9.3-acre site, at 1884 N.W. North River Drive, is set for online auction Jan. 6.
When it purchased the site, Balbino Investments planned to build 1,073 units on it. The city of Miami approved the zoning, but it was overturned after a lawsuit from the Miami River Marine Group, which complained that it would harm the marine businesses along the river, the South Florida Business Journal reported. This was the moment when things got a wrong turn: the city changed the plan to allow for condominiums. But then the changes were rejected in 2009 by the Florida Department of Community Affairs. The Florida Supreme Court upheld that decision this year.
The site has recently been used as a working marina. It has about 20,000 square feet of industrial/marine structures.